Franklin Stewart arrived at the following tax information:
Gross salary $ 54,900
Interest earnings 420
Eligible dividend income 170
Basic personal amount 3,650
Union dues 8,700
Moving expense (50 km for employment) 1,580
What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
Taxable income $
Answers
Franklin will report 41,560 as taxable income after taking into consideration the information available.
We are given that:
Gross salary: $54,900
Interest earnings: $420
Eligible dividend income: $170
Adding all of the above will give us total income.
Total income: $54,900 + $420 + $170
Total income: = $55,490
Next, we are given the following Deductions:
Basic personal amount: $3,650
Union dues: $8,700
Moving expense: $1,580
Adding all the deductions:
Total deductions: $3,650 + $8,700 + $1,580 = $13,930
Total deductions: $13,930
Taxable income: Total income - Total deductions
Taxable income = $55,490 - $13,930 = $41,560
Taxable income = $41,560
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Related Questions
Which situation is an example of comparative advantage in an international market? country a decides to grow extra potatoes so they have more to export, while country b does not grow potatoes to export. factories in country a and country b produce the same number of tablet computers. country a’s factories could be used instead to build more laptops than the factories in country b. country a invests in a new technology while country b chooses to invest in education. country a can produce 100 units of rice per acre of farmland, while country b can only produce 70 units of rice per acre of farmland using the same resources.
Answers
Country A produces 100 units of rice per acre of farmland and Country B produces 70 units of rice per acre of farmland using the same resources.
What is the theory of comparative advantage?The theory of comparative advantage introduces opportunity costs as an analysis factor in choosing between different production options.
Comparative advantages include producing more goods at a lower cost than our trading partners, lowering prices, and making more profits from it.
In the last option, we see higher productivity in Country A compared to country B, both of which are under the same conditions.
Therefore, it is easy to see that Country A is profitable when trading in the international market. Thus, Country A has a comparative advantage over country B.
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Answer: D. Country A can produce 100 units of rice per acre of farmland, while Country B can only produce 70 units of rice per acre of farmland using the same resources.
Explanation:
edge 2023
al darby wants to withdraw $20,000 (including principal) from an investment fund at the end of each year for five years. how should he compute his required initial investment at the beginning of the first year if the fund earns 10% compounded annually?
Answers
Times the current value of a $20,000 is 5-year, 11% annual ordinary annuity.
The following data was taken into account while calculating the necessary initial investment.
Amount withdrew: $20,000
Duration: 5 years
Interest rate is 10%.
Using mathematics,
= Amount withdrew * 5-year, 10% regular annuity's present value of 1.
An annuity is a series of regular payments made in the investment world. Regular contributions to a savings account, regular mortgage payments, regular insurance payments, and pension payments are all examples of annuities. The periodicity of payment dates can be used to categorise annuities.
The deposits (payments) may be made on a weekly, monthly, quarterly, annual, or any other regular basis. 'Annuity functions' are mathematical operations that can be used to calculate annuities.
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If my revenue is one million and my expenses are 1,386,000, what's my profit in percentage
Answers
The profit in percentage given the revenue and the expenses is -38.60%
What is the profit in percentage?Percentage is the fraction of a number expressed as a value out of 100. The sign that is used to represent percentage is %. In order to convert a number to percentage, multiply by 100.
Profit is the difference between revenue and expenses. Revenue is the total income earned by a company before any deductions are made. Expenses include all the cost incurred in running a business.
Profit = revenue - expenses
1,000,000 - 1,386,000 = -386,000
Profit in percentage = (profit / revenue) x 100
(-386,000 / 1,000,000) x 100 = -38.6%
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brian is trying to analyze his income and expenses for the past week. he comes across an invoice from the local parts store for a circuit board for a carrier furnace. he knows he needed the part to fix mrs. crow's furnace last week. what type of an expense is the circuit board? brian is trying to analyze his income and expenses for the past week. he comes across an invoice from the local parts store for a circuit board for a carrier furnace. he knows he needed the part to fix mrs. crow's furnace last week. what type of an expense is the circuit board? indirect expense direct expense fixed expense overhead expense
Answers
The type of expense that the circuit board for the carrier furnace represents is a direct expense.
A direct expense is a cost that can be directly attributed to a specific product or service. In this case, the circuit board was purchased specifically to fix Mrs. Crow's furnace, making it a direct expense related to that particular repair job.
Direct expenses are often associated with the cost of goods sold (COGS) or the cost of providing a service. They are directly linked to the production or delivery of a product or service and can be easily allocated to a specific job, project, or customer.
In Brian's situation, the circuit board was purchased to fix a specific furnace, which means it is directly related to the service provided to Mrs. Crow. Therefore, it is considered a direct expense.
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jones company borrowed $20,000 on january 1st at 7% interest. interest expense for the month of january would be (to the nearest dollar):
Answers
Interest expense for the month of January would be (to the nearest dollar) $117.
calculate interest for one month take
$20,000 x 0.07 x (1 / 12 months) = $117.
In finance and economics, a hobby is a charge from a borrower or deposit-taking monetary organization to a lender or depositor of an amount above reimbursement of the fundamental sum (that is, the quantity borrowed), at a selected price. it's far awesome from a price that the borrower can also moreover pay the lender or a few 1/3 birthday celebrations.
it is also awesome from a dividend that's paid with the aid of an enterprise to its shareholders (owners) from its earnings or reserve, however no longer at a selected charge decided ahead, as a substitute on a pro-rata foundation as a share within the praise gained by means of chance taking entrepreneurs when the revenue earned exceeds the overall charges. for example, a consumer would generally pay hobby to borrow from a financial institution, in order that they pay the bank an amount that's extra than the amount they borrowed; or a consumer may also earn hobby on their financial savings, and so they may withdraw extra than they in the beginning deposit. In the case of monetary savings, the consumer is the lender, and the financial institution performs the location of the borrower.
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The Quaint Quilt produces and sells handmade quilts. Variable manufacturing costs total $140 per quilt. Fixed manufacturing overhead totals $68,250 per quarter. Variable selling and administrative costs are $19 per quilt sold, and fixed selling and administrative costs are $50,000 per quarter. Last quarter, the company produced 910 quilts and sold 780 quilts. The total variable cost reported on Quaint Quilt's variable costing income statement is
Answers
The total variable cost reported on Quaint Quilt's variable costing income statement is: $124,020
Calculation to determine the total variable costing income statement
Using this formula
Variable costing income statement=(Variable manufacturing costs+Variable selling and administrative costs )×Sales
Let plug in the formula
Variable costing income statement($140 + $19) x 780 quilts sold
Variable costing income statement=$159×780 quilts sold
Variable costing income statement=$124,020
Inconclusion The total variable cost reported on Quaint Quilt's variable costing income statement is: $124,020.
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A man in San Rafael County was discovered committing workers' compensation fraud. He had been observed working while at the same time receiving disability benefits. Surveillance showed the man working at an automobile auction. The investigator interviewed the owner of the auction and found that the claimant was being paid $200 per week in cash for washing vehicles and performing other shop tasks. Surveillance video showed the man carrying 25-pound bags of pet food, loading boxes, and rummaging through a trash dumpster. Obviously, he was not hurt very badly. 1. Was surveillance the proper method to use in this case? Why? 2. What are some restrictions to be careful about in conducting surveillance?
Answers
Answer:
1. Yes
2. - privacy concerns
- may lack full details.
Explanation:
1. In this scenario the automobile auction house would need to show video evidence of his (San Rafael's) fraud activities to the investigator.
2. Privacy concerns such as how the information gotten from video surveillance is used may pose a challenge.
There's also the reality of a lack of full details. For instance, San Rafael may be deaf a disability that cannot be reflected well on a surveillance video that shows him working.
The Engel Curve for a good is derived by which of the following? Tracing the optimal allocation as the good's price changes Tracing the optimal allocation as income changes Tracing the optimal allocation as either income or price changes Any of the above None of the above
Answers
The Engel Curve for a good is derived by tracing the optimal allocation as income changes.
The Engel Curve shows the relationship between the quantity of a good consumed and the level of income. It illustrates how the demand for a particular good varies with changes in income while holding other factors constant, such as prices.
By tracing the optimal allocation of the good as income changes, economists can observe how individuals adjust their consumption patterns in response to changes in their income levels. As income increases, individuals may choose to allocate more of their budget towards certain goods, resulting in an upward shift in the Engel Curve. Conversely, as income decreases, individuals may allocate less of their budget towards certain goods, leading to a downward shift in the Engel Curve.
The Engel Curve provides insights into the income elasticity of demand for a good and helps economists understand how changes in income affect consumer behavior and consumption patterns. By examining the relationship between income and the quantity consumed, economists can gain valuable insights into consumer preferences and the income sensitivity of different goods
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APR, a rate advertised by ___ is typically ___ than APY
A) lenders; higher
B) borrowers; higher
C) borrowers; lower
D) lenders; lower
answer: D
Answers
APR, a rate advertised by lenders is typically lower than APY. The correct answer is D.
What is APR?APR is an acronym for annual percentage rate, it is considered as a cost of borrowing money which is calculated on a percentage that any individual pay each year on their loan. It does not only include the rate of interest but also the fees you must pay to obtain the loan.
APY is an acronym for annual percentage yield, which is considered the actual rate of return on the investment after considering the effect of investment returns.
APR is a rate advertised by lenders that is typically lower than APY as the cost of overall borrowing is lower, and the accounts of APR are also lower. If the difference between APR and APY is higher, the frequency with which interest compounds also increases.
Therefore, option D lenders and lower is the appropriate answer.
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What is the purpose of the CSS Profile?
OA. It demonstrates your social intelligence.
OB. It provides greater financial detail.
OC. It is a loan application.
D. It demonstrates your skills and attributes.
Answers
The CSS Profile is an application that some colleges and universities require in addition to the Free Application for Federal Student Aid (FAFSA). While the FAFSA provides a general overview of a student's financial situation, the CSS Profile goes into greater detail about the student's assets, income, expenses, and other financial circumstances. This information is used by colleges and universities to determine a student's eligibility for financial aid, scholarships, grants, and other forms of assistance.
The CSS Profile provides greater financial detail for college admissions and financial aid through a more detailed assessment of a student's family income, assets, and expenses.
The purpose of the CSS Profile is to provide greater financial detail for college admissions and financial aid. It is a form used by some colleges and universities to assess a student's eligibility for non-federal financial aid, such as institutional scholarships and grants.
The CSS Profile collects more detailed information about a student's family income, assets, and expenses compared to the Free Application for Federal Student Aid (FAFSA).
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who is the father of accounting
Answers
Answer:
Luca PacioliExplanation:
He first described the system of double-entry bookkeepingn 1494
Answer:
Luca Pacioli is regarded as the Father of Accounting.
Explanation:
Which of the following is a benefit associated with regional economic integration?
A. Trade creation
B. Trade diversion
C. Loss of jobs
D. Loss of sovereignty
Answers
Answer:
its b
Explanation:
Answer: The answer is Trade creation
Explanation: I took the test
if a nonbinding price floor is imposed on a market, then the
Answers
if a nonbinding price floor is imposed on a market, then the quantity sold will stay the same.
Here are the options of this question:
then the a quantity sold in the market will stay the samequantity sold in the market will decreaseprice in the market will increaseprice in the market will decreaseA price floor is when the minimum price for a good or service is set by the government or an agency of the government. Price floor is usually set for agricultural products. This is done to encourage suppliers of goods and services.
Types of price floor
Binding price floor: this is the price floor that is set above equilibrium price. When the price floor is binding, the supply of a good would increase. Non-binding price floor: this is the price floor that is set below equilibrium price. When the price floor in nonbinding, there would be no change in supply.An example: If the price of a good is $10. The equilibrium price is $12. If the government sets the price as $14. This is a binding price floor. If the price is set below $12, it is a nonbinding price floor.
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GE Corporation has a put option selling for $2.90 and a call option selling for $1.95, both with a strike price of $29.00. What would the net value of a long straddle position be if the stock price at expiration is $35?
A) 7.15
B) $1.15
C) $1.15
D) $7.15
E) $36.15
Answers
Answer:
$1.15
Explanation:
Calculation for the net value of a long straddle position
Using this formula
Net value =(Stock price at expiration-Strike price)-Put option selling-Call option selling
Let plug in the formula
Net value = ($35-$29)-$2.90-$1.95
Net value=$6-$2.90-$1.95
Net value=$1.15
Therefore the net value of a long straddle position will be $1.15
Atman sets the goal for his sales team to increase revenue by 40%. Which main function of a manager does this demonstrate?
Answers
Answer:
Planning
Explanation:
Planning is one of the major functions of a manager. The others are organizing, leading, and controlling.
Planning involves setting an organization's goals and objectives and putting in measures to achieve them. A manager must select the best option for achieving the set goals. Planning will include allocating human and other resources in areas they are best suited and setting timelines for completing critical tasks. The planning role requires managers to delegate responsibilities, set priorities, and check on progress to ensure the organization is on track in meeting its goals.
a stock had a return of 9.7 percent last year. if the inflation rate was 2 percent, what was the approximate real return?
Answers
The approximate real return will be 7.7%.
A change in the average level of prices for goods and services across the economy is referred to as inflation. By comparing current prices of a group of products and services to previous prices, the government calculates inflation.
The interest rate before accounting for inflation is referred to as the nominal interest rate.
Real return plus inflation add up to total nominal return.
Approximate real return = Nominal return - Inflation rate
= 9.7 - 2
= 7.7
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Help PLEASE!!!
Joel works as a customer service representative in an electronics store. A customer has a complaint regarding a technical aspect of the computer
he bought from the store two weeks ago. Although Joelis familiar with the specifications of the computer, he is fully equipped to help the
customer with the complaint. Assuming that Joel possesses good customer service skills, which action should he toket
A. use the internet to find the required information and help the customer
B. ask the customer to wait while he has a meeting with his manager
C. help the customer contact the store's engineer who can provide help regarding technical issues
D. ask all members of his staff whether they have a solution to the customer's problem
E. politely tell the customer that nobody could possibly solve the problem
Answers
Answer: C
Explanation: since she is customer support the obvios (god i cant spell sometimes) thing to do is connect them to a engineer who can help them. you could also do process of elimination A: they probaly did search the internet already B: why the manager? wouldnt someone like an engineer have better insight on this? C: Engineers have the most expertise in this area so they can help fix the problem. D: sure this could help but its not as sure as asking the engineer
ANSWER: C
Joel being as a customer service representative in an electronics store shall help the customer contact the store's engineer who can provide help regarding technical issues. Option C is correct.
What is Customer Service Representative?Customers who have inquiries, requests, or concerns regarding goods or services they have received from the business are assisted by a customer service representative.
At every stage of the process, they give priority to the demands of the clients and offer solutions that are tailored to those unique circumstances.
Essential Characteristics of an Outstanding Customer Service Representative has problem-solving abilities. The most important trait for providing outstanding customer service is problem-solving, followed by clear communication, friendliness, empathy, business savvy, goods knowledge, and strong time management.
Thus option c is correct.
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if your audience is expecting to hear from you, and the bad news is not a surprise, what organizational approach will benefit the message?
Answers
If your audience is expecting to hear from you and the bad news is not a surprise, the most beneficial organizational approach for delivering the message would be the direct approach. In this method, you begin by clearly stating the main point or the bad news upfront
Using the direct approach is advantageous in this scenario because it shows respect for your audience's time and intelligence, as they are already anticipating the news. By being transparent and straightforward, you demonstrate professionalism and build trust with your audience. Additionally, this approach minimizes confusion and allows the listeners to focus on the details and any potential solutions or next steps that need to be taken.
After delivering the bad news, it is essential to provide any necessary context and address potential concerns or questions that may arise. Offer reassurance and emphasize any positive aspects or opportunities that may emerge from the situation. Finally, express gratitude for their understanding and invite feedback or questions to maintain open communication.
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When Sydney borrowed $8000 from her parents, they made her give them some collateral. What would be the MOST logical thing for Sydney to do to handle their request?
Answers
Answer: d) Give them the title to her car.
Explanation:
If they want some collateral then Sydney would have to give them collateral and a car is one of the best known examples of collaterals there is.
Sydney can give them the title of the car which means that if she defaults on the loan, her parents will be able to sell the car to get back the amount that they loaned her. She cannot sell the car until she pays them and she may have to add them as beneficiaries to any car insurance that she may have on the car.
The purpose on
objectives
Of competition policy
in South Africa.
Answers
The competition policy in South Africa serves the following purposes and objectives:
Promoting Competition: The primary objective of competition policy is to foster a competitive market environment within South Africa.Protecting Consumers: Competition policy seeks to protect the interests of consumers by ensuring competitive markets that offer a variety of choices, high-quality products, and reasonable prices. What is purpose?Purpose refers to the reason or motivation behind someone's actions, the intended goal or objective that guides their behavior or decision-making. It provides a sense of direction, meaning, and fulfillment in one's endeavors.
Competition policy in South Africa seeks to promote competition, protect consumers, enhance economic efficiency, address concentration, and support the growth of SMEs. By creating a competitive and fair business environment, the policy aims to contribute to sustainable economic development and the well-being of South African society.
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Briefly describe the cases that search operations in imbalanced BST
work more efficient than the balanced BST. Give an example and show
the cost (3+2)
please help! will leave a thumbs up!
Answers
Search operations in imbalanced BSTs can be more efficient than balanced BSTs when the data distribution is skewed, leading to faster average search times.
In a balanced binary search tree (BST), the tree is evenly divided, and each subtree has a similar number of nodes. This balanced structure ensures efficient search operations with an average time complexity of O(log n). However, there are cases where an imbalanced BST can outperform a balanced BST in terms of search efficiency When the data distribution in a BST is skewed, meaning one subtree has significantly more nodes than the other subtree, search operations in the larger subtree become more efficient. This is because the search path in the larger subtree is shorter and requires fewer comparisons, resulting in a faster average search time compared to the balanced BST. For example, consider a binary search tree with a large right subtree. When searching for a specific key that is present in the right subtree.
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Bill and Jane Jones were divorced on January 1, 2018. They have no children. In accordance with the divorce decree, Bill transferred the title of their house over to Jane. The home had a fair market value of $250,000 and was subject to a $100,000 mortgage. Under the divorce agreement, Bill is to make $1,000 monthly mortgage payments on the home for the remainder of the mortgage. In the current year, Bill made 12 mortgage payments. What amount is taxable to Jane in the current year
Answers
Answer: $0
Explanation:
Based on the information given in the question, the amount that is taxable to Jane in the current year will be $0.
We should note that there'll be no deduction made for the payments made since the settlement with regards to the divorce agas already provided for the payment. The payments in this case aren't included in the gross income of the person that'll collect the payment.
Therefore, the answer is $0.
The concept of leadership as a partnership concerns legal aspects of relationships. group of answer choices false true
Answers
True. The concept of leadership as a partnership does concern legal aspects of relationships.
In a leadership partnership, there is a mutual understanding and agreement between the leader and the followers, where legal obligations and responsibilities are established. These legal aspects may include contracts, agreements, and the rights and duties of both parties. By viewing leadership as a partnership, leaders can foster a collaborative and inclusive environment that encourages trust and cooperation among all members. This approach acknowledges the legal implications and ensures that the relationships within the leadership structure are governed by legal frameworks.
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with examples, differentiate between direct and indirect tax
Answers
Answer:
Direct taxes are non-transferable taxes paid by the tax payer to the government and indirect taxes are transferable taxes where the liability to pay can be shifted to others. Income Tax is a direct tax while Value Added Tax (VAT) is an indirect tax.
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On September 1, 2021, Daylight Donuts signed a $224,000, 8%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022.
Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.)
Multiple Choice
$2,987.
$8,960.
$0.
$5,973.
Answers
Daylight Donuts should report interest payable at December 31, 2021, in the amount of $3,733. Here's the explanation: Given: Principal amount borrowed by Daylight Donuts = $224,000Rate of interest = 8%Time period for which the interest is to be calculated = 6 months.
Amount of interest for 6 months = Principal × Rate × Time/100 = 224,000 × 8 × 6/12 × 1/100= $8,960Interest payable on December 31, 2021, is to be calculated for the period from September 1, 2021, to December 31, 2021. Interest for this period will be:
Interest for 4 months = Principal × Rate × Time/100 = 224,000 × 8 × 4/12 × 1/100= $5,973Total interest payable on March 1, 2022 = Interest for 6 months = $8,960The interest payable on December 31, 2021, can be calculated as:
Interest payable on March 1, 2022 − Interest for 4 months= $8,960 − $5,973= $2,987Thus, Daylight Donuts should report interest payable at December 31, 2021, in the amount of $2,987.
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if the nominal rate of return on an aksoy corporation bond is 11%, the pure rate is 3%, and the risk premium is 4%, what is the inflation premium on this bond? 4%.
Answers
The inflation premium on this Aksoy Corporation bond is 4%.
The inflation premium on an Aksoy Corporation bond can be calculated by subtracting the sum of the pure rate and the risk premium from the nominal rate of return. In this case, the nominal rate of return on the bond is 11%, while the pure rate is 3% and the risk premium is 4%. Therefore, the inflation premium on this bond can be calculated as follows:
Inflation premium = Nominal rate of return - Pure rate - Risk premium
Inflation premium = 11% - 3% - 4%
Inflation premium = 4%
Therefore, the inflation premium on this Aksoy Corporation bond is 4%. This means that investors are demanding a 4% return to compensate for the effects of inflation on their investment. The premium reflects the expectation that inflation will erode the purchasing power of the bond's payments over time. In general, higher inflation premiums are associated with higher levels of inflation, as investors demand higher returns to compensate for the greater erosion of purchasing power. As a result, corporations issuing bonds with higher inflation premiums may face higher borrowing costs, as investors are likely to demand higher returns on their investments to compensate for the added risk.
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how to construct the balance sheet
Answers
Answer:
Explanation:
The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity. As such, the balance sheet is divided into two sides (or sections). The left side of the balance sheet outlines all of a company's assets
the concurrency control protocol in which transactions hold their exclusive locks until commit is called
Answers
The concurrency control protocol in which transactions hold their exclusive locks until commit is called "Lock-Based Concurrency Control." In this protocol, when a transaction accesses a data item.
The transaction retains its locks until it completes and commits or aborts. Holding the locks until commit ensures that the transaction maintains exclusive access to the data, preventing conflicts and ensuring data integrity. However, this approach can lead to lock contention and potential delays if multiple transactions are waiting for the same data item. In this protocol, when a transaction accesses a data item, it acquires an exclusive lock on that item, preventing other transactions from accessing or modifying it until the lock is released.
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this type of market structure is made up of one large firm that controls the prices.
Answers
Monopoly occurs when one firm that produces a service or product controls the market and there is no close substitute. In an oligopolistic, two or more firms dominate a market, with none of them able to prevent the others from wielding significant power.
What is the definition of a monopolistic market?A monopoly market is a structure that resembles a pure monopoly. A monopolistic market when one company provides a particular product or service to a large number of consumers. This same monopolist (or dominant company) controls the market in a monopoly market, allowing it to determine the price and supply.
What does monopolistic mean?Having or attempting to be have total control of something, particularly a business area, so that others have had no share: She didn't. Consider the fine to be an adequate deterrent to monopolistic practices by large producers. The business is accused of engaging in monopolistic behavior.
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An account is balanced when
Answers
Answer:
When total debits exceed total credits, the account indicates a debit balance.
Explanation:
Answer:
an account is balance when total debits exceed total credits.
Explanation:
this means the account indicates a debit balance