Harry and Helen are married, filing jointly. Their combined taxable income is $65,922. Every week, a total of $187 is withheld f
2 answers:
<u>Harry and Helen will receive a refund of $555. </u>
Further explanation:
Tax liability of Harry and Helen:
The total income of the married couple is $65,922. It lies in the income slab of $65,900-65,950. The couple pays $187 weekly for the income tax. Thus, this amount will be deducted from their annual tax liability. The total tax liability for the married couple whose income is between $65,900-65,950 is $9,169.
Thus, the net tax liability of Harry and Helen is $555.
Justification for the correct and incorrect option:
a.
Harry and Helen will owe an additional $193: This is an incorrect option because the couple has more withhold amount than their actual tax liability.
b.
Harry and Helen will owe an additional $3,104: This is an incorrect option because the couple has more withhold amount than their actual tax liability.
c.
Harry and Helen will receive a refund of $724: This is an incorrect option because their actual tax refund will not be $724.
d.
Harry and Helen will receive a refund of $555: This is the correct option because the actual refund will be $555 as per above calculation.
Thus, option (d) is correct. Harry and Helen will receive a refund of $555.
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Answer details:
Grade: Senior School
Subject: Taxation
Chapter: Income tax
Keyword: Harry and Helen are married, filing jointly, their, combined, taxable, income, every week, a total, withheld, from, their, pay, based, the table below, expect, their, taxes.
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Answer:
a.
b.
c.
d.
Step-by-step explanation:
The probability that the company won x bids follows a binomial distribution because we have n identical and independent experiments with a probability p of success and (1-p) of fail.
So, the PMF of X is equal to:
Where p is 0.1 and it is the chance of winning. Additionally, n is 3 and it is the number of bids. So the PMF of X is:
For binomial distribution:
Therefore, the company can expect to win 0.3 bids and it is calculated as:
Additionally, the standard deviation of the number of bids won is:
Finally, the probability to won 1, 2 or 3 bids is equal to:
So, the expected profit for the company is equal to:
Because there is a probability of 0.243 to win one bid and it will produce 50,000 of income, there is a probability of 0.027 to win 2 bids and it will produce 100,000 of income and there is a probability of 0.001 to win 3 bids and it will produce 150,000 of income.
Answer:
0.6
Step-by-step explanation:
Given: Mean= $750
Standard deviation= $60
First, lets find out z-score of the interval between $624 and $768.
z score=
z score=
∴ z score for $624 is -2.1
Now, finding z score for $768
Z score=
∴ z score for $768 is 0.3
As per the z score table, the value for -2.1 is 0.0179 and for 0.3 is 0.6179
Now, subtracting the value to get proportion
∴ There are 0.6 proportion of laptops are in the range of $624 and $768