User Account

All Pages

Expects an adjusted gross income

Assignment Help Business Economics
Reference no: EM131810248

An unmarried taxpayer with no dependents expects an adjusted gross income of $70,000 in a given year. His nonbusiness deductions are expected to be $6000.

(a) What will his federal income tax be?

(b) He is considering an additional activity expected to increase his adjusted gross income. If this increase should be $16,000 and there should be no change in nonbusiness deductions or exemptions, what will be the increase in his federal income tax?

Reference no: EM131810248

Questions Cloud

Prepare a short report on a public project : Prepare a short report on a public project that summarizes the costs, benefits, disband fits, alternatives, and economic measures.
Budget request or funding authorization : Often, these are part of a budget request or funding authorization. These projects were (or could be) ranked how?
Finished goods costing to manufacture were sold on account : Finished goods costing $78,000 to manufacture were sold on account
Find approximately the least value of n : Let Xi be the last digit of D2i where Di is a random digit between 0 and 9. For instance, if Di = 7 then D2i = 49 and Xi = 9, Let Xn = (X1 + .. Xn)/n.
Expects an adjusted gross income : An unmarried taxpayer with no dependents expects an adjusted gross income of $70,000 in a given year. His nonbusiness deductions are expected to be $6000.
Compute the total tax : Compute the total tax they would pay as unmarried individuals. Then compute their tax as a married couple filing a joint return.
Prepare the journal entry to record the initial transaction : Prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry.
Discuss what are the different classifications of accounts : What does the term account mean, What are the different classifications of accounts, How do the rules for debits and credits impact accounts
Increase bill taxable income : If an additional month's work would increase Bill's taxable income by $1600, how much more money would he have after paying the income tax?

Reviews

Write a Review

Business Economics Questions & Answers

  Equivalent uniform annual cost for the truck

A fleet manager must choose between two trucks to purchase for a company's fleet. The company uses an interest rate of 5% and will keep either truck for 4 years. Truck A costs $28,000 and has a market value of $17,000 after 4 years. Determine the equ..

  Challenging a ruling by a regulatory commission

Comment on the difficulty in finding impartial, yet knowledgeable, people to serve on regulatory commissions related to issues affecting your community or the country, such as an environmental or consumer group that may be challenging a ruling by ..

  But many people complain about underemployment

The unemployment rate is declining in the USA; it is around 5%. But many people complain about underemployment, which means that they want to work full time, but they can find only a part-time job. The main concern of the second group is that the exp..

  Resource price differentials

Resource price differentials that do not trigger the reallocation of resources are known as

  Unrelated economic time-series exhibit strong correlation

What is the relationship between Maximum Likelihood Estiamtion's second-order conditions and the standard errors of the coefficient estimates? Why might two unrelated economic time-series exhibit a strong correlation?

  Feds expanded involvement in the economy financial crisis

Recall the Application about the? Fed's expanded involvement in the economy following the financial crisis in 2008 to answer the following? question(s). According to the? Application, in 2010 the Fed A. stopped trading in Treasury securities. B. held..

  Events that occur during a business cycle

What are the names of the following events that occur during a business cycle?

  Abatement levels should be reallocated across

Conclude how the abatement levels should be reallocated across the 2 industries to minimize costs.

  Economic and the economy by tim taylor

If people do not have a complete mental picture of their total utility for every level of consumption, how can they find their utility-maximizing consumption choice? As a general rule, is it safe to assume that a higher wage will encourage significan..

  Why are user roles are necessary for linux

Why are user roles are necessary for Linux. How are these roles and permissions similar or different from other user types in other operating systems?

  Elucidate how a decline in the cost of business travel

Elucidate how a 20% decline in the cost of business travel would impact this company's budget if the price of business travel was initially $1,000 per trip and the price of electronic media was $500 per hour.

  Calculate the out-of-pocket cost of every college

Write a program to calculate the out-of-pocket cost of every college he is applying.  After each college, ask the user whether to calculate cost for another college.  Enter 'y' for yes.  The following is an example:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd