If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2020? (Use tax rate schedule)

Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2020, what is his average tax rate (rounded) & effective tax rate (rounded)

3. Jamie is single. In 2020 , she reported $100,000 of taxable income, including a long-term capital gain of $5,000. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the tax rate schedules,long term capital gains tax brackets)

Q. Baoshan Energy Ltd. in Shanghai, China, has a tank lorry that costed the company ¥300,000 when it was purchased on January 1, 2016. The vehicle has an estimated useful life of 10 years and no residual value. Baoshan uses straight-line method of depreciation on equipment. Baoshan decides to dispose the tank lorry and sells it to Pudong Oil & Gas Co. on August 31, 2020. (Currency in Chinese yuan, ¥)

Instructions:

A. What journal and T-account entries would Baoshan Energy make to record the sale of the tank lorry for ¥170,000 cash on August 31, 2020?

B. What journal and T-account entries would Baoshan Energy make to record the sale of the tank lorry for ¥100,000 cash on August 31, 2020?

On January 1, 2020 the Walker Manufacturing Company purchased 10% bonds having a maturity value of $100,000 due in 5 years. The bonds pay interest every January 1st. Walker paid a premium for the bonds in the amount of $7,985.10. As a result of paying the $7,985.10 premium, the bond investment provides Walker with an 8% yield. Required:

Prepare journal entries for the following dates:

1. January 1, 2020 when the bonds were purchased.

2. December 31, 2020 to record interest revenue and amortization.

3. January 1, 2021 to record the interest payment being received.

5. December 31, 2021 to record interest revenue and amortization.

5. January 1, 2022 to record the interest payment being received.

from the end of 2009 to the end of 2019, the size of the united states national debt held by the public grew from $6.8 trillion to $17.2 trillion. during the same period, the 10 year us treasury bond yield to maturity fell from 3.59% in december 2009 to 1.86% in december of 2019. explain how such an increase in the supply of government bonds can lead to a fall in the interest rate. second, consider that the 10 year bond rate has fallen further in 2020 to 0.68 percent on october 1, despite a further increase in the national debt ($20.5 trillion as of june 30, 2020) due to the decline in the economy and increase in federal government spending. why has this continued in 2020 during an economic crisis?

On January 1, 2020, Harrington Company has the following defined benefit pension plan balances.

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows.

Prepare a pension worksheet for the pension plan for 2020 and 2021.

During 2020, Sheridan Company started a construction job with a contract price of $1,376,000. The job was completed in 2022. The following information is available. The contract is non-cancellable.

Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

From the end of 2009 to the end of 2019, the size of the United States National Debt held by the public grew from $6.8 trillion to $17.2 trillion. During the same period, the 10 year US Treasury Bond yield to maturity fell from 3.59% in December 2009 to 1.86% in December of 2019. Explain how such an increase in the supply of government bonds can lead to a fall in the interest rate. Second, consider that the 10 year bond rate has fallen further in 2020 to 0.68 percent on October 1, despite a further increase in the national debt ($20.5 trillion as of June 30, 2020) due to the decline in the economy and increase in federal government spending. Why has this continued in 2020 during an economic crisis?

Ahmed, an Australian resident, was made redundant on 30th June 2020 at the age of 58. He had been employed at the company for 14 years and 9 months. His taxation records for the year ended 30th June 2020 revealed the following:

Gross wages up to redundancy $65000 (PAYG withheld $18400)

Interest on savings account held jointly with spouse $4200

Genuine redundancy payment $93000

Lump sum received from his superannuation fund:

Taxable component (element taxed in the fund) $372000 (PAYG withheld $26000)

Ahmed has adequate private health insurance cover for the year.

Required:

For the year ended 30 June 2020, calculate Ahmed's:

a) Taxable Income

b) Net Tax Payable or Refundable

Explain the impact on US export and import if the US dollar has depreciated in comparison with other currencies. For example, the exchange rate for the Canadian dollar was 1.36 per U.S dollar in 2003. Now in 2020, it is 1.31 Canadian dollars per U.S.dollar under this case the dollar has suffered a slight depreciation. Also, when the dollar has depreciated in the case of the Chinese Yuan from 8.27 in 2003 to 6.69 yuans in 2020 per U.S dollar. Also, when there is not either appreciation or depreciation from 2003 to 2020 which is the case of Saudi Arabia currency its exchange rate remains the same 3.75 Riyals per dollar since 2003. Then explain the impact of U.S. exports and imports under these scenarios.