Marc and Michelle are married and earned salaries this year of $64,000 and $12,000 respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account that he also paid alimony to a prior spouse in the amount of $1,500. Marc and Michelle have a 10-year old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year.
Fill our the attached 1040 and schedule 1 and answers these questions:
1) What is Marc and Michelle's gross income?
2) What is MArc and Michelle's adjusted gross income?
3) What is the total amount of Marc and Michelle's deductions from AGI?
4) What is Marc and Michelle's taxable income?
5) What is MArc and Michelle's taxes payable or refund de for the year (use the tax rate schedules)?
In: Accounting
If the amount of interest paid in any given year reduces the amount of income that is subject to federal taxes and the after-tax return on equity is increasing with the amount of debt financing used to finance the acquisition, then
a) the increased return to equity reflects an increase in the market value of the property
b) the increased return to equity reflects the present value of the tax shields associated with debt
c) the increased return to equity offers compensation for the greater risk associated with increased leverage
d) both a and c
e) both b and c
In: Finance
Any Mechanical Engineering Final Year research project topic suggestions?
In: Mechanical Engineering
A. A firm has the capacity to produce 988,272 units of a product each year. At present, it is operating at 24 percent of capacity. The firm's annual revenue is $1007128. Annual fixed costs are $599333 and the variable costs are $0.65 per unit. What s the firm's annual profit or loss?
B. A firm has the capacity to produce 1,386,753 units of a product each year. At present, it is operating at 62 percent of capacity. The firm's annual revenue is $1364010. Annual fixed costs are $500,217, and the variable costs are $0.49 per unit. what is the price for each unit
C. A firm has the capacity to produce 1,273,209 units of a product each year. At present, it is operating at 63 percent of capacity. The firm's annual revenue is $788,755. Annual fixed costs are $388, 229, and the variable costs are $0.67 per unit. what is the price of each unit?
D. A firm has the capacity to produce 1,273,209 units of a product each year. At present, it is operating at 63 percent of capacity. The firm's annual revenue is $788,755. Annual fixed costs are $388,229, and the variable costs are $0.67 per unit. At what volume of sales does the firm break even?
In: Finance
Money reports that the average annual cost of the first year of owning and caring for a large dog in 2017 is $1,448. The Irish Red and White Setter Association of America has requested a study to estimate the annual first-year cost for owners of this breed. A sample of 50 will be used. Based on past studies, the population standard deviation is assumed known with
σ = $265.
| 1,902 | 2,042 | 1,936 | 1,817 | 1,504 | 1,572 | 1,532 | 1,907 | 1,882 | 2,153 |
| 1,945 | 1,335 | 2,006 | 1,516 | 1,839 | 1,739 | 1,456 | 1,958 | 1,934 | 2,094 |
| 1,739 | 1,434 | 1,667 | 1,679 | 1,736 | 1,670 | 1,770 | 2,052 | 1,379 | 1,939 |
| 1,854 | 1,913 | 2,163 | 1,737 | 1,888 | 1,737 | 2,230 | 2,131 | 1,813 | 2,118 |
| 1,978 | 2,166 | 1,482 | 1,700 | 1,679 | 2,060 | 1,683 | 1,850 | 2,232 | 2,294 |
A. What is the margin of error for a 95% confidence interval of the mean cost in dollars of the first year of owning and caring for this breed? (Round your answer to nearest cent.)
B. The DATAfile Setters contains data collected from fifty owners of Irish Setters on the cost of the first year of owning and caring for their dogs. Use this data set to compute the sample mean. Using this sample, what is the 95% confidence interval for the mean cost in dollars of the first year of owning and caring for an Irish Red and White Setter? (Round your answers to nearest cent.)
In: Statistics and Probability
A term spread is the difference between the rate on the 10 year treasury bond and a 30 year corporate bond
TRUE OR FALSE
In: Finance
|
Beginning inventory on January 1 |
100 units |
at |
$ |
2,800 |
per unit |
|
Purchase on March 1 |
400 units |
at |
$ |
3,000 |
per unit |
|
Purchase on September 1 |
800 units |
at |
$ |
3,200 |
per unit |
Sales for the year totaled 1,000 units, leaving 300 units on hand
at the end of the year. The company reported ending inventory for
$900,000. Which of the following is correct?
In: Accounting
Mike and Maria are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Mike and Maria also paid $2,500 of qualifying moving expenses, and Maria paid alimony to a prior spouse in the amount of $1,500. Mike and Maria have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Mike and Maria are allowed to claim a $1,000 child tax credit for Matthew. Mike and Maria paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year.(USE 2017 tax schedule.)
A. What is Mike and Maria’s
gross income?
|
In: Accounting
Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $900 with his state income tax return for the previous year. During the year, Tim had $4,600 of state income tax and $16,500 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,100 and $1,700 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $420 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction?
In: Accounting
An asset with the first cost of $100,000 is depreciated over a 5-year period. It is expected to have a $10,000 salvage value at the end of 5 years.
(1) Using the straight-line method, what is the net book value at the end of year 2?
(2) Using the sum of years digit method, what is the depreciation expense for year 1?
(3) Using the double-declining balance method, what is the depreciation expense for year 3?
Plz type the answer thanks
In: Accounting