Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm.
During 2016, the Deans had the following receipts:
| Salaries ($60,000 for Lance, $41,000 for Wanda) | $101,000 | |||
| Interest income— | ||||
| City of Albuquerque general purpose bonds | $1,000 | |||
| Ford Motor company bonds | 1,100 | |||
| Ally Bank certificate of deposit | 400 | 2,500 | ||
| Child support payments from John Allen | 7,200 | |||
| Annual gifts from parents | 26,000 | |||
| Settlement from Roadrunner Touring Company | 90,000 | |||
| Lottery winnings | 600 | |||
| Federal income tax refund (for tax year 2015) | 400 |
Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child support—the alimony payments were to terminate if Wanda remarried.
In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. As the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained.
The Deans had the following expenditures for 2016:
| Medical expenses (not covered by insurance) | $7,200 | |||
| Taxes— | ||||
| Property taxes on personal residence | $3,600 | |||
| State of New Mexico income tax (includes amount withheld | ||||
| from wages during 2016) | 4,200 | 7,800 | ||
| Interest on home mortgage (First National Bank) | 6,000 | |||
| Paid church pledge | 3,600 | |||
| Life insurance premiums (policy on Lance's life) | 1,200 | |||
| Contribution to traditional IRA (on Wanda's behalf) | 5,000 | |||
| Traffic fines | 300 | |||
| Contribution to the reelection campaign fund of the mayor of Santa Fe | 500 | |||
| Funeral expenses for Wayne Boyle | 6,300 |
The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution.
The Deans' household includes the following, for whom they provide more than half of the support:
| Social Security Number | Birth Date | |
| Lance Dean (age 42) | 123-45-6786 | 12/16/1974 |
| Wanda Dean (age 40) | 123-45-6787 | 08/08/1976 |
| Penny Allen (age 19) | 123-45-6788 | 10/09/1997 |
| Kyle Allen (age 17) | 123-45-6789 | 05/03/1999 |
| Wayne Boyle (age 75) | 123-45-6785 | 06/15/1941 |
Penny graduated from high school on May 9, 2016, and is undecided about college. During 2016, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died on January 20, 2016. For the past few years, Wayne qualified as a dependent of the Deans.
Federal income tax withheld is $5,200 (Lance) and $3,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld.
Required:
Determine the Federal income tax for 2016 for the Deans on a joint return by completing the appropriate forms. Use Form 1040 and Schedule A to complete this tax return. They do not want to contribute to the Presidential Election Campaign Fund. All members of the family had health care coverage for all of 2016. If an overpayment results, it is to be refunded to them.
Make realistic assumptions about any missing data.
Enter all amounts as positive numbers.
If an amount box does not require an entry or the answer is zero, enter "0".
When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar.
In: Accounting
Ninety days ago, a British firm bought merchandise from a Dutch company for €100,000. The exchange rate at the time of the sale was £0.855/€. The firm chose not to hedge to reduce or eliminate the risk of changes in the exchange rate. If the exchange rate changes to £0.845/€, then what profit or loss will the British firm realize?
Ninety days ago, a British firm sold merchandise to a Spanish company for €500,000. The exchange rate at the time of the sale was £0.870/€. Forty-five days ago, the firm chose to hedge to reduce or eliminate the risk of changes in the exchange rate by entering a forward contract that locked in an exchange rate of £0.891/€. If the exchange rate today is £0.897/€, then how much will the British firm be paid in pounds?
In: Finance
Which of the following best describes the differences between the arithmetic mean and geometric mean growth rates?
The procedures used to calculate the geometric mean growth rate and arithmetic
mean growth rate are somewhat different, but produce the same result.
The geometric mean growth rate calculation takes into account changes in the basis, while the arithmetic mean growth rate does not.
The arithmetic mean growth rate is preferable to the geometric mean growth rate when calculating rates of return based on changes in stock price.
The geometric mean growth rate is preferable to the arithmetic mean growth rate when calculating rates of return based on changes in stock price.
More than one of the answers is correct.
In: Finance
In: Nursing
Analyze the time-series data of Balance of Payment of China (Since 2010). Discuss the trend of changes in current, capital and financial accounts. Based on your observation, with other external economic information, what shall the policymakers do in responding to these changes?
You required to do.
1. Find the current account, financial account, and capital account of china.
2. Describe thier trends of changes from 2010 to 2019 with evidence
3. Explain why their were such changes.with evidence.
4. Advice policymakers about what shall be done based on the observation.
5. Discuss the balance of Payment detaily.
6 discuss the implications on setting external economic policies and concepts
(Use 1500 words)
In: Economics
You are asked to trace the effects of such a mutation from the level of nucleotide sequence all the way to cell function.
Part 1: Name and describe at least 2 varieties of mutations that occur at the single nucleotide level.
Part 2: Remember the Central Dogma? Be able to step through the effects of this type of mutation from changes in nucleotide sequence to changes in protein structure and function to changes in cell function (from DNA to RNA to protein).
Part 3: Following (b) above, given a mutation in a specific protein that we’ve talked about, for instance: cytochrome C, chlorophyll, or the proton pump, what would be the possible effects on cell function resulting from this specific mutation? Explain in detail.
In: Biology
Suppose the utility function for goods q1 and q2 is given by U(q1, q2) = q1q2 + q2 6 (a) Calculate the uncompensated (Marshallian) demand functions for q1 and q2 2 (b) Describe how the uncompensated demand curves for q1 and q2 are shifted by changes in income (Y) or the price of the other good. 3 (c) Calculate the expenditure function for q1 and q2 such that minimum expenditure = E(p1, p2, U) 4 (d) Use the expenditure function calculated in part (c) to compute the compensated demand (Hicksian) functions for goods q1 and q2. 2 (e) Describe how the compensated demand curves for q1 and q2 are shifted by changes in income (Y) or by changes in the price of the other good
In: Economics
You own a small business and want to increase the total revenue you collect from sales of your product.
In each of the scenarios described below, what can you do to increase total revenue?
|
Scenario |
Action |
|
The demand for your product is inelastic. |
▼ Total revenue cannot increase with changes in price. Price of the product should be increased. Price of the product should be decreased. |
|
The demand for your product is elastic. |
▼ Total revenue cannot increase with changes in price. Price of the product should be increased. Price of the product should be decreased. |
|
The demand for your product is unit elastic. |
▼ Price of the product should be decreased. Total revenue cannot increase with changes in price. Price of the product should be increased. |
In: Economics
Respond to the following prompt in a post with a minimum of 100 words, then comment on at least ONE other posts.
In: Economics
Fiscal Policy
Respond to the following prompt in a post with a minimum of 100 words, then comment on at least ONE other posts.
In: Economics