Question
In: Accounting
Piper Wells is single and received the items and amounts of income shown below during 2015,...
-
Piper Wells is single and received the items and amounts of income shown below during 2015, as shown below. Determine the marginal tax rate applicable to each item. Note that if the item is not taxable, the marginal rate is 0.
Salary $30,000
Dividends 800
Gift from mother 500
Child support from ex-husband 3,600
Interest on savings account 250
Rental property 900
Loan from bank 2,000
Interest on state government bonds 300
Solutions
Expert Solution
| $ | $ | |
| Salary | 30,000.00 | |
| Dividends | 800.00 | |
| Interest on savings account | 350.00 | |
| Rental income | 900.00 | |
| A. Gross Total Income | 32,050.00 | |
| B. Standard Deduction | -6,300.00 | |
| C. Personal and dependency exemption | -8,100.00 | -14,400.00 |
| Taxable income (A-B-C) | 17,650.00 | |
| Marginal tax rate | ||
| $ 9275 x 10% | 927.50 | |
| ($17650 - $ 9275 ) x 15% | 1,256.25 | |
| Marginal tax | 2,183.75 | 2,183.75 |
| Exempt Income | ||
| Child support from ex-husband | 3,600.00 | |
| Gift from Mother | 500.00 | |
| Loan from bank | 2,000.00 | |
| Interest on state government bonds | 300.00 | |
| Total Exempt Income | 6,400.00 |
ekkarill92 answered 4 months agoRelated Solutions
Research the tax treatment for each of the following income items: 1. Rental income 4. Amounts received from...
Research the tax treatment for each of the following income
items:
1. Rental income
4. Amounts received from settlement of lawsuits or
from court judgments.
Specify
the different treatment for:
(a) compensation for pain and
suffering,
(b) punitive damage awards,
(c) compensation for mental and
emotional distress,
(d) compensation for lost wages
5. Discharge of Indebtedness Income
6. Scholarships
jennifer is single and received $29,500 of dividend income during the year. She also received $18,00...
jennifer is single and received $29,500 of dividend income
during the year. She also received $18,00 of social security
benefits. what portion of her social security benefits are
taxable?
a. $0
b. $7,255
c. $9,000
d. $10,875
During one semester, a student received grades in various subjects, as shown in Table 2 below....
During one semester, a student received grades in
various subjects, as shown in Table 2 below. Determine whether
there is a significant difference between the student’s grade at
the 0.05 level. (15 points)
Subject
Scores
Mathematics
72, 80, 83, 75
Science
81, 74, 77
English
88, 82, 90, 87, 80
Economics
74, 71, 77, 70
This is the complete question. I think an Anova needs to be done
to it?
The amounts of financial aid awarded for a population of students are shown below. Using an...
The amounts of financial aid awarded for a population of
students are shown below. Using an appropriate graphical technique,
state whether you believe that the assumption of normality of this
population of aid awards exists. Justify your answer.
$8,500 $11,000 $12,400 $9,000 $14,000 $4,500 $12,000 $16,000
$7.500 $11,500 $8.000 $19,000 $10,500 $5,000 $16,500 $9,500 $20,000
$17,500 $8.500 $12,500 $7,000 $19,000 $19,500 $6,000 $13,000
Listed below are amounts of court income and salaries paid to the town justices. All amounts...
Listed below are amounts of court income and salaries paid to
the town justices. All amounts are in thousands of dollars.
Construct a scatterplot, find the value of the linear correlation
coefficient r, and find the P-value using
alphaαequals=0.05.
Is there sufficient evidence to conclude that there is a linear
correlation between court incomes and justice salaries? Based on
the results, does it appear that justices might profit by levying
larger fines?
Court_Income Justice_Salary
64.0 31
404.0 45
1566.0 93...
Listed below are amounts of court income and salaries paid to the town justices. All amounts...
Listed below are amounts of court income and salaries paid to
the town justices. All amounts are in thousands of dollars.
Construct a scatterplot, find the value of the linear correlation
coefficient r, and find the P-value using alphaequals0.05. Is
there sufficient evidence to conclude that there is a linear
correlation between court incomes and justice salaries? Based on
the results, does it appear that justices might profit by levying
larger fines?
Court Income 64.0 402.0 1567.0 1131.0 273.0 251.0...
Listed below are amounts of court income and salaries paid to the town justices. All amounts...
Listed below are amounts of court income and salaries paid to
the town justices. All amounts are in thousands of dollars.
Construct a scatterplot, find the value of the linear correlation
coefficient r, and find the P-value using
alphaαequals=0.05.
Is there sufficient evidence to conclude that there is a linear
correlation between court incomes and justice salaries? Based on
the results, does it appear that justices might profit by levying
larger fines?
Court_Income Justice_Salary
65.0 31
403.0 46
1567.0 93...
Determining Amounts for Items Omitted from Income Statement One item is omitted in each of the...
Determining Amounts for Items Omitted from Income Statement
One item is omitted in each of the following four lists of
income statement data. Determine the amounts of the missing
items.
Chase Company
Jessup Inc.
Osterman Company
Snyder Co.
Sales
$463,200
$
$1,077,000
$
Cost of goods sold
$
$408,400
$
$411,800
Gross profit
$87,800
$290,600
$295,400
$266,400
A new accountant at Shamrock, Inc. is trying to identify which of the amounts shown below...
A new accountant at Shamrock, Inc. is trying to identify which
of the amounts shown below should be reported as the current asset
“Cash and cash equivalents” in the year-end balance sheet, as of
April 30, 2019.
1.
$60 of currency and coin in a locked box used for incidental
cash transactions.
2.
A $10,600 U.S. Treasury bill, due May 31, 2019.
3.
$275 of April-dated checks that Shamrock has received from
customers but not yet deposited.
4.
An $86...
The year-end net income (in millions) for a company for the years 2004-2015 are shown in...
The year-end net income (in millions) for a company for the
years 2004-2015 are shown in the provided data set
(incomedata.xlsx). Graph the best chart which effectively displays
the income data over time.
Income Data:
Year
Net income
2004
25.2
2005
32.8
2006
31.5
2007
31.3
2008
34.8
2009
37.1
2010
62.1
2011
101.6
2012
75.5
2013
83.3
2014
117.4
2015
152.6
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why would UnderArmour want to be sure that consumers can clearly see different models ( about...
- Five years ago, Miguel invested a stock with price $35 per share. The stock price at...
- You are touring a distant planet on which the magnitude of the gravitational acceleration is 65%...
- GDP increased from $16.55 trillion to $17.28 trillion. What was the growth rate of GDP? The...
- Forming an Accountable Care Organization in a hospital setting What is an ACO and its reimbursement?...
- Implement a method that meets the following requirements: (a) Has the same requirements as the above...
- The Good’n’Fresh Grocery Store has two checkout lanes and four employees. Employees are equally skilled, and...
ADVERTISEMENT