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vodka [1.7K]
2 years ago
6

William and Charlotte Collins divorced in November of year 1. William moved out and Charlotte remained in their house with their

10-month-old daughter Autumn. Diana, Charlotte's mother, lived in the home and acted as Autumn's nanny for all of year 1. William provided 70% of Autumn's support, Diana provided 20%, and Charlotte provided 10%. When the time came to file their tax returns for year 1, William, Charlotte, and Diana each wanted to claim Autumn as a dependent. Their respective AGIs for year 1 were $50,000, $35,000, and $52,000. Who has priority to claim Autumn as a dependent?
A. William.
B. Charlotte.
C. Diana.
D. They must negotiate amongst themselves.
Business
1 answer:
anzhelika [568]2 years ago
5 0

Answer: B. Charlotte

Explanation:

Preference is given to people that live with the dependent so this puts William at the least priority because he doesn't live with Autumn thereby leaving Charlotte and her mother.

Preference is then given to the biological parents of the dependent which means that Diana is has second priority. Charlotte is therefore the the most preferred to claim her daughter as a dependent which would allow her greater tax deductions.

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From economics, we know that the formula for Profit is:

Profit = Income – Total Cost

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income is calculated as:

Income = ($30 / unit) * (20, 000 units)

Income = $ 600, 000

Total cost is composed of both the fixed cost and variable cost:

Total cost = Variable cost + Fixed cost

Total cost = ($21 / unit) * (20, 000 units) + $250,000

Total cost = $670, 000

Therefore, the profit of producing and selling product x each month is:

Profit = $ 600, 000 - $670, 000

<span>Profit 1= - $70, 000        (decifit)</span>

 

Case 2: Discontinue producing and selling product x

Since there is no income but there is unavoidable fixed cost of $50,000, therefore:

<span>Profit 2 = - $50, 000       (deficit)</span>

 

The company’s overall net operating income would be the change in profit (deficit in this case):

Net operating income = Profit 2 – Profit 1

Net operating income = - $50, 000 – (- $70, 000)

Net operating income = $20, 000

 

<span>Therefore discontinuing product x would result in an increase in the overall net operating income by $20,000 per month.</span>

8 0
3 years ago
Stocks X and Y have the following data. Assuming the stock market is efficient and the stocks are in equilibrium, which of the f
Lapatulllka [165]

Answer:

B. One year from now, Stock X's price is expected to be higher than Stock Y's price.

Explanation:

Hope it helped...Please mark brainliest. Have a nice day!

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2 years ago
A buyer has a 30-year, $400,000 loan with a 7% interest rate. How much of the first month's mortgage payment is interest
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The portion of the first month's mortgage payment meant for interest is $2,333.33

What is a mortgage?

Mortgage is a loan taken to acquire property which requires periodic interest payment such as monthly , semiannually or even annually.

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First month interest=$400,000*7%/12

First month interest=$2,333.33

Find further explanation on mortgage interest below:

brainly.com/question/1115815

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2 years ago
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The answer to that is leadership
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3 years ago
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You have taken out a $350,000, 3/1 ARM. The initial rate of 6.0% (annual) is locked in for 3 years. Calculate the outstanding ba
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Answer:

Explanation:

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