Business, 14.10.2021 01:00 battlemarshmell

1. Tax Schedule Taxable Income Marginal Tax Rate
first $25,000 10%
from $25,000 to $75,000 15%
from $75,000 - $125,000 20%
from $125,000 - $175,000 25%
over $175,000 30%
Jim Schmeckems, a single head of household, had an annual income of $200,000. There were no exclusions or adjustments for tax purposes. The exemptions for Jim and his dependents total $10,000. His total itemized deductions amount to $26,000. The total standard deduction for his household is $12,500. Use the tax tables above to compute Jim's tax liability.

2. Refer to the previous question. What if Jim had received a $15,000 commission check at the end of the year. How much in additional taxes would he owe?

3. Suppose the AMT were calculated in the following (oversimplified) way: 14.8% of AGI. What would Jim's tax liability be in this case as described in question 20

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 05:10

1. descriptive statistics quickly describe large amounts of data can predict future stock returns with surprising accuracy statisticians understand non-numeric information, like colors refer mainly to patterns that can be found in data 2. a 15% return on a stock means that 15% of the original purchase price of the stock returns to the seller at the end of the year 15% of the people who purchased the stock will see a return the stock is worth 15% more at the end of the year than at the beginning the stock has lost 15% of its value since it was originally sold 3. a stock purchased on january 1 cost $4.35 per share. the same stock, sold on december 31 of the same year, brought in $4.75 per share. what was the approximate return on this stock? 0.09% 109% 1.09% 9% 4. a stock sells for $6.99 on december 31, providing the seller with a 6% annual return. what was the price of the stock at the beginning of the year? $6.59 $1.16 $7.42 $5.84

Answers: 3

Answer

Business, 22.06.2019 12:00

Simon, aged 10, is invited to a classmate's birthday party at an exclusive ski resort on march 15th. the day will include 4 hours of snowboarding, lunch and birthday cake. simon's mother checks a box on the invitation that says "yes, we will attend" and returns it to the classmate's address. unfortunately, they later don't attend the party when simon comes down with the flu. on march 17th, simon's mother receives an invoice in the mail from simon's classmate for $35 that says, "party no-show fee." can simon's classmate collect the fee?

Answers: 3

Answer

Business, 22.06.2019 16:00

In macroeconomics, to study the aggregate means to study blank

Answers: 1

Answer

Business, 22.06.2019 21:10

The chromosome manufacturing company produces two products, x and y. the company president, jean mutation, is concerned about the fierce competition in the market for product x. she notes that competitors are selling x for a price well below chromosome's price of $13.50. at the same time, she notes that competitors are pricing product y almost twice as high as chromosome's price of $12.50.ms. mutation has obtained the following data for a recent time period: product x product y number of units 11,000 3,000 direct materials cost per unit $3.23 $3.09 direct labor cost per unit $2.22 $2.10 direct labor hours 10,000 3,500 machine hours 2,100 1,800 inspection hours 80 100 purchase orders 10 30ms. mutation has learned that overhead costs are assigned to products on the basis of direct labor hours. the overhead costs for this time period consisted of the following items: overhead cost item amount inspection costs $16,200 purchasing costs 8,000 machine costs 49,000 total $73,200using direct labor hours to allocate overhead costs determine the gross margin per unit for product x. choose the best answer from the list below.a. $1.93b. $3.12c. $7.38d. $2.43e. $1.73using activity-based costing for overhead allocation, determine the gross margin per unit for product y. choose best answer from list below.a. $10.07b. ($2.27)c. ($5.23)d. ($7.02)e. $7.02

Answers: 3

Answer

You know the right answer?

1. Tax Schedule Taxable Income Marginal Tax Rate
first $25,000 10%
from $25,000 to $75...

Questions