Explanation Given Information: The person L has the tax liability is $12,280, tax credits is $2,453 and other taxes is $1,232 and payments are $9,540. Formula used: The formulas used for the calculation are listed below: The total tax is calculated by the formula given below: Total tax = tax liability − tax credits + other taxes To check the amount is tax refund or tax owed. It is needed to see the difference between total payments and total tax. If the tax payments are greater than total taxes, the difference is tax refund and if the tax payments are less than total taxes, the difference is tax owed. Calculation: Taxable income is defined as the income to which tax rates are functional in order to discover the total amount of tax payable for the year. Tax credits are the amount of dollar subtracted from the tax liability

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

See similar textbooks

Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…

Videos

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 solution

See solution

Chapter 18.III, Problem 22RE

Chapter 18.III, Problem 24RE

Students have asked these similar questions

5. (a) State the Residue Theorem. Your answer should include all the conditions required for the theorem to hold. (4 marks) (b) Let y be the square contour with vertices at -3, -3i, 3 and 3i, described in the anti-clockwise direction. Evaluate に dz. You must check all of the conditions of any results that you use. (5 marks) (c) Evaluate L You must check all of the conditions of any results that you use. ཙ x sin(Tx) x²+2x+5 da. (11 marks)

3. (a) Lety: [a, b] C be a contour. Let L(y) denote the length of y. Give a formula for L(y). (1 mark) (b) Let UCC be open. Let f: U→C be continuous. Let y: [a,b] → U be a contour. Suppose there exists a finite real number M such that |f(z)| < M for all z in the image of y. Prove that < ||, f(z)dz| ≤ ML(y). (3 marks) (c) State and prove Liouville's theorem. You may use Cauchy's integral formula without proof. (d) Let R0. Let w € C. Let (10 marks) U = { z Є C : | z − w| < R} . Let f UC be a holomorphic function such that 0 < |ƒ(w)| < |f(z)| for all z Є U. Show, using the local maximum modulus principle, that f is constant. (6 marks)

3. (a) Let A be an algebra. Define the notion of an A-module M. When is a module M a simple module? (b) State and prove Schur's Lemma for simple modules. (c) Let AM(K) and M = K" the natural A-module. (i) Show that M is a simple K-module. (ii) Prove that if ƒ € Endд(M) then ƒ can be written as f(m) = am, where a is a matrix in the centre of M, (K). [Recall that the centre, Z(M,(K)) == {a Mn(K) | ab M,,(K)}.] = ba for all bЄ (iii) Explain briefly why this means End₁(M) K, assuming that Z(M,,(K))~ K as K-algebras. Is this consistent with Schur's lemma?

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...

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.

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.

Solution Summary: The author explains how 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 are 1,232 and payments are 9,540

Concept explainers

Videos

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.

Want to see the full answer?

Chapter 18 Solutions