On January 1, 2007, Nichols Company’s inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company pu
1 answer:
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Answer:
a. $58,000
b. $6,752
c. $9,000
Explanation:
a. The computation of taxable income is shown below:-
Taxable income = Salary - Short term capital loss + Cash Prize - Greater of Standard or itemized deduction for year 2018 (assumed)
= $80,000 - $2,000 + $4,000 - $24,000
= $58,000
b. The computation of tax liability is shown below:-
Tax liability (Surviving spouse) = ($1,940) + ($58,000 - $19,400) × 12%
= $1,940 + $38,600 × 12%
= $1,940 + $4,632
= $6,572
c. The calculation of Charlotte's child and dependent tax credit is given below:-
= ($2,000 × 4) + ($500 × 2)
= $8,000 + $1,000
= $9,000
Answer:
more will you have to save each month 981.9
Explanation:
given data
time = 30 year = 30 × 12 = 360 months
expected earn = 8.5 % = = 0.0070833
time = 10 year = 10 × 12 = 120 months
future value = millionaire =
solution
we consider here saving end of this month = x
and saving end of 10 year = y
now we solve for x
= x ×
= x ×
x = 605.8
and
= y ×
= y ×
y = 1594.9
so here we require more amount to save is y - x in end of each month = 1594.9 - 605.8 = 981.9