MAT 1340 Midterm

A woman earned wages of $35,600​,received ​$1600 in interest from a savings​ account, and contributed ​$2800 to a​ tax-deferred retirement plan.She was entitled to a personal exemption of ​$4050 and a standard deduction of ​$6300. The interest on her home mortgage was ​$8400​,she contributed $2600 to​ charity, and she paid $1675 in state taxes. Find her gross​ income, adjusted gross​ income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.       Her gross income is   ​ Her adjusted gross income is   Her taxable income is

Gina has an opportunity to save $260 per month at an APR of 6.35% in a 401K plan through work. She plans to retire in 25 years. The income taxes are at 35% for her. (1) What are Gina's tax savings over the course of her investment? Review your course materials for help with this calculation. (Express your answer rounded correctly to the nearest cent!) 2$ Ikyou haven't answered the question correctly in 3 attempts, you can get a hint. Hint:

QUESTION 6: LABOUR COSTS Major Ltd is a company that produces household goods in various departments. It needs to assess whether the hourly recovery tariff has been calculated correctly. The following information is provided for Martina who is an employee of Major Ltd: She works from Monday - Friday (8 hours per day for 5 days). The rate per hour in this company is R75. Holiday bonus equals to 10% of yearly gross salary. The employer makes the following contributions: • Pension fund = R1000 per week • Medical aid = R400 per week • Other contributions = 5 % of yearly gross salary Holiday leave is 3 weeks annually. The company is closed for 10 public holidays and idle time is 5%. Required: Calculate the hourly recovery tariff. Assume that there are 52 weeks in a year. Note: round off all unit costs to TWO decimal places. Show ALL calculations.

42 years ago the maximum earnings of a worker subject to Social Security tax (SST) was $11,000. The maximum earnings subject to SST now is $117,200. What compound annual increase has been experienced over this 42-year period of time? How does it compare with a 3% annual increase in the consumer price index over the same period of time? The compound annual increase in SST over 42 years is %. (Round to two decimal places.) The increase in SST over 42 years is the 3% annual increase in the consumer price index.

(1) nicol's 2013 income was $ 51,309. she is single and claims 2 exemptions and take the standard deducation. the 2013 tax exemption is $ 3,900 and the standard deduction for someone who is single is $ 6,100 . if nicole's tax braket is 25% and her tax is $ 4991.25+ 25% of the taxable income exceeding $36,250 . what is the total tax she owes for 2013 ?  (a) $4792.48 (b) $5975.75 (c) $5699.50 (d) $5700.00 (e) $5281.00

Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Employee (Federal) income tax (use withholding table provided). b. Social Security tax at 6.2%. С. Medicare tax at 1.45%. d. Health insurance premium, $60. e. Credit union deposit, $140. f. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay. If requíred, round your answers to the nearet cent. Regular pay Overtime pay Gross pay Net pay 2. Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

Leno (married) had the following at the time of his death: What is the net taxable estate?

Karen , a Malaysian citizen and resident is a top scientist at Super Palm Oil Berhad. She is married to Jimmy  and the couple has a year old baby boy.   Karen 's employment income and other relevant details for the year of assessment (YA) 2020 are as follows:   She was paid a monthly gross salary of RM200,000 Her employer deducted 11% from her salary in respect of her contributions to the employees provident fund (EPF). Karen was provided with a monthly child care allowance of RM1,200. She was entitled to an interest subsidy based on a loan of RM600,000 to buy a house in Ara Damansara. The interest subsidy received by Karen for the year RM82,000. She received a service excellence award of RM8,000. Karen 's employer incurred RM7,000 for her medical benefits under an employee's medical insurance scheme. As her work for the company was excellent, her employer provided a leave passage of RM5,000 to Sri Lanka during Chinese New Year. Her employer liquidated a pension scheme atter the…

According to IRS Publication 17, if you are single and have a taxable income of $70,021, how much would you owe in taxes?

Required Compute the deferred tax expense and the balance of the deferred tax account for each year. Prepare all journal entries required to record Oliver’s income tax provision for all 3 years.

Schedule Z-lf your filing status is Head of household The tax is: If your taxable income is: of the But not amount Over- over- over- $0 $13,850 10% $0 13,850 52,850 $1,385.00 + 12% 13,850 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,700 12,962.00 + 24% 84,200 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 45,210.00 + 35% 204,100 510,300 152,380.00 + 37% 510,300 Write the equation of the 5th row in y=mx+b form

Leonardo, who is married but files separately, earns $105,000 of taxable income. He also has $11,000 in city of Tulsa bonds. His wife, Theresa, earns $62,000 of taxable income. If Leonardo and his wife file married filing jointly in 2019, what would be their average tax rate? (Use tax rate schedule) 17.04 percent None of the choices are correct 13.41 percent 23.41 percent 20.11 percent

The finance charge that a student pays on his credit card is 18.4% APR (annual percentage rate). Determine the finance charges (interest) the student would have to pay if the account's average balance for the year was $5,000. $ 76.5.

Joe and Mary are filing a joint tax return. Their combined taxable income is $130,000. How much do they owe in Federal income tax for year 2018?

A recent college graduate has received the annual salaries shown in the following table over the past four years. During this time, the Consumer Price Index (CPI) has performed as indicated in the table below. Determine the annual salaries in year-zero Sterling Pound £ (b = 0), using the CPI as the indicator of general price inflation. End of Year Salary (Actual £) Consumer Price Index (CPI) 1 £34,000 2.4% 2 £36,200 1.9% 3 £38,800 3.3% 4 £41,500 3.4%

Find the net value added at factor cost When the net indirect taxes are $60 and the net value added at market price is $94

what will be the value of the net domestic product at the factor cost if the gross domestic product at the factor cost is $ 7766 and the depreciation is $ 1101

Use the table to answer the questions. In relation to taxes, Ramone will be filing as married filing jointly. Ramone is making $156,141.00 this year as an employee of Rust-Eze; he has no other income. Do not consider any deductions or expenses in this question. Married filing jointly or Married filing separ Single S0-$8,350 $8,351-S33,950 $33.951-$82,250 | $82,251-$171,550| |$171,551-$372,950| $372,951+ Tax rate qualified widow(er) SO-$16,700 $16,701-$67,900 S67,901-$137,050 $137,051-$208.850 $208,851-$372,950 $372,951+ S0-$8,350 SO-$11,950 S11,951-$45,500 S45,501-$117,450 $117,451-$190,200 10% $8,351-$33,950 $33,951-S68,525 S68,526-$104,425 | 25% 28% 33% 35% S104,426-$186,475 $190,201-S372,950 $186,476+ $372,951+ Use the table to calculate how much money Ramone will owe in taxes under a progressive tax program. Calculate how much money Ramone will owe in taxes under a proportional tax (flat tax) rate of 30%

A multinational Corporation based in the United States of America has subsidiaries in the UK, Canada, andFrance. As at December 31, 2020, inter-company indebtedness were as follows:Debtors Creditors Amount CurrencyUK Canada 1,500,000 Can$UK France 600,000 Euro (€)France Canada 800,000 Can$Canada UK 94,000 Sterling (£)Canada France 400,000 Euro (€)It is the policy company’s policy to net off inter-company balances to the greatest extent possible. Thecentral treasury department is to use the following exchange rates for these purposes:US$1 =Can$1.237/€0.8620/£0.729Required:Calculate the net payment to be made between the subsidiaries after netting off inter-company balances,by presenting the payoff in a matrix/table format.

An increase in the direct tax means it is      None of the above   Inflationary   Having no impact on price    Anti-inflationary

Teresa and Marvin are married and file a joint return. The standard deduction for their filing status is $10,000. They have the following itemized deductions: Medical bills above the limit $400 Interest expense $3,500 State income taxes $1,500 Miscellaneous deductions $250 Should Teresa and Marvin itemize their deductions or use the standard deduction?

Item18     Time Remaining 1 hour 51 minutes 2 seconds 01:51:02     Item 18   Time Remaining 1 hour 51 minutes 2 seconds 01:51:02 Mr. Z, a calendar year taxpayer, opened a new car wash. Prior to the car wash’s grand opening on October 8, Mr. Z incurred various start-up expenditures (rent, utilities, employee salaries, supplies, and so on). In each of the following cases, compute Mr. Z’s first-year deduction with respect to these expenditures. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)  Required: The start-up expenditures totaled $4,760. The start-up expenditures totaled $27,680. The start-up expenditures totaled $53,100. The start-up expenditures totaled $88,740.

The Wilsons have a combined annual gross household income of $113,000, and they wish to purchase a house priced at $404,000. According to the Housing Recommendations, how much of a down payment will they need? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

A died intestate, survived by his wife, B, and several children, X, Y and Z, by a Chinese wife. B subsequently filed a claim against A’s estate for P250,000 which the court approved on the strength of a deed wherein the decedent acknowledged said indebtedness to his wife. Thereafter, the administrator of the estate proceeded against A & Co., a firm founded by the decedent, for an accounting of the income derived from the shares of stock owned by the decedent in the company. In answer, the company alleged that the decedent had already transferred all his shares to his children, X, Y and Z. It is admitted that the transfer was made gratuitously. B, on the other hand, testified that the P250,000 borrowed by the decedent from her had been invested in the company. Can the transfer be rescinded on the ground of fraud?

Suppose you currently earn taxable income of $100,000 per year. You are subject to an MTR of 50 percent. Currently, your ATR is 35 percent. Calculate your annual tax. Calculate the extra tax that you would pay per year if your annual income increased to $110,000. What is your ATR when your annual income is $110,000?

For items 21-30, when asked about an amount of money (interest, discount, present value, future value, annuity, regular payment) round off your final answers to two decimal place values. When asked about rate of interest, express your final answer as percent rounded off to two decimal place values. When asked about time, round off answers to the nearest year., except when asked for the number of days. 21. Rica obtained a 3-year ₱40 000 discounted loan at 2% simple interest for her online business. Find the discount.22. Rica obtained a 3-year ₱40 000 discounted loan at 2% simple interest for her online business. Find the amount of money Rica received.23. Rica obtained a 3-year ₱40,000 discounted loan at 2% simple interest for her online business. Find the true interest rate.24. Find the future value of a ₱120,000-investment compounded semi-annually at 1.5% for 5 years.25. Find the interest on a ₱120,000-investment compounded semi-annually at 1.5% for 5 years.26. Suppose that you want to…

You have 1 account:   The balance owed is $1500 and a $7500 credit limit.   What is the maximum you can owe without going over the recommended 30% debt-to-credit ratio? Do not include the dollar sign.

taxable income on ructions, and publications, visit www.irs.gov or call RM (800-829-3676). u e-tile your tax return? Electronicaly fled returns are less kely to have ma errors resulting in notices such as this one. t's free to file your taxes electronicaly Go to www.irs.govlefile for information and instructions • You can contact us by mail at the address at the top of the first page of this notice de sure to include your Social Securiy Cumber and the tar year and form number you are writing about • Keep this notice for your records • Activity on your 2020 account may be detaying the relese of your neftund receive a notice explaining this delay • Estimated Tax Filers Note, i# you pn sta taes c Hill Graw P Type here to search 直。 000'006$ ) $750,000. eBook The total revenues of Harvey's firm in the first year were 81°F Sunny ^ 10/17/2021 3:57 PM

Joey is one of several winners who shared a lottery ticket. There are three plans offered to receive the after-tax proceeds. Plan 1: $100,000 now Plan 2: $15,000 per year for 8 years beginning 1 year from now. Total is $120,000. Plan 3: $45,000 now, another $45,000 four years from now, and a final $45,000 eight years from now. Total is $135,000. Joey, a quite conservative person financially, plans to invest all of the proceeds as he receives them. He expects to make a real return of 6% per year. Use the 8-year time frame and an average inflation of 4% per year to determine which plan provides the best deal.

Rita Smith, a smart pretty lady, stole £500,000 from a small boutique where she had been employed for 12 years as a bookkeeper. Rita confessed that she had been stealing from the company for eight years and had blown all the proceeds   on   herself   and   her   family   before   she was finally caught.   The boutique is a small private business and only engages the services of an accountant to prepare the company’s tax returns on an annual basis in order to comply with the HRM Revenue requirement, so the business was never audited. Rita also acted as the store’s “accounting department.” She made deposits, signed cheques and reconciled the store’s bank account. After 4 years of unrelenting temptation, Rita finally gave in. Thereafter, for eight years, she   systematically   stole money from the boutique using the same method. She would make out a company cheque to herself (in her own true name), sign it and deposit the proceeds in her personal bank account. To cover   the   theft,…

Your company has been doing well, reaching $1.18 million in earnings, and is considering launching a new product. Designing the new product has already cost $505,000. The company estimates that it will sell 815,000 units per year for $2.91 per unit and variable non-labor costs will be $1.16 per unit. Production will end after year 3. New equipment costing $1.18 million will be required. The equipment will be depreciated to zero using the 7-year MACRS schedule. You plan to sell the equipment for book value at the end of year 3. Your current level of working capital is $301,000. The new product will require the working capital to increase to a level of $384,000 immediately, then to $406,000 in year 1, in year 2 the level will be $360,000, and finally in year 3 the level will return to $301,000. Your tax rate is 21%. The discount rate for this project is 10.2%. Do the capital budgeting analysis for this project and calculate its NPV. Note: Assume that the equipment is put into use in year…

Need Solutions ASAP... A 10-year loan is available from a relative at 10% simple interest. The amount borrowed will be $2000, and all interest and principal will be repaid at the end of year 10. How much more interest would be paid if the interest were compounded? (Ans: $1187)

Last year aria left her job earning $82,000 per year in order to start her own cupcake business Her expenses included rent of $1,500 per month, as well as $500 per month in supplies and utilities. She hired two workers at $1000 per month for each. She didn't want to rent a professional oven so she purchased one for $6500, She expects it to depreciate at the rate of $900 per year . Over the course of the year, Aria sold 125,000 cupcakes with a revenue of $125,000 Aria is business savvy and knows she must control her costs in this market with so many firms, easy entry and identical products. Therefore she will only operate at her profit-maximizing or loss-minimizing level of output Total explicit costs for the year are Total implicit costs for the year are Total fixed costs for the year are Total variable costs for the year are Average total costs for the year are Total accounting costs for the year are Total economic costs for the year are Since you can't draw it,…

Last year aria left her job earning $82,000 per year in order to start her own cupcake business Her expenses included rent of $1,500 per month, as well as $500 per month in supplies and utilities. She hired two workers at $1000 per month for each. She didn't want to rent a professional oven so she purchased one for $6500, She expects it to depreciate at the rate of $900 per year . Over the course of the year, Aria sold 125,000 cupcakes with a revenue of $125,000 Aria is business savvy and knows she must control her costs in this market with so many firms, easy entry and identical products. Therefore she will only operate at her profit-maximizing or loss-minimizing level of output Since you can't draw it, briefly describe how her mr curve looks and where you would draw it What price will she charge Is she earning profit? If so, how much? If not, should she shut down? Why or why not?