What would be melissas after-tax income from the part-time

Assignment Help Accounting Basics
Reference no: EM13586830

Melissa, who is 70 years old, is unmarried and has no dependents. Her annual income consists of a taxable pension of $17,000, $14,000 in Social Security benefits, and $3,000 of dividend income. She does not itemize her deductions. She is in the 15% marginal income tax bracket. She is considering getting a part-time job that would pay her $5,000 a year. The applicable two bases for Social Security computations for Melissa are $25,000 and $34,000.

a. What would be Melissa's after-tax income from the part-time job, considering Social Security and Medicare tax (use 7.65%) as well as Federal income tax on the earnings of $5,000? (Round your intermediate computations and final answer to the nearest dollar.)

Reference no: EM13586830

Questions Cloud

Following are audit procedures that are normally conducted : following are audit procedures that are normally conducted in the purchasing process and related accounts.1.test a
Read or listen to morals in business walter pavlo link : read or listen to morals in business walter pavlo. link opens in a new window share your thoughts and opinions
A set of 50 data values has a mean of 15 and a variance of : a set of 50 data values has a mean of 15 and a variance of 25.nbsp find the standard score of a data value
A small body was launched up an inclined plane set at an : a small body was launched up an inclined plane set at an angle alpha 15deg against the horizontal. find the
What would be melissas after-tax income from the part-time : melissa who is 70 years old is unmarried and has no dependents. her annual income consists of a taxable pension of
Describe the angle pi6 by an angle of negative radian : describe the angle pi6 by an angle of negative radian
Peridot companys income statement for the current month : peridot companys income statement for the current month shows that the company sold 400000 unit of its product and
A student sets up two reactions reaction 1 uses 0210moll of : a student sets up two reactions. reaction 1 uses 0.210moll of reactant and reaction 2 uses 0.550moll of reactant. how
Who is the companys auditor see the report of independent : ap1-3 financial information for the buckle is presented in appendix b at the end of the book.required1. determine the

Reviews

Write a Review

Accounting Basics Questions & Answers

  After the tangible assets have been adjusted to current

after the tangible assets have been adjusted to current market prices the capital accounts of harper and kahlil have

  Determine the following 2011 amounts and ratios

The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2013 balance sheet reported the following: cash, $1,340,000; prepaid expenses, $400,000; noncurrent assets, $2,800,00..

  The red white amp blue partnership was begun with

the red white amp blue partnership was begun with investments by the partners as follows red 129000 white 159000 and

  Financial statement fraud

Discuss whether or not the Sarbanes-Oxley Act has decreased financial statement fraud and eliminated corruption on Wall Street. Support the answer.

  Allocate any over-or underapplied overhead to cost of goods

Prepare the adjusting entry to allocate any over-or underapplied overhead to Cost of Goods Sold.

  Determine the maturity value of the note

Determine the due date of the note and determine the maturity value of the note.

  Sufficient years to retire the bonds

Kate Greenway Corporation, having recently issued a $20 million, 15-year bond issue, is committed to make annual sinking fund deposits of $620,000. The deposits are made on the last day of each year and yield a return of 10%. Will the fund at the ..

  How much potential profit will the pulp division lose if

hrubec products inc. operates a pulp division that manufactures wood pulp for use in the production of various paper

  Passive loss deduction in the current year

In the current year, Crow Corporation, a closely held C corporation that is not a personal service corporation, has $100,000 of passive losses, $80,000 of active business income, and $20,000 of portfolio income. How much of the passive loss may Cr..

  Gain or loss actual or constructive

What is the book value of its liability? If an affiliated company purchases half the bonds in the market at 98, what is the gain or loss? Is the gain or loss actual or constructive?

  What mechanisms do people use and what mechanisms could the

what mechanisms do people use and what mechanisms could the prisoners of war have used to resist a change in their

  For each of the scenarios provided a state if control

aviss taxable income for the year is 300000 and bests taxable income for the year is 425000. for each of the scenarios

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd