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vova2212 [387]
2 years ago
12

Money held by the lender to pay homeowners insurance and property taxes is put in a fund called _____. A. Closing costs b. Commi

ssion c. Escrow d. Origination Please select the best answer from the choices provided A B C D.
Business
1 answer:
bearhunter [10]2 years ago
4 0

Answer:

pretty sure it is c. escrow

Explanation:

You might be interested in
Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if,
yulyashka [42]

Answer:

The question is not complete.

Here is the complete question:

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the US tax rate schedule)

Required:

a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?

b. What is his marginal rate if, instead, he had $40,000 of additional deductions?

Here are the answers:

a. 24%

b. 12%

Explanation:

Marginal tax rate is an incremental tax rate that is paid out of the taxable income of a tax payer. It represents the rate at which the last unit of dollar of the taxable income is taxed. The marginal rate for each income bracket is supplied by the Internal Revenue Service (IRS).

                                Chuck Marginal Tax Rate

a) The marginal tax rate for Chuck if he earns additional $40,000 taxable income will be:

= $75,000 + $40,000

= $115,000

Marginal tax rate for $115,000 is 24% according IRS tax rate schedule.

b) If instead, it is an additional deduction of $40,0000, the marginal tax rate will be:

= $75,000 - $40,000

= $35,000

The marginal tax rate for taxable income of $35,000 is 12% according IRS tax rate schedule.

Note: the interest is categorized as interest from municipal bond, so it is tax free.

It is also assumed that Chuck is single. Hence, tax rate under single filer applies to him.

6 0
3 years ago
If a salesperson sells 34 pairs of jeans, 126 t-shirts, and 40 jackets, what fraction of the total number of items sold do the j
tino4ka555 [31]

Answer:

1/5

Explanation:

34 + 126 + 40 = 200

40 jackets so 40/200

40/200 = 1/5 or one fifth

8 0
2 years ago
You have an investment account that started with ​$3 comma 000 10 years ago and which now has grown to ​$6 comma 000. a. What an
zloy xaker [14]

Answer:

The correct answer for option (a) is 7.17% and for option (b) is $48,546.69.

Explanation:

According to the scenario, the given data are as follows:

(a) Present value = $3,000

Future value = $6,000

Time period = 10 years

So, we can calculate the annual rate of return by using following formula:

Rate of return = (( FV ÷ PV)^1/t  -1)

= (( $6,000 ÷ $3,000)^1/10 -1)

= (2)^0.1 - 1

= 1.07177346254 - 1

= .07177 or 7.17%

(b) Present value = $12,000

Rate of interest (r) = 15%

Time period = 10 year

So, we can calculate the Future value by using following formula:

FV = PV × ( 1+r)^t

= $12,000 × ( 1 + 15%)^10

= $12,000 × 4.04555773571

= $48,546.69

8 0
3 years ago
Jim had a car accident in 2019 in which his car was completely destroyed. At the time of the accident, the car had an adjusted b
arlik [135]

Answer:

the deductible loss on the car is $12,000

Explanation:

The computation of the Jim deductible loss on the car is shown below:

Given that

Car value = $40,000

Insurance recovery = 70%

Now the deductible loss is

= Car value - (car value × insurance recovery)

= $40,000 - ($40,000 × 70%)

= $40,000 - $28,000

= $12,000

hence, the deductible loss on the car is $12,000

5 0
2 years ago
The Waverly Company has budgeted sales for the year as follows:
Yanka [14]

Answer:

Production= 15,000 units

Explanation:

Giving the following information:

Sales:

Q2=14,000

Q3=18,000

The ending inventory of finished goods for each quarter should equal 25% of the next quarter's budgeted sales in units.

To calculate the production for the second quarter, we need to use the following formula:

Production= sales + desired ending inventory - beginning inventory

Production= 14,000 + (18,000*0.25) - (14,000*0.25)

Production= 15,000 units

6 0
2 years ago
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