Reference no: EM131287756
Part 1
Scot and Vidia, married taxpayers, earn $62,500 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule). (Do not round intermediate calculations. Round your answer to 2 decimal places.)
"MUST USE 2015 TAX RATE SCHEDULE"
A) If Scot and Vidia earn an additional $19,500 of taxable income, what is their marginal tax rate on this income?
B) How would your answer differ if they, instead, had $19,500 of additional deductions? The marginal tax rate is_____%
PART 2
Jorge and Anita, married taxpayers, earn $42,500 in taxable income and $35,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round your answers to 2 decimal places.)
"MUST USE 2015 TAX RATE SCHEDULE"
A) WHAT IS THE EFFECTIVE TAX RATE?
|
Find the sustainable and internal growth rates for a firm
: Find the sustainable and internal growth rates for a firm with the following ratios: asset turnover = 1.60; profit margin = 6%; payout ratio = 25%; equity/assets = .80.
|
|
Accounting cycle problem
: The following is a trial balance and certain other information relating to Mr. I. Spend Freely, a financial consultant operating as a corporation. Fees were received in advance from clients and treated as revenue: $6,000. Services performed for clien..
|
|
What is the approximate net present value
: Byron Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $102,500. The equipment will have an initial cost of $442,000 and have a 5 year life. what is..
|
|
What is the break-even point in units for the company
: The Quarles Distributing Company manufactures an assortment of cold air intake systems for high-performance engines. What is the break-even point in units for the company? What is the dollar sales volume the firm must achieve to reach the break-even ..
|
|
Must use tax rate schedule
: Scot and Vidia, married taxpayers, earn $62,500 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. If Scot and Vidia earn an additional $19,500 of taxable income, what is their marginal tax rate on this income?
|
|
Prepare the eliminating entries pertaining to intercompany
: On January 1, 2016, P Company acquired 100% of the common stock of S Company. Also on July 1, 2016, Siegel Company sold to outside investors $500,000 par value of 10-year, 8% bonds. Prepare the eliminating entries pertaining to the intercompany pur..
|
|
What is the average investment in accounts receivable
: ABC’s credit terms are 1/6, net 41. Based on experience, 64 percent of all customers take the discount. ABC has annual credit sales of $184,738. What is the average investment in accounts receivable as shown on the balance sheet?
|
|
What are the total shortage costs
: ABC Company sells 3,961 chairs a year at an average price per chair of $152. The carrying cost per unit is $22.72. The company orders 268 chairs at a time and has a fixed order cost of $123.5 per order. The chairs are sold out before they are restock..
|
|
Cost of goods sold under fifo-lifo and average-cost
: Larkspur, Inc. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 117 $5 $ 585 12 Purchases 378 6 2,268 23 Purchases 217 7 1,519 30 Inventory 236 Calculate weighted-average unit cost. (Round answ..
|