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Thepotemich [5.8K]
2 years ago
10

Melvin Crane is 66 years old, and his wife, Matilda, is 65. They filed a joint income tax return for 2019, reporting an adjusted

gross income of $22,200, on which they owed a tax of $61. They received $3,000 from Social Security benefits in 2019. How much can they claim on Form 1040 in 2019, as a credit for the elderly?
Business
1 answer:
iren [92.7K]2 years ago
3 0

Answer:

$0

Explanation:

the credit for the elderly is the lesser of the following:

1) taxes owed = $61

2) you calculate the credit for the elderly by subtracting $7,500 - $3,000 (social security benefits) = $4,500

then you subtract half of your AGI over $10,000 = ($22,000 - $10,000) x 50% = $5,500

the credit = $4,500 - $5,000 = $0 (there are no negative tax credits)

the lesser between $61 and $0 is $0.

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Describe two types of organizational documents that can help you organize a job search. What is the purpose of each
neonofarm [45]

JOB LEADS SOURCE LIST AND A PROSPECTIVE EMPLOYER RECORD ARE THE TWO TYPES OF ORGANIZATION DOCUMENTS THAT CAN HELP YOU ORGANIZE A JOB SEARCH.

THE PURPOSE OF JOB LEAD SOURCE LIST IS TO AID RECORD OF ALL THE JOB LEADS YOU FIND WHICH INVOLVES CONTACT INFORMATION AND A PLAN OF ACTION FOR THE RIGHT USAGE OF THE JOB LEAD.

A PROSPECTIVE EMPLOYER RECORD  IS GREAT HELP IN USING THE COLLECTED ADDITIONAL DATA ABOUT A JOB LEAD,USING THE JOB LEAD SOURCE LIST.IT INVOLVES INFORMATION RELATED TO HIRING STATUS OF  EVER JOB LEADS, JOB POTENTIAL AND FOLLOW-UP METHODS.

5 0
2 years ago
Read 2 more answers
The reason the substitution effect works to encourage a consumer to buy less of a product when its price increases is:
ikadub [295]

Answer:

The correct answer is the option C: the product is now relatively more expensive than it was before.

Explanation:

To begin with, the <em>substitution effect</em> is the term that, in economics, refers to the situation where a products or services increase or decrease its value in comparison with other and therefore it causes a substitution from the consumer regarding that change in the price.

Secondly, in the case where a product increases its price the substitution effect will cause that the consumer decides to purchase other products due to the fact that the first product is now relatively more expensive than it was before and therefore a substitution of the good takes place.

8 0
2 years ago
When Resisto Systems, Inc., was formed, the company was authorized to issue 5,000 shares of $100 par value, 8% cumulative prefer
sukhopar [10]

Answer:

1. Attached is the Stockholder's equity section of the company's balance at the end of the current year.

Preferred stock = 2,500 (half of 5,000) were issued at par value of $100 each = 2,500 * 100 = $250,000

Additional Paid in capital for Preferred stock = (103 - 100) * 2,500 = $7,500

Common stock = 59,000 issued at stated value of $2 = 59,000 *2 = $118,000

Additional Paid in capital for Common stock = (22 - 2) * 59,000 = $1,180,000‬

2. The Stockholder's equity section is prepared with the book values of the relevant entries. As such, it WILL NOT be affected by changes in market value.

7 0
2 years ago
A quantitative method used to evaluate multiple locations based on total cost of production or service operations is called:
Sergeeva-Olga [200]

Answer:

Load-distance method.

Explanation:

Load-distance method is a technique of making facility location decisions by an organization. In this method, different facility locations are assigned a load-stance value (it is a measure of the weight of the load to be transported and the distance) and the different facilities are evaluated on the basis of this value. The location with the minimum load-distance will have minimum transportation cost; so, this location will be preferred over the other locations.

5 0
2 years ago
Slovac Company purchased a machine that has an estimated useful life of eight years for $7,500. Its salvage value is estimated a
saw5 [17]

Answer:

A. 1,406

Explanation:

Double-declining balance formula = 2 X Cost of the asset X Depreciation rate

The cost of asset =  $7,500

salvage value  = $500

estimated useful life = 8years

To calculate the depreciation value using Double-declining balance formula = 2 X Cost of the asset X Depreciation rate

Depreciation rate = 1/useful life *100 = (1/8) * 100 = 12.5%

Therefore

2 x $7500 x 12.5% =  $1,875 - year 1

for the second year the cost of asset will be$ 7,500 - $1,875 =  $5625

2 x  $5625 x 12.5% = $1,406.25

Therefore the answer is $1,406

8 0
2 years ago
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