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saul85 [17]
2 years ago
8

In 2021, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married fil

ing jointly). Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. b. Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time job. He also received $5,000 of qualified dividend income.
Business
1 answer:
serg [7]2 years ago
4 0

Carson's tax liability for 2021 as a 23-year full-time student, who earns from the summer internship and part-time job and receives a qualified dividend is $645.

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

Tax liability refers to the amount that a taxpayer is obliged to pay.

The tax liability is a function of the taxpayer's taxable income, tax bracket, deductions, and applicable tax rate.

In this case, we have assumed a flat tax rate of 10% for both Carlson's earned income and the dividend income.

<h3>Data and Calculations:</h3>

Earned income = $14,000

Qualified Dividend income = $5,000

Adjusted taxable income = $6,450 ($19,000 - $12,550)

Tax liability = $645 ($6,450 x 10%)

Thus, Carson's tax liability for 2021 is $645.

Learn more about tax liabilities at brainly.com/question/7409145

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If Amy painted 8 walls in the first hour of work, and then switched to doing 6 outlets in the second hour of work, what was the
Irina-Kira [14]

Answer:

1.33 walls

Explanation:

Here is the complete question :

Amy and Bill are fixing up their house by painting walls and installing electrical outlets. In one hour, Amy can paint 8 walls, or install 6 outlets. In one hour, Bill can paint 5 walls, or install 5 outlets a. If Amy painted 8 walls in the first hour of work, and then switched to doing 6 outlets in the second hour of work, what was the opportunity cost of each of those outlets?

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

By doing the outlet, Amy is forgoing the option of painting walls.

Opportunity cost = 8/6 = 1.33 walls

8 0
3 years ago
Project Rastarum is expected to generate $12,400 each year for the next 5 years, using, costing blizzent co. $40,000 today. if t
raketka [301]

Answer:

Reject,

Explanation:

When calculating the IRR, I got 16.6%, which is less than the wacc. This means that the rate of return is lower than what it costs 18% wacc.

I think the answer should be reject, less.

3 0
3 years ago
You have spent weeks designing the project, gathering data and analyzing it. Now it is time to present your findings to senior e
Andrew [12]

Answer:

After spending weeks on a project, gathering data, followed by an analysis, when you are going to present your findings to the senior executes, In the very beginning of your report, in the executive summary, you can present and manifest and guide them about all the information, what they should know in making a decision

Explanation:

After spending weeks on a project, gathering data, followed by an analysis, when you are going to present your findings to the senior executes, you will have following 5 different course of actions;

Option 1: You can give them whole details through which you can have gone, meanwhile your discussion with the senior executives.

Option 2: Summary of the report in form of data tables can be provided without any recommendation and course of action suggested.

Option 3: You can also mention the information regarding the respondents of the research, if executives want to have follow-up and want to know to whom you have got your questionnaires filled up.

Option 4: In the very beginning, in the executive summary of the report, you can present and manifest and guide them about all the information, what they should know in making a decision

Option 5: You main focus could be primarily on the statistical analysis in your presentation, followed by the main recommendations at the end.

BEST POSSIBLE OPTION: As the senior executives are having very less time, therefore, it would be best for you present them with the information in the very beginning in the executive summary, in addition, all the information which they can consider to make a decision.

To recapitulate, keep the information needed to be considered for taking an action or decision, in your executive summary, in a best possible simple and short way.

5 0
4 years ago
40 pts
Finger [1]

Answer:200

Explanation:

8 0
4 years ago
Read 2 more answers
Axcel Software began a new development project in 2020. The project reached technological feasibility on June 30, 2021, and was
navik [9.2K]

Answer:

$560,000

Explanation:

We can only amortize the $1,400,000 that the company spent after technological feasibility was reached. Research and development costs prior to June 30th must be treated as expenses.

Since the software s expected to generate $10 million during its lifetime, we can amortize 1/10th of the software development cost for each million sold:

($1,400,000 / 10) x 4 = $560,000

6 0
3 years ago
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