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- Need help with this general accounting questionLast year Sherlock had an annual earned income of S58,475. He also had passive income of $1,255, and capital gains of $2,350. What was Sherlock's total gross income for the year? a. $58.475 b. 559.730 c. 560 985 d.562.080How are you determining income before income tax answer of $166,000?
- Financial accountingBrain had three adjustments of the amounts $970, $8,510, and $4,730 to his income of $21,310. Calculate his adjusted gross income.Shelby has net investment income of $ 15,035 and wage income of $65,000 . She paid investment interest expensive of $15,350. What is Shelby's deduction for investment interest expense?
- You are provided with the following amounts for Sarah Feeley for the current year: View the amounts. Based on the amounts, what is the net income reported by Sarah Feeley pursuant to ITA 3 for the current year? OA. $60,180 O B. $65,080 OC. $57,680 O D. $72,480 Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) Print Done $ $ $ 62,000 7,600 1,380 4,900 7,400 10,800 - XConstruct a personal income statement for the Humperdinck family usingthe following information: salaries, $42,000; mortgage payment, $7,980;food, $2,400; interest income, $150; transportation, $1,200; dividend income, $190; automobile payment, $3,060; clothes and personal, $2,000;student loan payment, $1,700; property taxes, $1,100; utilities, $3,000;insurance, $2,100; income taxes, $9,700; and recreation and vacation,$2,000. What is the family’s disposable income?What would be the average tax rate for a person who paid taxes of $6,435 on a taxable income of $40,780? (Enter your answer as a percent rounded to 2 decimal places.)
- Using the following table, calculate the taxes for an individual with taxable income of $25,800. 10% Up to $9,875 12% $9,876–$40,125 22% $40,126–$85,525 24% $85,526–$163,300 32% $163,301–$207,350 35% $207,351–$518,400 37% Over $518,401Consider gross earnings of $86,000. The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)? Give typing answer with explanation and conclusionProvide answer? ? General Accounting question