Nicholas Johnson is a single individual. He claims a standard deduction of $13,500. His salary for the year was $156,800. What is his taxable income? a. $105,698 b. $143,300 c. $122,750
Q: I need solution with step by step....
A: 1. Revenue from the Foreign OfferThe foreign company offers to buy 5,000 units at $8.50 per…
Q: Pinnacle Products has provided the following information for the current year: Units produced Sale…
A: Step 1: Definition of Absorption CostingAbsorption costing includes all production costs, both fixed…
Q: Please provide the answer to this general accounting question using the right approach.
A: Step 1: Define Net IncomeNet income is the profit a company makes after subtracting its total…
Q: Please provide the solution to this general accounting question with accurate financial…
A: Step 1: Definition of Journal Entry for Purchase with DiscountWhen a company purchases inventory on…
Q: I am looking for a step-by-step explanation of this financial accounting problem with correct…
A: Concept of Earnings Per Share (EPS):Earnings per share (EPS) is a financial metric that shows the…
Q: Accurate Answer
A: Given:Sales price per unit = $12Variable cost per unit = $7Fixed costs per annum = $15,000Sales…
Q: A company had cash sales of $54,650, credit sales of $39,320, sale returns and allowances of $8,220,…
A: Provided Data:Cash sales = $54,650Credit sales = $39,320Sales returns and allowances = $8,220Sales…
Q: Need help urgently basis.
A: The manufacturing overhead rate is a cost allocation method used by companies to assign indirect…
Q: None..,?
A: Solution:Part (a): How much does the firm have in current liabilities?Working capital…
Q: I am looking for the correct answer to this financial accounting problem using valid accounting…
A: Step 1: Definition of Contribution Margin RatioContribution margin ratio is the percentage of sales…
Q: General accounting question
A: 1. Calculate the Excess of Purchase Price over Book Value:Purchase price: $60 millionShare of book…
Q: Diane Fabrics has a magnitude of operating leverage of 2 at a sales level of $320,000. If sales…
A: Understanding the Concepts What is Operating Leverage?Operating leverage is essentially about how a…
Q: How much is net working capital ?
A: a. What is the value of the shareholders' equity account for this firm?To calculate shareholders'…
Q: Please help me solve this financial accounting problem with the correct financial process.
A: Step 1: Definition of Average Price Paid for Common StockThe average price paid for common stock by…
Q: Can you explain this general accounting question using accurate calculation methods?
A: To calculate the predetermined overhead rate for October, use this formula:Predetermined Overhead…
Q: I need answer with correct approach.
A: a. How much does the firm have in current liabilities?To calculate current liabilities, we can use…
Q: Solve with explanation and general accounting question
A: Step 1: Definition of Lower of Cost or Net Realizable Value (LCM)The Lower of Cost or Net Realizable…
Q: I am searching for the correct answer to this general accounting problem with proper accounting…
A: Step 1: Introduction to time value of moneyTime value of money is a financial concept which is used…
Q: Quick answer of this accounting question
A: Step 1: Definition of Net Cash from Investing ActivitiesNet Cash from Investing Activities…
Q: Please provide the correct answer to this general accounting problem using valid calculations.
A: Step 1: Definition of Contribution Margin per UnitContribution margin per unit is the amount each…
Q: solve step by step : A company purchased equipment for $50,000. It expects the equipment to have a…
A:
Q: Sullivan Manufacturing uses direct labor hours in its predetermined overhead rate. At the beginning…
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is a budgeted rate used…
Q: Incomplete question....??
A: 1.1.13The allocation of joint product costs at the split-off point is governed by the relative sales…
Q: Management anticipates fixed costs of $65,000 and variable costs equal to 35% of sales. What will…
A: Concept of Fixed Costs:Fixed costs are expenses that do not change with the level of sales or…
Q: Question: ABC Company has the following financial data: Cash: $30,000Accounts Receivable:…
A: Current Assets:Cash: $30,000Accounts Receivable: $50,000Inventory: $40,000Total Current Assets =…
Q: KL Manufacturing produces a single component for sale. The component sells for $25 per unit. Fixed…
A: Explanation of Variable Cost per Unit:Variable cost per unit refers to the cost that changes…
Q: Find correct solution
A: This means it takes the company about 29 days on average to collect its accounts receivable from…
Q: Frank Corp. has sales of $740,000 and costs of $328,000. Interest expense is $30,000 and…
A: Step 1: Definitions Concept of Net Income:Net income is the final profit a company earns after all…
Q: Can you help me solve this general accounting question using the correct accounting procedures?
A: Step 1: Definition of Break-even SalesThe break-even point represents the sales level at which total…
Q: Solve and show work clearly.
A: To calculate the total cost per unit, we need to break down the costs:Material cost per unit =…
Q: Determine the predetermined overhead rate for 2019.
A: This means Crescent Fabrication applies manufacturing overhead to jobs at 120% of the direct…
Q: What is the labor rate variance?
A: Definition of Labor Rate Variance:Labor rate variance is the difference between the actual hourly…
Q: General Accounting
A: Step 1: Definition of Absorption and Variable Costing Absorption costing includes all manufacturing…
Q: None
A: The inquiry pertains to the break-even point in the sale of 40-pound bags of apples by Organic…
Q: How much overhead was applied to each job?
A: Explanation of Manufacturing Overhead: Manufacturing overhead encompasses all indirect production…
Q: Westride Transport Co. Uses the units-of-activity method in depreciating its fleet.
A: Concept of Units-of-Activity Depreciation Method:The units-of-activity depreciation method allocates…
Q: Please help me solve this general accounting question using the right accounting principles.
A: To calculate the number of units completed during the period, we need to account for the units…
Q: Compute the target selling price per unit
A: Explanation of Direct Materials Cost: Direct materials cost refers to the expenditure on raw…
Q: I am searching for the correct answer to this general accounting problem with proper accounting…
A: Explanation of Profit Margin:Profit Margin is a financial ratio that shows the percentage of revenue…
Q: Which of the following is classified as a current asset?a) Equipmentb) Accounts Receivablec)…
A: The correct answer is:b) Accounts ReceivableExplanation:Accounts Receivable represents money owed by…
Q: I need assistance with this general accounting question using appropriate principles.
A: Step 1: Definition of Interest ExpenseInterest expense for the year is calculated as the principal…
Q: Presley Manufacturing computes its predetermined overhead rate annually on the basis of direct…
A: Given:Estimated Total Manufacturing Overhead = $812,000Estimated Total Direct Labor Hours = 62,000…
Q: Need Answer
A: Definition of Direct Materials Used:Direct materials are raw materials that can be directly traced…
Q: Please explain the solution to this general accounting problem with accurate explanations.
A: Step 1: Definition of Payback PeriodThe payback period is the amount of time it takes for an…
Q: Can you provide the accurate answer to this financial accounting question using correct methods?
A: Provided Data:Sales = $95 billionNet Income = $38 billionTotal Assets = $250 billionDebt-to-Total…
Q: Taylor manufacturing company ques
A: Step 1: Revenue from the offer5,000 units × $8.50 = $42,500Step 2: Variable costs for 5,000…
Q: What is the net income percentage?
A: Explanation of Net Income:Net income is the amount of profit a company earns after deducting all…
Q: Problem???
A: Solution:Calculate the predetermined overhead rate (based on direct labor hours):Predetermined…
Q: I need help with this financial accounting question using standard accounting techniques.
A: Step 1: Definition of Gross Profit Percentage and Inventory TurnoverGross profit percentage measures…
Q: Calculate the depreciation expense for each of the first two years.
A: Provided Data:Cost of truck = $72,000Estimated useful life (in miles) = 120,000 milesEstimated…
Nicholas Johnson is a single individual. He claims a standard deduction of $13,500. His salary for the year was $156,800. What is his taxable income? a. $105,698 b. $143,300 c. $122,750
Step by step
Solved in 2 steps
- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amountDuring the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________
- Arthur and Cora are married and have 2 dependent children. They have a gross income of 95,000. Their allowable deductions for adjusted gross income total 4,000, and they have total allowable itemized deductions of 26,250. a. What is Arthur and Coras taxable income? b. What is Arthur and Coras income tax? c. If Arthur has 3,900 and Cora has 3,600 withheld from their paychecks, are they entitled to a refund, or do they owe additional taxes?Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.How much taxable income should each of the following taxpayers report? a. Kimo builds custom surfboards. During the current year, his total revenues are 90,000, and he incurs 30,000 in expenses. Included in the 30,000 is a 10,000 payment to Kimos five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives 9,000 in salary and 8,000 in tips. In addition, she engages in illegal behavior, for which she receives 10,000.
- Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries 120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 a. What is Leroy and Amandas current year taxable income and income tax liability? b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer 5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a 1,050 standard deduction.B Corporation, a calendar year-end, accrual basis taxpayer, is owned 75 percent by Bonnie, a cash basis taxpayer. On December 31,2019, the corporation accrues interest of $4,000 on a loan from Bonnie and also accrues a $15,000 bonus to Bonnie. The bonus is paid to Bonnie on February 1,2020; the interest is not paid until 2021 . How much can B Corporation deduct on its 2019 tax return for these two expenses? $0 $4,000 $15,000 $19,000 $12,000Nicholas Johnson is a single individual. He claims a standard deduction of $13,500. His salary for the year was $156,800. What is his taxable income? a. $105,698 b. $143,300 c. $122,750
