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.

Joseph and three other friends bought a $290,000 house close to the university at the end of August last year. At that time, they put down a deposit of $20,000 and took out a mortgage for the balance. Their mortgage payments are due at the end of each month (September 30, last year, was the date of the first payment) and are based on the assumption that Joseph and his friends will take 20 years to pay off the debt. Annual nominal interest is 6 percent, compounded monthly. It is now February. Joseph and his friends have made all their fall-term payments and have just made the January 31 payment for this year. How much do they still owe? Click the icon to view the table of compound interest factors for discrete compounding periods when i = 0.5%. They will owe $ (Round to the nearest dollar as needed.)

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.

Please help with total tax bill. and only typing solution sent me   Thank you

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?

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%

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

Give me proper answer with calculation otherwise i give downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

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?

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?

Jack received a $4,000 raise this year; this increased his salary as an associate television producer from $35,500 to $39,500. What percentage increase in nominal income did Jack receive?   14.6 percent 11.3 percent 10.1 percent 8.2 percent

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?

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,…

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.

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…

The net distributable estate of Mrs. Sim, who died intestate, is 5,000,000. The surviving relatives are the surviving spouse and her five (5) legitimate children. How much would be the inheritance of each child?

Please answer quickly and correctly Perform a BT actual-dollar analysis to find the PW (to the nearest cent). (Be careful with +/- signs.)

A time deposit of 425,000 Pesos for 31 days earns P800 on maturity date after deducting the 20% withholding tax on interest income. Find the rate of simple interest. Note : Show complete solution.

Y=500TL,c=l% 80 and C=30 TL what is the comsumption.expendedure? %3D