1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
LuckyWell [14K]
2 years ago
5

Marc and Michelle are married and earned salaries this year of $69,200 and $13,950 respectively. In addition to their salaries,

they received interest of $350 from municipal bonds and $1,150 from corporate bonds. Marc contributed $3,150 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,150. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $7,300 of expenditures that qualify as itemized deductions and they had a total of $6,330 in federal income taxes withheld from their paychecks during the course of the year. (Use the 2018 tax rate schedules.)
a. What is the total amount of Marc and Michelle's deductions from AGI?
b. What is Marc and Michele's adjusted gross income?
Business
1 answer:
Nikitich [7]2 years ago
4 0

Answer:

The answer is below

Explanation:

a)  

Gross income = Marc salary + Michelle salary + corporate bond interest = $69200 + $13950 + $1150 = $84300

AGI deductions = contribution + alimony = $3150 + $2150 = $5300

Adjusted gross income = Gross income - AGI deductions = $84300 - $5300 =$79000

Let us assume married filing jointly = $24000

Itemized deductions  = $7300

Greater of married filing jointly and Itemized deductions = married filing jointly = $24000

personal and dependency exemptions = $4050 per person

Therefore personal and dependency exemptions for Marc, Michelle and their child = 3 * $4050  = $12150

total amount of Marc and Michelle's deductions from AGI = Greater of married filing jointly and Itemized deductions + personal and dependency exemptions = $24000 + $12150 = $36150

b) Adjusted gross income = Gross income - AGI deductions = $84300 - $5300 =$79000

You might be interested in
10 reasons why kids should have phones Use your own words Explain your reasons
FrozenT [24]

Explanation:

For enjoying and enjoying the time of your life

3 0
2 years ago
Read 2 more answers
American express and discover card are examples of open loop systems. <br> a. True <br> b. False
PtichkaEL [24]
A. True
Btw that's a picture of me.

6 0
3 years ago
"The current philosophy among managers today is best described as transaction management."A. TrueB. False
EastWind [94]

Answer:

A. True

Explanation:

Transaction management is a current philosophy among managers, in which the managers develop future-oriented processes and  and implement programs that helps to solve business problems along side bring out the best in each employee. This management philosophy can also be said to be one in which a manager undertakes personnel management, time management and also organizational management.

Cheers.

6 0
3 years ago
Beginning Work in Process Inventory was 10,000 units that were 20% complete and 40,000 units started, with ending Work in Proces
lesya692 [45]

Answer:

Material EUP = 5000

Conversion Costs EUP = 51,200

Explanation:

Under weighted average method

Beginning Work in Process Inventory            10,000

Units Started                                                 <u>  = 40,000</u>

Units to account for                                           <u>50,000</u>

<em><u>In the Work In Process for Conversion Costs</u></em>

Beginning Work In Process (10,000*20 %)   = 2000 were complete

Work done on beginning inventory = 10,000- 2,000= 8,000

Units Started                                                   = 40,000

Add Ending Inventory (8000*40%)                 <u> 3200</u>

Units to account for =                                     <u>51,200</u>

5 0
3 years ago
What term is used to mean employee expertise and politeness and their ability to convey trust?
melomori [17]

Answer:

The term is Assurance

Explanation:

Assurance is the term that is used to mean employee expertise and politeness and their ability to convey trust. It refers to the employee's knowledge and courtesy and thereby shows his ability to convey trust.

Employees that possess the virtue of assurance in the workplace give their employers the opportunity to trust them. Such employees perform well at work.

4 0
3 years ago
Other questions:
  • You have learned from your training manual that strategic alliances are voluntary arrangements between firms that involve the sh
    14·1 answer
  • If an employee has a conflict of interest, this means the employee could do what?
    9·2 answers
  • On January 1, 2021, D Corp. granted an employee an option to purchase 6,000 shares of D's $5 par common stock at $20 per share.
    7·1 answer
  • What most likely caused the steady increase in price per barrel of oil between 2001 and 2008? a global recession scarcity of pet
    5·2 answers
  • which result is a positive aspect of globalization a.intense competition b. decreased profit margins c. increased cooperation co
    11·1 answer
  • Jamila conducts a job analysis focused on collecting very detailed information about the knowledge, skills, abilities, and other
    10·1 answer
  • Why is a bank more likely to offer you credit if you have a cosigner?
    7·1 answer
  • ____ is a referral service that employees can use to seek professional treatment for emotional problems or substance abuse.
    9·1 answer
  • At what age can you start working?
    10·2 answers
  • When delivering 2023 murano, demonstrate how to turn the driver assistance technologies on or off using ________.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!