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VashaNatasha [74]
2 years ago
11

1. Which of the following people is/are legally required to file a tax return?

Business
1 answer:
mr_godi [17]2 years ago
4 0

These people are legally required to file tax return.

Greg, who can be claimed as a dependent and earned $12,650 last year.

Erin, who cannot be claimed as a dependent and earned $14,000 last year.

<h3>What is tax return?</h3>

Tax return is a form that is filled by tax payer which contain income, expenses or tax information .

This enable the tax payer to calculate their tax liability, tac expenses or schedule.

Those that can required to file tax return are ;

  • A single person Under 65 of ageand income of $12,550
  • 65 or older with income $14,250
  • Married filing jointly Under 65 (both spouses) $25,100
  • 65 or older (one spouse) with income $26,450
  • 65 or older (both spouses) with income of $27,800
  • Married filing separately Any age $5
  • Head of household Under 65 with income of $18,800
  • 65 or older with income $20,500
  • Qualifying widow(er) Under 65 with income of $25,100.
  • 65 or older.

Therefore,

These people are legally required to file tax return.

  • Greg, who can be claimed as a dependent and earned $12,650 last year.
  • Erin, who cannot be claimed as a dependent and earned $14,000 last year.

For more details on tax return check the link below.

https://brainly.com/question/28504589.

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Punitive damages: a. are a small amount of compensation given to the plaintiff. b. are like actual damages but do not seek to de
lukranit [14]

Answer:

The correct answer is letter "D": are damages in excess of the plaintiff's injuries, awarded to punish the defendant.

Explanation:

Punitive Damages are penalties passed to the defendant of court cases on top of compensations they must pay to plaintiffs because of the faults they committed. The punitive damage is not provided to the plaintiffs but is imposed to punish defendants when their faults are negligent and should not be repeated.  

Thus, <em>punish damages are imposed in an attempt to avoid other individuals to commit the same gross faults.</em>

6 0
3 years ago
Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then
satela [25.4K]

Answer:

<u>Transaction 1</u>

Assets - Decrease by $225,000

Cash expended to acquire shares = 5,000 * 45 = $225,000

Liabilities - No effect

Stockholders' equity - Decrease by $225,000

Increase in Treasury shares leads to decrease in the amount stockholders hold.

Paid In Capital - No effect

Retained Earnings - No Effect

Net Income - No Effect

<u>Transaction 2</u>

Assets - Increase by $98,000

Cash increased because of sale of stock = 2,000 * 49 = $98,000

Liabilities - No effect

Stockholders' equity - Increase by $90,000

= 2,000 * 45 = $90,000

Cost method means that when debiting from Treasury account, use original cost.

Paid In Capital - Increase by $8,000

If stock is sold for amount different from what it was bought, it goes into this account. If it is larger than it was bought for then this account increases and vice versa.

Retained Earnings - No Effect

Net Income - No Effect

<u>Transaction 3</u>

Assets - Increase by $20,000

Cash from sale of stock = 500 * 40 = $20,000

Liabilities - No effect

Stockholders' equity - Increase by $22,500

= 500 * 45 = $22,500

Paid In Capital - Decrease by $2,500

If stock is sold for amount different from what it was bought, it goes into this account. If it is smaller than it was bought for then this account decreases and vice versa.

Retained Earnings - No Effect

Net Income - No Effect

4 0
3 years ago
Angelina has again found herself frustrated at work. Her manager, for whatever reason, never makes a decision. If anything is to
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Answer:

The correct option is E , laissez-faire

Explanation:

Option A,autocratic is not correct since the scenario painted an opposite scenario and autocratic approach to management means the manager tells the subordinates what to do.

Bureaucratic is when decision making is slow because many stakeholders are expected to jointly decide.

However,laissez-faire is an approach where subordinates are allowed to think out of the box and get tasks accomplished without manager's interference.

8 0
2 years ago
XYZ Corporation loaned $600,000 to another corporation on December 1, 2020 and received a 3-month, 8% interest-bearing note with
jeka94

Answer:

Dr Interest Receivable 4,000

Cr Interest Revenue 4,000

Explanation:

Preparation of XYZ Corporation Adjusting entry

Since the XYZ Corporation loaned the amount of $600,000 to another corporation on December 1, 2020 in which XYZ Corporation received a 3 month and 8% interest-bearing note with a face value of $600,000, the first step to take is to find the interest bearing note which is calculated as 4,000(1/12×8%×600,000) and the second step is to record the transaction as :

Dr Interest Receivable 4,000

Cr Interest Revenue 4,000

(1/12×8%×600,000)

8 0
3 years ago
Question 5 of 10
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Answer:

I thing it is D????????????????????/

Explanation:

5 0
2 years ago
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