Contemporary Mathematics for Business & Consumers
8th Edition
ISBN: 9781305585447
Author: Robert Brechner, Geroge Bergeman
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 18.III, Problem 23RE
To determine
To calculate: The amount of tax refund or tax owed of person L if the tax liability is $12,280, tax credits is $2,453 and other taxes is $1,232 and payments are $9,540.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Mike is filing as the head of a household. Her taxable income is $61,014. Use the Tax Table, Exhibit 18-3 from your text to find the tax liability.
A. $6,940.68
B. $7,321.68
C. $7,971.08
Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.)
Name
TaxableIncome
TaxLiability
Net Incomeafter Taxes
Corporation 3
$15,850,000
Based on the federal tax chart what are the taxes owed in the following situation Taxable income $45,000
Chapter 18 Solutions
Contemporary Mathematics for Business & Consumers
Ch. 18.I - Use Exhibit 18-1 to determine the amount of sales...Ch. 18.I - Andy Bennett purchased a car for $38,600 at Auto...Ch. 18.I - At the end of a business day, the cash register at...Ch. 18.I - An archery set at The Sports Authority in Mason,...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...Ch. 18.I - Use Exhibit 18-1 to determine the sales tax and...
Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I - Calculate the missing information for the...Ch. 18.I -
Calculate the missing information for the...Ch. 18.I - 14. Gloria Carey purchased a refrigerator at Best...Ch. 18.I - 15. Sig Moline purchased supplies at Office Max...Ch. 18.I - Last month The Sweet Tooth Candy Shops had total...Ch. 18.I - Abby Duncan purchased a diamond necklace for...Ch. 18.I - 18. The federal excise tax on commercial aviation...Ch. 18.I - BUSINESS DECISION: SPLITTING THE TAX You are the...Ch. 18.II - Calculate the tax due on a condominium with an...Ch. 18.II - Calculate the tax due on a three-acre parcel of...Ch. 18.II - Prob. 7TIECh. 18.II - Prob. 8TIECh. 18.II - Prob. 9TIECh. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the assessed value and the property tax...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - Calculate the property tax rate required to meet...Ch. 18.II - 18. Chuck Wells purchased a condominium with a...Ch. 18.II - As the tax assessor for Indian Creek County, you...Ch. 18.II - BUSINESS DECISION: EARLY PAYMENT, LATE PAYMENT
20....Ch. 18.III - Nick Bontempo is single, claiming two exemptions....Ch. 18.III - Julie Goodwin and her husband, Doug, had taxable...Ch. 18.III - Mike Straus had taxable income of $123,545 last...Ch. 18.III - Kenya Dawson had a tax liability of $14,600 last...Ch. 18.III - The Trough Restaurant had taxable income of...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - As a tax return preparer for The Fernando...Ch. 18.III - 9. Nancy Sullivan sells wholesale school supplies...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Use the Tax Table, Exhibit 18-3, to calculate the...Ch. 18.III - Prob. 15RECh. 18.III - Prob. 16RECh. 18.III - Prob. 17RECh. 18.III - Prob. 18RECh. 18.III - Prob. 19RECh. 18.III - Prob. 20RECh. 18.III - Prob. 21RECh. 18.III - Prob. 22RECh. 18.III - Prob. 23RECh. 18.III - Prob. 24RECh. 18.III - Buck and Meghan Calder had combined income of...Ch. 18.III - Calculate the amount of corporate income tax due...Ch. 18.III - Calculate the amount of corporate income tax due...Ch. 18.III - Calculate the amount of corporate income tax due...Ch. 18.III - Calculate the amount of corporate income tax due...Ch. 18.III - Prob. 30RECh. 18 - 1. A tax based on the retail selling or rental...Ch. 18 - Sales tax expressed in its most common form, as a...Ch. 18 - 3. Write the formula for calculating the selling...Ch. 18 - Prob. 4CRCh. 18 - Another name for property tax is ____ _____ tax....Ch. 18 - Prob. 6CRCh. 18 - Prob. 7CRCh. 18 - 8. As the tax assessor for your city, what formula...Ch. 18 - Prob. 9CRCh. 18 - Prob. 10CRCh. 18 - Prob. 11CRCh. 18 - Prob. 12CRCh. 18 - Prob. 13CRCh. 18 - Prob. 14CRCh. 18 - Use Exhibit 18-1 to determine the sales tax and...Ch. 18 - Use Exhibit 18-1 to determine the sales tax and...Ch. 18 - Calculate the missing information for the...Ch. 18 - Calculate the missing information for the...Ch. 18 - Calculate the missing information for the...Ch. 18 - Calculate the missing information for the...Ch. 18 - 7. Tim Meekma purchased a microwave oven for...Ch. 18 - 8. Yesterday Estate Jewelers had total sales,...Ch. 18 - 9. For its fleet of trucks, Overland Transport,...Ch. 18 - Calculate the assessed value and the property tax...Ch. 18 - Calculate the assessed value and the property tax...Ch. 18 -
Calculate the assessed value and the property tax...Ch. 18 - Calculate the assessed value and the property tax...Ch. 18 - Calculate the property tax rate required to meet...Ch. 18 - Calculate the property tax rate required to meet...Ch. 18 - 16. The Young family is considering the purchase...Ch. 18 - 17. As the lax assessor for Barclay County, you...Ch. 18 - Calculate the missing Information for the...Ch. 18 - Calculate the missing Information for the...Ch. 18 - Calculate the missing Information for the...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - As an accountant for the Give Me A Break Tax...Ch. 18 - Calculate the amount of tax refund or tax owed for...Ch. 18 - Calculate the amount of tax refund or tax owed for...Ch. 18 - Bob Paris is the promotions director for Power...Ch. 18 - 30. You are the lax consultant for Fidelity...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan payments total $17,920 . What is your family’s annual income?arrow_forwardIsabella is filing as the head of a household. Her taxable income is $69,014. Use the Tax Table, find the tax liability. A. $8,281.68 B. $9,731.08 C. $11,122.58 D. $14,040.08arrow_forwardDetermine how much the following individual will save in taxes with the specified tax credits or deductions. Rosa is in the 15% tax bracket and claims the standard deduction. How much will her tax bill be reduced if she makes a $300 contribution to charity? ..... Her tax bill will be reduced by $ (Simplify your answer.)arrow_forward
- You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fracti Finance Charge Rebate Amount Number of Financed Payments $4,700 36 Need Help? Read It Monthly Payment $165.33 Payments Made 30 2 Rebate Fraction X $19.8396 X Loan Payoff $ 1,011.82arrow_forwardNoothly Salary :3ıl00 Earnings to date : $ 15.500arrow_forwardFind the amount received by the sellers of the stock (at the day's closing prices). Deduct sales expenses using Firm Upper CC. Stock Symbol Number of Shares Transaction Type MGNMGN 900900 Automated (Phone) Click to view Broker Commissions Table Click to view Stock Table Click to view SEC fees The amount received for the sale is $enter your response here. (Simplify your answer.)arrow_forward
- Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,817. The useful life is 7 years and the salvage value is $12,952. Prepare a depreciation schedule using the straight-line method. Mason IndustriesDepreciation Schedule—Drilling End of Year Annual Depreciation ($) Accumulated Depreciation ($) Book Value ($) $78,717 (new) 1 $ $ $ 2 $ $ $ 3 $ $ $ 4 $ $ $ 5 $ $ $ 6 $ $ $ 7 $ $ $arrow_forwardyou are paid 16.50/hr. you work 40 hr/week and 4 weeks/month. Your deductions are FICA (7.65%) and Federal Tax withholding (10%). The following table shows your monthly expenses. what is your gross income per month Rent (monthly) $657.00 Telephone (monthly) $56.34 Groceries (weekly) $56.00 Clothing (monthly with 1/2 job related $106.00 Water & Electric (monthly) 98.87 Dinner & Movie $40.00 (weekly)arrow_forwardyou are paid 16.50/hr. you work 40 hr/week and 4 weeks/month. Your deductions are FICA (7.65%) and Federal Tax withholding (10%). The following table shows your monthly expenses. What is the total amount for the FICA and Federal Tax withholdings? Rent (monthly) $657.00 Telephone (monthly) $56.34 Groceries (weekly) $56.00 Clothing (monthly with 1/2 job related $106.00 Water & Electric (monthly) 98.87 Dinner & Movie $40.00 (weekly)arrow_forward
- Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,700. How much social security and Medicare must he pay this year? Annual Gross Earnings Rate Withholding Social security Medicarearrow_forward❌❌❌✅✅✅✅✅✅✅✅arrow_forwardMartin took his dog to the vet for a regular check up. While he was there is was given special vitamins for his dog which costs $28, and bought food for $11.99 and a special flea collar for $4.99. The vet charged him $135 for the visit. Below is a table from the PA state sales' tax code for 2018. On the table "T" means the item is taxable at 6%, and "NT" means the item is not taxable. How mnuch tax did the vet charge Martin for this visit and purchase? 20 PETS NT Boarding, sitting or walking T- Clippers and clipper lubricants T- Equipment (collars, leashes, etc.) T- Farrier services for pet horses NT Flea collars, flea powder, flea and tick soap and tick sprays T- Food, including food supplements and prescription food T- Grooming, unless performed by a veterinarian for the purpose of or incidental to medical treatment NT - Medicines and medical supplies T- Pet caskets and u NT Pet cremation and burial services T- Sale or rental of pets, or adoption from shelters, which indudes fees for…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Use of ALGEBRA in REAL LIFE; Author: Fast and Easy Maths !;https://www.youtube.com/watch?v=9_PbWFpvkDc;License: Standard YouTube License, CC-BY
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY