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
Triss [41]
3 years ago
14

Leon, age 14, is a dependent of his parents. In 2020 he earned $6,500 from a part-time job and $7,500 of interest income on bond

s given him by his grandparents, resulting in taxable income of $7,150. Under kiddie tax rules, calculation of tax requires dividing taxable income between net unearned income and other taxable income taxed at his own rate. Leon's taxable income will be divided as follows A) net unearned income -$1,850 and earned taxable income -$5,300. B) net unearned income -$7,150 and earned taxable income -$0. C) net unearned income -$0 and earned taxable income -$7,150. D) net unearned income -$5,300 and earned taxable income -$1,850
Business
1 answer:
shepuryov [24]3 years ago
5 0

Answer:

Leon's taxable income will be divided as follows

B) net unearned income -$7,150 and earned taxable income -$0.

Explanation:

a) Data:

Earnings from part-time job = $6,500

Interest income from grandparents' bonds = $7,500

Taxable income on the interest income = $7,150

b) For 2020, Leon, age 14, can earn up to $12,200 without paying income tax.  This implies that he cannot pay income tax on the $6,500 which he earns from a part-time job.  But he is expected to pay tax on the interest income from bonds given him by his grandparents.  Under the kiddie tax rules, his income is separated between net unearned income and other taxable income taxed at his own rate.

You might be interested in
suppose that you are a member of the board of governors of the federal reserve system. the economy is experiencing a sharp rise
vivado [14]

The board of governors of the federal reserve system. The interest rate that a bank charges another bank for an overnight loan may be referred to as the federal fund rate. In other terms.

It refers to the interest added to any overnight are borrowing or lending of excess reserves by others.The Federal Reserve uses the Federal Fund Rates to help keep inflation under control and promote healthy economic growth.In this situation, where a nation's economy is seeing a strong rise in inflation, I would advise raising the federal funds rate to help rein in the rising inflation rate.The relative abundance or scarcity of reserves at the Federal Reserve is directly tied to both the inflation rate and the Federal Funds Rate.If an economy is going through a sharp and protracted inflationary tendency, I'll suggest the following adjustments.Increase in reserve ratio: I'll do that. Discount percentage: I'll raise the discount percentage.Open market operations: I propose reducing the money supply by increasing the sale of government bonds.

To know more about Fund rates visit:

brainly.com/question/23732411

#SPJ4

4 0
1 year ago
A city government purchased a new fire truck in Year 1 for $270,000. The city incurred an additional $ 30,000 in transportation
erica [24]

Answer:

correct option is  $0

Explanation:

given data

purchased  truck = $270,000

transportation and calibration costs = $30,000

life = 20 years

financed period = 15 year

solution

we know here that some expenses like insurance and depreciation etc is allocated by systematic and the rational procedure for some period

so that during that period related asset is expected to provide the benefit

and acquisition of capital asset is not record as expenses

we know  appropriate property and  plant or the equipment assets account are debit on  purchases

so that Depreciation expenses are recorded to reflect the allocation of costs of the asset to operation over service life of assets

so here correct option is  $0

6 0
3 years ago
A recent survey was conducted to compare the cost of solar energy to the cost of gas or electric energy. Results of the survey r
RoseWind [281]

Answer:

option d) approximately 84%

Explanation:

Data provided in the question:

Mean, m = $92

Standard deviation, s = $13

Now,

we have to calculate percentage of homes will have a monthly utility bill of more than $79 i.e P(X > 79)

also,

P( X > 79) = 1 - P( X < 79)

Z-score for (X = 79 ) = \frac{X-m}{s}

Z = \frac{79-92}{13}

or

Z = -1

From the standard Z value vs P table, we have

P( Z < -1 ) = 0.1587

Thus,

P( X < 79) = P( Z < -1 ) = 0.1587

therefore,

P(X > 79) = 1 - 0.1587

or

P(X > 79) = 0.8413

or

= 0.8413 × 100%

= 84.13%

Hence,

option d) approximately 84%

7 0
3 years ago
Seojun acquired an activity several years ago, and in the current year, it generates a loss of $50,000. Seojun has AGI of $140,0
ahrayia [7]

Answer:

Seojun's Adjusted Gross income is $140,000.

Explanation: Adjusted Gross income(AGI) is a term used in Financial accounting to describe the total amount of gross income remaining after certain deductions have been made to the Gross income of a business entity over a given period of time.

Since Seojun is not a Material participant,the $50,000 loss can not be considered in calculating Seojun's Adjusted Gross income.

7 0
3 years ago
Lance, Art, and Wayne have joined together to open a law practice but are struggling to manage their cash flow. They haven’t yet
mixas84 [53]

Answer:

This is very simple, they should start billing their clients right away.

You don't have to bill your clients for the full legal expenses, but they for sure need to start making some money.

It is very normal that new businesses don't get enough revenue to cover their operation expenses right away. Even for big corporations, like Amazon and FB, it may take years to reach the break even point.

When you open a business you have to keep some money as reserve to cover some expenses for at least a few months.

6 0
3 years ago
Other questions:
  • A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15,000 hours. it
    14·1 answer
  • Being able to calculate a healthy margin analysis will help the research &amp; development department understand how to change t
    9·1 answer
  • Suppose the economy is operating at an output of $4,000 billion. Assume furthermore that potential output is $5,000 billion and
    15·1 answer
  • A corporation has 50,000 shares of $25 par stock outstanding. If the corporation issues a 3-for-1 stock split, the number of sha
    12·1 answer
  • The benefit of a flexible manufacturing system is that: a. the necessary skill levels of workers are reduced, allowing the firm
    13·1 answer
  • A national political organization segmented the area of Jackson Hole, Teton County in Wyoming for its political marketing campai
    6·2 answers
  • ABOUT Stephen hawking ​
    11·2 answers
  • Mark Simpson earns $980 biweekly as a security guard for Albany Med. His group medical insurance costs $7,000 a year. The compan
    9·1 answer
  • According to the tort doctrine of ________, any time an employee is liable for tortious acts in the scope of employment, the emp
    13·1 answer
  • In which part of an interview would the interviewer ask questions that help accomplish the goal of the interview
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!