Determine the amount of the standard deduction allowed for 2020 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. Amount of the Standard Deduction a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,600 from repairing cars.$fill in the blank 1 b. Mattie, age 18, has income as follows: $600 cash dividends from a stock investment and $4,700 from handling a paper route.$fill in the blank 2 c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $800 for painting a neighbor's fence.$fill in the blank 3 d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets.$fill in the blank 4 e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting.$fill in the blank 5
Solved
Show answers
More tips
- C Computers and Internet How to Reinstall Windows: A Detailed Guide for Beginners...
- S Style and Beauty How to Get Rid of a Bruise: Tips and Tricks...
- F Food and Cooking Лечо: вкусное и простое блюдо для любой кухни...
- H Health and Medicine Relieving Swelling in Legs: Causes and Ways to Alleviate the Symptom...
Answers on questions: Business
- M Mathematics a teacher uses 56 pencils and 80 pieces of paper to make for each of her students in her small group what is the maximum number of supply kits that can be made and how many...
- B Biology Why is carbon so abundant in living things when oxygen is the most abundant element on earth? a. carbon atoms can bond with one another to make chains and cyclic structures...
- M Mathematics Find area first one is brainleist and ill heart answer !...
Ответ:
A. $12,000
B. $5,050
C. $1,150
D.$1,050
E. $5,150
Explanation:
a. Calculation to Determine the amount of the standard deduction allowed for 2020 for Curtis
2020 Standard deduction allowed =$12,600+$350
2020 Standard deduction allowed=$12,950
Based on the above calculation the Standard deduction allowed was $12,950 which is higher or Exceeded the 2020 standard deduction of the amount of $12,000 for a single taxpayer which means that the amount of the standard deduction allowed for 2020 for Curtis will be $12,000.
b. Calculation to Determine the amount of the standard deduction allowed for 2020 for Mattie
2020 Standard deduction allowed =$4,700+$350
2020 Standard deduction allowed=$5,050
Therefore the amount of the standard deduction allowed for 2020 for Mattie will be $5,050
c. Calculation to Determine the amount of the standard deduction allowed for 2020 for Jason
2020 Standard deduction allowed =$800+$350
2020 Standard deduction allowed=$1,150
Therefore the amount of the standard deduction allowed for 2020 for Jason will be $1,150
d. Calculation to Determine the amount of the standard deduction allowed for 2020 for Ayla
Based on the information given the amount of the standard deduction allowed for 2020 for Ayla will be the amount of $1,050 reason been that the 2020 standard deduction allowed for for Ayla cannot in any way exceed the amount of $1,150 or $850 which is Calculated as ($500+$350)
Therefore the amount of the standard deduction allowed for 2020 for Ayla will be $1,050
e. Calculation to Determine the amount of the standard deduction allowed for 2020 for Sarah
2020 Standard deduction allowed =$3,200+$350+$1,600
2020 Standard deduction allowed=$5,150
Note that the amount of $1,600 represent the standard additional deduction.
Therefor thee amount of the standard deduction allowed for 2020 for Sarah will be $5,150
Ответ:
Instructions are below.
Explanation:
Giving the following information:
Freese Inc. sells a product for 650 per unit. The variable cost is 455 per unit, while fixed costs are 4,290,000.
A) To calculate the break-even point both in units and dollars, we need to use the following formulas:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 4,290,000/ (650 - 455)
Break-even point in units= 22,000 units
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 4,290,000/ (195/650)
Break-even point (dollars)= $14,300,000
B) Now for a selling price of $655:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 4,290,000/ (655 - 455)
Break-even point in units= 21,450 units
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 4,290,000/ (200/655)
Break-even point (dollars)= $14,049,750