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LiRa [457]
3 years ago
9

Jeremy earned $100,000 is salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal in

come taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of the household and has $23,000 in itemized deductions. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy’s tax refund or tax due including the tax on the capital gain?
Business
1 answer:
nevsk [136]3 years ago
6 0

Answer:

Follows are the solution to this question:

Explanation:

Points      Description              Amount                        Computation

(1) Major Revenue                          $110,000            \$ 100,000 \ salary + \$ 6,000      \\                      \\Interest \ income + \$4,000 \\\\     \text{                                                                                capital gain in long term}

(2) AGI allowance                   0  

(3) Gross sales adjusted                $110,000                 (1) - (2)

(4) Deduction norm                         18,350          Chief of Household

(5) susceptible to deductions        23,000  

(6) Enhanced standard                        (23,000)                    (5) > (4)

   deduction or individualized

       deductions

(7) Taxable Revenue                        $87,000  

(8) Response for                                 $13,298          [(83,000 - 52,850) \times

    incoming taxes                                                   22\%+ \$6,065] + \$4000\times 15\%

                                                                              (See the household head tax

                                                                                     plan)

(9)  Allowance for children's taxes      (2,000)  

(10)  Withdrawal of tax                          (11,000)  

Taxes due                                            $ 298                      (8) + (9) + (10)

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Winston Watch's stock price is $70 per share. Winston has $10 billion in total assets. Its balance sheet shows $1 billion in cur
GarryVolchara [31]

Answer:

The Market/book ratio is 5.67.

Explanation:

Book value per share = (common equity)/(number of shares)

                                    = ($ 6 billion)/($ 400million )

                                    = $ 15 per share

Market/book ratio = (market price per share)/(book value per share

                               = $75/$15

                               = 5.00

Therefore, the Market/book ratio is 5.67.

6 0
2 years ago
Claudia is hired as a Senior Engineer by Hexagon Inc. Allen, the HR Manager of the company, promises her that she will start wor
algol13

Answer:

d. Hexagon Inc. cannot be challenged in a court even when it fails to follow up on its promises.

5 0
3 years ago
Roasters Corporation and Outdoor Barbecues, Inc., enter into a contract for a sale of a commercial grill. The contract requires
vekshin1

Answer:

A) Roasters delivers the goods to Speedy

Explanation:

Risk of loss under the law of contracts is used to determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred. This is normally used after the contract is formed but before buyer receives goods, something bad happens.

  1. The breaching rule applies risk of loss on the seller if at the time of delivery, the goods show up broken.
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3 years ago
If the supply of aisle seats equals the supply of middle seats on an airplane, and the demand for aisle seats is _____________ t
GuDViN [60]

Answer:

greater; higher than

Explanation:

Here is the complete question

If the supply of aisle seats equals the supply of middle seats on an airplane, and the demand for aisle seats is _____________ than the demand for middle seats, then the equilibrium price of aisle seats will be ______________ the equilibrium price of middle seats

.a. greater; higher than

b. less; higher than

c. greater; lower than

d. less; the same as

Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.

Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied

If the demand for aisle seats exceeds the demand for middle seats, it means that equilibrium price for aisle seat would exceed equilibrium price

3 0
3 years ago
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (U
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Answer:

Given that,

Taxable income = $75,000

Interest from an investment = $10,000

Using the U.S tax rate schedule in 2017

(a) Federal tax will he owe = $5,226.25 + 25% × ($75,000 - $37,950)

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(b) Average\ Tax\ Rate = \frac{Total\ Tax}{Taxable\ Income}

    Average\ Tax\ Rate = \frac{14,488.75}{75,000}

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(c)Effective\ Tax\ Rate = \frac{Total\ Tax}{Total\ Income}

Effective\ Tax\ Rate = \frac{14,488.75}{75,000 + 10,000}

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(d) Chuck is currently in the 25 percent tax rate bracket.

His marginal tax rate on increases in income up to $16,900 and deductions from income up to $37,050 is 25 percent.                                                

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