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ivanzaharov [21]
3 years ago
9

An agreement between Jim and his 18-year-old daughter, Betty, provides that he will give her $25,000 if she does not marry until

after her 22nd birthday. One month after reaching the age of 22, Betty, still unmarried, claims the $25,000. Jim refuses to pay, claiming that the agreement was illegal. Is Jim correct
Business
1 answer:
Mariulka [41]3 years ago
4 0

Answer:

No, Jim is not correct.

Explanation:

Betty will win this case.

Generally, the law encourages marriage as its policy. If there is any contract that prevent or restrict marriage in whatever way, such contract would be considered null and void because it is against the public policy.

Despite the above, contracts will be generally considered valid when they place reasonable restrictions on marriage. In this question, the restriction placed on Betty that she should get married until after her 22nd birthday is reasonable and has to be considered to be valid. Based on this, Betty has to be paid the $25,000 as laid down in the binding contract between the two parties.

Therefore, Jim is not correct.

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Answer:

His tax liability for 2019 (due April 2020) is $23,359.50

Explanation:

Since Robert s a single filer, he falls under the fourth tax bracket: income between $84,201 to $160,725. His marginal tax rate is 24%, and his total taxes due are as following:

<u>tax rate</u>         <u>earnings</u>                          <u>taxes due</u>

10%            $0 – $9,875                        $987,50

12%         $9,875 – $40,125                  $3,630

22%        $40,126 – $85,525                $9,988

24%        $85,526 – $122,000              $8,754

                    total                              $23,359.50      

*Option C is the closest one, but it used the 2018 tax brackets, not the 2019.

7 0
3 years ago
Markley Manufacturing calculated its predetermined overhead rate to be 120% of direct labor cost. During June, the company incur
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Answer:

Applied Manufacturing Overheads are $102,000

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Explanation:

Under or over applied manufacturing overhead can be determined by comparing the actual and applied manufacturing overheads.

Applied overheads can be calculated by multiplying pre-determined overhead rate and actual level of quantity. Predetermined overhead rate is calculated using estimated overhead and estimated activity on which overheads are applied.

In this question the predetermined overhead rate is 120% of direct labor cost.

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