Mr. and Mrs. Reyes are married individuals, Mr Reyes receives an annual taxable income of 365,000 while his wife receives 220,000 annual taxable income. How much is Mr. and Mrs. Reyes' tax due?
Q: Most people, economists included, consider child labor to be morally unacceptable and would support ...
A: child labour is exploitation of children through form of work that leads to deprivation of children ...
Q: Answers: 1. Purchases, 2. Beginning inventory, Ending inventory, ; Cost of goods sold,
A: Solution Formula used Goods available for sale =beginning inventory + purchases Cost ...
Q: QUESTION THREE ERS Itd is a company engaged in the manufacture of sports shoes. The last financial y...
A: The variable cost per unit has been calculated as follows: Variable cost per unit=(Direct material+D...
Q: 5. A. Hoysted is a sign painter and truck letterer. Her business, Hoysted Designs, has the following...
A: A T-Account is a log or list of accounts that keep track of account transfers. A trial balance's mai...
Q: Champion Contractors completed the following transactions involving equipment Year 1 January 1 Paid ...
A: Depreciation expense using straight line method : = ( Cost - salvage value ) / Useful Life Revised l...
Q: Colt Company produces two skateboard models. Machine time per unit for Hero is two hours and for Fli...
A: Calculation of contribution margin per unit CALCULATION PARTICULAR HERO FLIP A Sell...
Q: Problem 2-19A (Algo) Context-sensitive nature of cost behavior classifications LO 2-1 Vernon Bank's ...
A: Teller cost per branch = $ 96000 Average teller cost per transaction = Teller cost per branch / Numb...
Q: Adjusting Journal Entry: using accounts listed 12/31 - Estimated Allowance for Doubtful Accounts is...
A: Balance to be adjusted=Adjusted Balance of Allowance for Doubtful Accounts-Unadjusted Balance of All...
Q: Haste Company another entity. Number of shares Cost 20,000 40,000 In 2020, the entity received 60,00...
A: Share refers to the smallest unit of total capital of an entity.
Q: Overhead is assigned to the manufacturing department at the rate of $13 per machine hour. There were...
A: Overhead applied to Shaping Department = 3,200 Machine hours x $13 per machine hour Overhead applied...
Q: 3. Prepare the equity section of the balance sheet from the data given for each case below. Owner's ...
A: The question is related to equity section. The closing capital will be calculated with the help of f...
Q: Flexible Budget In an attempt to improve budgeting, the controller for Meliore, Inc., has developed...
A: Flexible Budget- A flexible budget is one that responds to changes in volume and activity. Because i...
Q: May Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory P5...
A: Solution.. Ending finished goods inventory = P40,000 Beginning Finished goods inventory = P55,000...
Q: a) Compute contribution margin per pound of material for each product. (b) If demand is limited, lis...
A: Contribution Margin per Limited resource Contribution margin per unit of limited resource is contrib...
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. ...
A: Solution Balance sheet is a financial statement thats reports a company's assets ,liabilities and sh...
Q: Choose the journal entry. 1. Direct Materials used in the production Dr Work In process Inventory...
A: Direct costs are cost which are identifiable with the units of production .On the other hand indirec...
Q: 17. How long will it take any sum to double itself with an 11% interest rate compounded continuously...
A: Since you have asked multiple questions, we will slove the first question for you.If you want any sp...
Q: Mine Company produced 1,000 units of a product at a selling price of P95.00 each. Direct materials P...
A: Solution.. Variable cost are the cost which change proportionally with the Change in production ...
Q: Marlin Motors sells a single product with a selling price of $350 with variable costs per unit of $1...
A: Contribution margin per unit has been calculated as follows: Contribution margin per unit=Selling pr...
Q: Physical Flow Schedule Nelrok Company manufactures fertilizer. Department 1 mixes the chemicals req...
A: A physical flow schedule identifies and records for the units that must be accounted for, independen...
Q: Rose Company has a relevant range of production between 10,000 and 25,000 units. The following Avera...
A:
Q: Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on...
A: Journal entry for above transaction are as follows
Q: Thompson Corporation gathered the following reconciling information in preparing its October bank re...
A: GIVEN Thompson Corporation gathered the following reconciling information in preparing its Octob...
Q: On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting ...
A: Lets understand the basics. Bank reconciliation is prepared to know the items due to which there is ...
Q: Amistoso is personally solvent, Galicia is personally insolvent, and Cruz becomes insolvent after in...
A: At the time of liquidation, the assets are sold and the liabilities are settled and the remaining ca...
Q: (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Tot...
A:
Q: Taiju Company prepared an aging of accounts receivable on December 31, 2020 and determined that the ...
A: The solution for the above mentioned question is given in the following steps for your reference.
Q: 6. The local non profit youth symphony is planning a concert fundraiser. The organization estimates ...
A: Lets understand the basics. Break even point is a point at which there is no profit no loss conditio...
Q: eased assets have an expected life of 5 years Depreciation is straight line Annual leasee payment ...
A: Solution Given Life (n) 5 years Annual lease payment (pmt) 1400 Nature of annuity ...
Q: a.) What does Pat report for Sales, COGS, Net Profit, and Inventory for 2020? What does Sam report f...
A: PAT has acquired 80% of SAM at $ 160 which is the book value and the fair value of 80% share. There...
Q: QUESTION 4 Performance based budgeting inks inputs to measurement of outputs True False. None of the...
A: The purpose of budgetary control is to compare the actual results with the standard budgeted outcome...
Q: No. Balances Balances Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expenses 13 700
A: Current assets are those asset which are convertible into cash within a year. These assets helps to ...
Q: On February 28, 2022, Aris and Yang formed a partnership. The partners agreed to invest equal amount...
A: Partnership- A partnership is a type of business that is formed by the mutual consent of several peo...
Q: The following are excluded from gross income, except: a. Proceeds of life insurance policy received...
A: Gross Income Gross income refers to the income of an individual which comprises income from wages an...
Q: Illustrate the concentration of deposits! Determine the concentration coefficients!
A: Concentration of deposit primary use in the banking or financial institution where number of transac...
Q: Renata Company has four departments: Materials, Personnel, Manufacturing, and Packaging. Information...
A: calculation of allocation of expenses to department are as follows
Q: José Ruiz starts a company that makes handcrafted birdhouses. Competitors sell a similar birdhouse f...
A: Planned Selling Price = Total Cost + (Total Cost X Markup)
Q: Perez Manufacturing Company uses two departments to make its products. Department I is a cutting dep...
A: Overhead allocation means to allocate the overhead using the appropriate cost drivers.
Q: A corporation receives no dividends for the year and has no carryovers into the year. Its taxable in...
A: A charitable contribution deduction seems to be an itemized deduction taken by an individual taxpaye...
Q: My Home gagevevVv2 | Online teachin x O ) (29) Tory Lanez Feels (feat x+ w.com/ilrn/takeAssignment/t...
A: The question is related to Marginal Costing. The break even point is that level of sales at which th...
Q: Paris Co. has a December 31 year-end date. Data for 2021 shows: • There were 60,000, $3, cumulative ...
A: Number of common shares Common shares as on January 1 370000 Shares issued 60000 Less; shares...
Q: In 2021, AAA made the mistake of not amortizing the Premium in Bonds Payable account. Indicate the e...
A: While issuing bonds for raising funds; market yield is analyzed and when the coupon rate provided on...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Calculation of taxable gift and gift tax due Particulars Amount (in $ Mn) Current gifts $ 15.7 ...
Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentag...
A: Since you have specifically asked for part c and d, so we have answered the same for you.
Q: blanks for each of the five separate equity section relationships. Company Company Company 3 Financi...
A: Capital refers to the resources introduced by the owner into the business that are used for revenue ...
Q: What are the total costs to account for if a company's beginning inventory had $231,430 in materials...
A: Total cost includes direct materials, direct labor, and other indirect productive expenses.
Q: Jordan Sporting Goods Corporation makes two types of racquets, tennis and badminton. The company use...
A: Activity-based costing is a method of allocation of overheads among/between products or services. It...
Q: Knight Ltd makes four products, A1, B2, C3 and D4, and has produced the following: C3 1,800 A1 82 D4...
A: A) If the company produces units demanded A1 B2 C3 D4 Total Labour hours required ...
Q: Marchete Company produces a single product. They have recently received the results of a market surv...
A: Break even sales units = Fixed cost / CM per unit CM per unit = SP per unit - VC per unit
Q: On September 1, Wray Company received a P500,000 cash dividend from Seco Company in which Wray Compa...
A: calculation of income from dividend for current year are as follows
1. Mr. and Mrs. Reyes are married individuals, Mr Reyes receives an annual taxable income of 365,000 while his wife receives 220,000 annual taxable income. How much is Mr. and Mrs. Reyes' tax due?
2. Mr. Franz is a minimum wage earner and does not have any other source of income. He earns a compensation of 20,000 monthly. For the year 2020, he earned a total of additional pay of 50,000 which consists of overtime pay, holiday pay, and hazard pay. How much is his taxable income and his tax due for year 2020?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 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.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.In each of the following problems, identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify. Ariel has worked for Sander Corporation for 30 years. Sander has a pension plan in which it matches employee contributions by up to 5 percent of the employees salary. Ariel, who is single, retires during the current year when she is 66 years old. Her pension plan contains payments and earnings of 300,000, half of which are attributable to payments made by Ariel and half attributable to payments made by Sander. Under the plan, Ariel is to receive 2,000 per month until she dies.
- In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________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.Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?
- During 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.____________Freda is a cash basis taxpayer. In 2019, she negotiated her salary for 2020. Her employer offered to pay her 21,000 per month in 2020 for a total of 252,000. Freda countered that she would accept 10,000 each month for the 12 months in 2020 and the remaining 132,000 in January 2021. The employer accepted Fredas terms for 2020 and 2021. a. Did Freda actually or constructively receive 252,000 in 2020? b. What could explain Fredas willingness to spread her salary over a longer period of time? c. In December 2020, after Freda had earned the right to collect the 132,000 in 2020, the employer offered 133,000 to Freda at that time, rather than 132,000 in January 2021. The employer wanted to make the early payment so as to deduct the expense in 2020. Freda rejected the employers offer. Was Freda in constructive receipt of the income in 2020? Explain.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?
- Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Tray is a full-time employee of the corporation and receives a salary of 60,000 per year. He also receives a bonus equal to 10% of all collections from diems he serviced during the year. Determine the tax consequences of the following events to the corporation and to Troy: a. On December 31, 2019, Troy was visiting a customer. The customer gave Troy a 10,000 check payable to the corporation for appraisal services Troy performed during 2019. Troy did not deliver the check to the corporation until January 2020. b. The facts are the same as in part (a), except that the corporation is an accrual basis taxpayer and Troy deposited the check on December 31, but the bank did not add the deposit to the corporations account until January 2020. c. The facts are the same as in part (a), except that the customer told Troy to hold the check until January 2020 when the customer could make a bank deposit that would cover the check.Calculate the 2019 tax liability and the tax or refund due for each situation: a. Mark is single with no dependents and has a taxable income of 60,000. He has 9,200 withheld from his salary for the year. b. Harry and Linda are married and have taxable income of 60,000. Harry has 4,250 withheld from his salary. Linda makes estimated tax payments totaling 3,000. c. Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is 3,000. Aspra pays all costs of maintaining the household. His taxable income is 60,000. Aspras withholdings total 7,800. d. Randy and Raina are married. Because of marital discord, they are not living together at the end of the year, although they are not legally separated or divorced. Randys taxable income is 25,000, and Rainas is 60,000. Randy makes estimated tax payments of 3,500, and Raina has 7,500 in tax withheld from her salary.
