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Romashka-Z-Leto [24]
2 years ago
10

Dante worked 10 hours per week at a grocery store last school year, earning minimum wage. His parents claim him as a dependent o

n their taxes, and he realizes he doesn't legally have to file a federal tax return for the year. Why might he want to do so anyway?
Business
1 answer:
Marizza181 [45]2 years ago
3 0

Answer:

Dante might want to get a refund.

Explanation:

Assuming that Dante earned $72.50 per week x 50 weeks = $3,625 total yearly income. Maybe his employer deducted $500 as federal income tax withholding during the year. The only way that Dante can recover the $500 withheld is to file taxes and request a refund. Since he earns a very low salary, Dante doesn't need to pay income taxes.

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3 years ago
A company buys equipment for $48,000, expects to use it for ten years, and then sell it for $6,000. using the straight-line meth
Vesnalui [34]

Using the straight-line method, the company should report annual depreciation for the equipment of $4,200.

Given,

A company buys equipment for $48,000 expects to use it for ten years, and then sell it for $6,000

The formula to calculate annual depreciation is given below-

Annual depreciation = (Original cost - salvage value) / Estimated life(years)

Annual depreciation = ($48,000 - $6,000) / 10

Thus, annual depreciation = $4,200

A standard yearly rate at which depreciation is charged to a fixed asset is called annual depreciation. Thus, to calculated depreciation the straight-line method is used. Where you need to subtract the asset's salvage value from its cost.

To learn more about annual depreciation here:

brainly.com/question/27971176

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3 0
2 years ago
If a person receives a paycheck for $600.00 and the government takes $200.00 in income taxes, it is a result of which amendment?
Ket [755]

Answer:

Sixteenth (16th)

Explanation:

The sixteenth amendment in the United States Constitution provides the right to Congress whereby, it can levy the taxes in the form of income tax on the amount of income, without segregating it in any manner, that is in no manner it is apportioned in relation to any number or weightage of the population concerned of the state.

This amendment thereby provides for straight tax as discussed in the example.

3 0
3 years ago
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