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Adam and Eve submit a married-filing-jointly return to the IRS. During the year their two jobs provided them with a combined income of $123,000. They had their second child during the year, and they plan to use the standard deduction of $9500 applicable for the year. Dividends and interest amounted to $3210, and an investment in a stock mutual fund had capital gains of $3500. Personal exemptions are $4000 currently.
(a) Compute their exact federal tax liability.
(b) Compute their average tax rate.
(c) What percent of gross income is consumed by federal taxes?
A farm must decide whether or not to purchase a new tractor. The tractor will reduce costs by $2,000 in the first year, $2,500 in the second year, and $3,000 in the third year, and $3,000 in the fourth year. what would happen to the present value of ..
Given the technology and the amount of other resources available, the position of the demand for labor depends on the
Suppose the marginal cost of solving the global warming problem and the marginal benefit of doing so are listed below. How many degrees of temperature to be reduced are best for society to implement? Explain why?
Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
If we assume only one factor (labor), we can demonstrate on the PPF the opportunity cost of producing less of one good and more of the other good by:
Suppose the government of a desert community wants to punish excessive water usage, where "excessive" is defined as any usage greater than 100 gallons/week. to do this, the government paces a flat $100 income tax on anyone who consumes more than 100 ..
Considers a monopolist with the following demand curve: P=1000-10Q. The monopolist faces MC=AC=100. Solve for the profit-maximizing level of monopoly output, price, and profits. Suppose a potential entrant is considering entering, but the monopolist ..
Consider the situation where firm y is downriver from firm x and must cope with the pollution created by production of x output. According to the Coase theorem, If firm x must purchase, from firm y, rights to pollute the river they share, firm x’s pr..
When the fed raises the federal funds rate, eventually there is.
After a year you sell those shares at $10.75. The fund declared a dividend of $.40 and paid $1.65 in capital gains. Illustrate what was your yearly return.
A drought in Alberta and Saskatchewan has made grain, and therefore cattle feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter. As it happens, the slaughter of beef cattle has coinci..
Present a CONSOLIDATED balance sheet (a T-account summarizing the assets and liabilities of all commercial banks in the system) with the following information: The reserve ratio is 32 percent and the total amount of required reserves held by the bank..
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