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Thepotemich [5.8K]
3 years ago
10

Melvin Crane is 66 years old, and his wife, Matilda, is 65. They filed a joint income tax return for 2019, reporting an adjusted

gross income of $22,200, on which they owed a tax of $61. They received $3,000 from Social Security benefits in 2019. How much can they claim on Form 1040 in 2019, as a credit for the elderly?
Business
1 answer:
iren [92.7K]3 years ago
3 0

Answer:

$0

Explanation:

the credit for the elderly is the lesser of the following:

1) taxes owed = $61

2) you calculate the credit for the elderly by subtracting $7,500 - $3,000 (social security benefits) = $4,500

then you subtract half of your AGI over $10,000 = ($22,000 - $10,000) x 50% = $5,500

the credit = $4,500 - $5,000 = $0 (there are no negative tax credits)

the lesser between $61 and $0 is $0.

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The minimum wage is an example of a Group of answer choices price ceiling. price door. price wall. price floor.
topjm [15]

Answer:

price floor

Explanation:

A price ceiling is a limit that is established by the government that determines the highest price that can be charged for a product or service.

A price floor is a control that is established by the government that determines the lowest price for a product or service.

According to this, the answer is that the minimum wage is an example of a price floor because it determines the minimum amount that a company can pay to a worker.

The other options are not right because a price ceiling establishes the highest price for a product and price door and price wall are not price controls.

8 0
3 years ago
Alexi Co. issued $2.50 million face amount of 8%, 10-year bonds on June 1, 2019. The bonds pay interest on an annual basis on Ma
GuDViN [60]

Answer:yup

Explanation:

Yup

7 0
3 years ago
What is a lease?
Elodia [21]
A a lease is like renting something ( example: joe leased his corvette from the Chevrolet dealership he lease his corvette for three year then brung it back and bought a 2018 corvette
I hope that helped
4 0
3 years ago
Read 2 more answers
Edwards Farm Products was unable to meets its financial obligations and was forced into using legal proceedings to restructure i
AVprozaik [17]

Answer:

D. reorganization 

Explanation:

Reorganization Is when a bankrupt business restructures itself so that it can continue as a viable business. It involves restating the assets and liabilities of the firm.

A merger is when two companies come together to form a single company.

Liquidation is when the assets of a company are distributed to creditors. It marks the end of a business.

A divestiture is when assets or parts of a business is either sold or exchanged.

A repurchase is when the shares of a company are bought back from shareholders by the firm.

I hope my answer helps you.

4 0
3 years ago
Sunk costs? are not considered when evaluating new proposals. differ among the alternatives. impact the future. are relevant.
loris [4]

The correct answer is “are not considered when evaluating new proposals”.

Sunk costs are sums of money that have already been spent and cannot be recovered. For instance, a manufacturing business may have a range of sunk costs, such as the price of machinery, equipment, and facility lease payments.

<h3>Why is it known as a "sunk cost"?</h3>

In economics and finance, a cost that has already been incurred and which cannot be recovered is known as a sunk cost. Sunk expenses are viewed as bygone in economic decision-making and are not taken into account when determining whether to continue an investment project.

<h3>Why does sunk cost matter?</h3>

There is a barrier to entry when an industry has large sunk costs. If a company must invest a significant amount of money, it won't be able to recover.

To know more about Sunk costs, visit: brainly.com/question/20438089

#SPJ4

8 0
1 year ago
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