Mr. Hoosier has gathered all these data about his finances.



Salary $159,000

Taxable interest $5600

Municipal Bond interest $15,000

Total Itemized deductions $9500


The personal exemption is $4700. The standardized deduction for a single filer is 5000.

Answers

Answer 1

Answer:

1. His tax is $37,490.

2. His average effective tax rate is 22%

3. His average tax rate is 24.93%

4. His marginal tax rate is 35%.

5. His tax liability will fall by $170

6. His tax liability will fall by $500.

Step-by-step explanation:

Note: This question is not complete. See the attached pdf file for the complete question.

The explanation of the answer is now given as follows:

1. What is his tax?

Note: See the attached excel for Mr. Hoosier's Tax Computation Based on the Tax Table in the question.

From the attached excel file, the Net tax is $37,490 which is his tax.

Therefore, his tax is $37,490.

2. His average effective tax rate

His average effective tax rate = Tax /  (Taxable income + Tax exempt income) = Tax /  (Taxable income +Municipal Bond interest) = $37,490 / ($150,400 + $20,000)  = 0.2200, or 22%

3. His average tax rate

Average tax rate = Tax / Taxable Income = $37,490 / $150,400 = 24.93%

4. His marginal tax rate

His marginal tax rate is 35% as in the tax computation used based on the tax table.

5. Assume he discovers that he is eligible for a 500 tax deduction. How much does his tax liability fall with that addition?

Taxable income = 150400 - 500 = $149,900

Based on the tax table in the question, we have:

Tax = 8850 + (149900 - 55000) * 30% = $37,320

Reduction in tax liability = $37,490 - $37,320 =$170

Therefore, his tax liability will fall by $170

6. Now he discovers that he is eligible for a $500 tax credit. How much does his tax liability fall due to this credit?

The purpose of the tax credit is to make tax liability reduced dollar by dollar.

Therefore, if he discovers that he is eligible for a $500 tax credit, his tax liability will fall by $500.


Related Questions

Pleasee help me...

Terri has a balance of $795 on his credit card. He is currently making monthly credit card payments of $20 a month. What will happen if he increases the amount he is paying by $18 a month?

A. It will take him less time to repay the loan
B. It will take him longer to repay the loan
C. The interest rate will decrease
D. The interest rate will increase

Answers

Answer:

D is the answer

Step-by-step explanation:

Mark brianliest pls

Use the Pythagorean theorem to find the unknown side of the right
triangle.
15
20
Helppppp

Answers

Answer:

25 units

Step-by-step explanation:

H^2= S1^2 + S2^2

= 15^2 + 20^2

=225 + 400

= 625

= square root of 625

= 25 units

Mark spent $40 for 9 gallons of gas. How many gallons can he buy for $54 if the price per gallon stays the same?

Answers

Answer:

He would be able to buy 12 gallons of gas

Step-by-step explanation:

40/9=4.44 ( this number is rounded)

54/4.44=12.162

Find the area of the pentagon. Round to the nearest square inch. The figure is not drawn to scale.
A) 54 in2
B) 67 in2
C) 72 in2
D) 87 in2

Answers

Answer:

B) 67 in2

Step-by-step explanation:

Item 5
Use a graph to solve the equation.

6x−2=x+11
solution: x=

Answers

Answer:

x=13/5 or x=2.6

Step-by-step explanation:

um so like... so like, plz help T-T

Answers

Answer:

I think it's y = 3/2x - 5

Step-by-step explanation:

when we multiply the slopes of perpendicular lines, we get -1

Which is more, 1 quart or 3 cups?

Answers

Answer:

1 quart is more.

Step-by-step explanation:

1 quart =4cups so 1 quart is more.

Answer:

1 liquid quart is more then 3 cups because 1 quart is the same as 4 cups and 4 cups is more then 3 cups...


9. Bianca is hosting a dinner party for 10 people. The main course's recipe states
that 400 g of sausage and 500 g of dry pasta is enough for four people.
a) How much sausage will she need?
b) How much pasta will she need?​

Answers

Answer:

a) 1000 grams

b) 1250 grams

Step-by-step explanation:

Find out how much grams of sausage and dry pasta she needs for each person.

4 people = 400 g

1 person = 400 ÷ 4 = 100 g (sausage)

4 people = 500 g

1 person = 500 ÷ 4 = 125 g (dry pasta)

Find out how much grams of sausage and dry pasta is needed for 10 people.

10 person = 100 x 10 = 1000g (sausage)

10 person = 125 x 10 = 1250g (dry pasta)

The sum of the measures of angle Pand angle S is 140°.
• The measure in degrees of angle Pis represented by the expression (5x + 30).
• The measure of angle S is 80°.
What is the value of x?
38
B
6
C
10
30
D 22

Answers

Answer:6

Step-by-step explanation:i’ve done this answer before

An expression is a way of writing a statement with more than two variables or numbers with operations such as addition, subtraction, multiplication, and division.

The value of x is 6.

What is an expression?

An expression is a way of writing a statement with more than two variables or numbers with operations such as addition, subtraction, multiplication, and division.

Example:

2 + 3x + 4y = 7 is an expression.

3x = 4 is an expression.

3x + 4x - 4 is an expression.

We have,

The sum of the measures of angle P and angle S is 140°.

The measure in degrees of angle P is represented by the expression.

=  (5x + 30)

The measure of angle S.

= 80°

Now,

5x + 30 + 80 = 140

5x + 110 = 140

Subtract 110 on both sides.

5x = 140 - 110

5x = 30

Divide both sides by 5.

x = 6

Thus,

The value of x is 6.

Learn more about expressions here:

https://brainly.com/question/3118662

#SPJ2

Select all equations that match the solution for this equation: 5(x - 12) = 20

60 + 20 ÷ 5
1/5(60 + 20)
(16 + 20) • 5
(16 - 12) • 5
1/5(75 - 63

Answers

Answer:

The answer is x=16 so whatever the equations should look like it should be this:

Step-by-step explanation: 5(x-12)=20 5x-60=20 add 60 to 20 and get 5x=80 x=16

#6 need help asap will give brainly

Answers

Answer: 420 feet
Explanation: 10x9=90x2=180 + 12x10=120x2=240 = 420

total surface area Stot = 636 ft2

lateral surface area Slat = 420 ft2

top surface area Stop = 108 ft2

bottom surface area Sbot = 108 ft2

What is the volume of the right rectangular prism below?

Answers

Answer:

Option C will be your answer

[tex]3 \frac{3}{4} cubic \: inches[/tex]

Step-by-step explanation:

hope it helps you


Three girls share R12000 in the ratio 2:3: 7. Calculate how much each girl
will get​

Answers

2+3+7=12

12=12000

2?=

2×12000=24000÷12=2000.

R2000 for the first girl.

Step-by-step explanation:

3×12000=36000÷12=3000.

R3000 for the second girl.

7×12000=84000÷12=7000.

R7000 for the third girl.

Each of the three girls would get R2,000, R3,000 and R7,000 respectively.

Given the following data:

Total amount = R12,000.Ratio = 2:3:7Sum of ratio = [tex]2+3+7[/tex] = 12.

To share R12,000 among three girls in the ratio of 2:3:7​:

How to calculate a ratio.

In this exercise, you're required to share the total amount of money among three girls in the ratio of 2:3:7. Thus, we would solve as follows:

For a ratio of 2:

[tex]Amount=\frac{2}{12} \times 12000\\\\Amount=\frac{24000}{12}[/tex]

Amount = R2,000.

For a ratio of 3:

[tex]Amount=\frac{3}{12} \times 12000\\\\Amount=\frac{36000}{12}[/tex]

Amount = R3,000.

For a ratio of 7:

[tex]Amount=\frac{7}{12} \times 12000\\\\Amount=\frac{84000}{12}[/tex]

Amount = R7,000.

Read more on ratio here: brainly.com/question/13513438

Will mark brainly
1,2,3,4, and 5 if you can:)

Answers

Answer:

1. A    2. B  3.D  4.C  5. E

Step-by-step explanation:

Can anyone help me with this question please ?
I’ll mark you as a brainliest.

Answers

Answer:

0.5

Step-by-step explanation:

Don't know if i did it right very sorry if wrong make sure to down vote if wrong have good day good luck on test ;)

mike pays $26 for 10 baseball tickets. if he wants to buy 30 baseball tickets, how much will he pay?

Answers

26/10 = 2.60 .... 2.60 x 30 = 78. So 78 is the answer

Which equation demonstrates the multiplicative identity property?

Answers

Answer:

B. (-3+5i)(1)= -3+5i

Step-by-step explanation:

The multiplicative identity property states that any number or polynomial times 1 will be equal to itself. In answer B, a polynomial is multiplied by 1 and then equals itself. None of the other answers have 1 as a term, and therefore cannot be correct.

The value of la-1)+q? --- 2 4210 )
when a = 2 and b= -1 is

Answers

Answer:

-1

Step-by-step explanation:

2−1+  (22−(−1)²) / (1−(2)(−1))

+2(2−(−1)) / (2)(−1)

22−(−1)2 / 1−(2)(−1)

+2(2−(−1)) / (2)(−1)

= -1

gaveing out points for helpers!!​

Answers

Because the two angles add up to equal 90, you would make an equation set to equal 90. On the other end you add the measures of your angles together because they are adding up to equal 90. This would look like 2x+5+35=90 and you solve from here. Add like terms making it 2x+40=90 then you subtract 40 from both sides making it 2x=50 and then divide by 2 on both sides which leaves you with x=25.

5-8 The Quadratic Formula
Kamlu is on her balcony. Her friend is directly below her, tossing her an apple. He releases it from 5 feet above the ground with an initial velocity of 28
feet per second. If Kamlu's hands are 14 feet above the ground, how many chances will she have to catch the apple, and when?

Answers

Answer:

hi

Step-by-step explanation:

Which expression represents the correct form for the quotient and remainder, written as partial fractions, of StartFraction 8 x cubed minus 2 x squared minus 67 x minus 24 Over 2 x squared minus x minus 21 EndFraction?

1.What is the principal which would amount to $6 900 in 3 years at 5% simple interest per annum?Required to answer. Single choice.

(1 Point)

a.) $6 885

b.) $6 555

c.) $6 000

d.) $5 865​

Answers

Answer:

c

Step-by-step explanation:

I just looked up the question

Please help! 17/20. Will give brainliest! Spam answers will not be tolerated!
Factor. [tex]21x^2+22x-24[/tex]

Answers

Answer:

( x - 1 ) ( 2x + 24)

Step-by-step explanation:

2x² + 22x - 24

P= -48 , S = 22 , F = 24 and -2

2x² - 2x + 24x - 24

2x (x -1) +24 (x -1)

(x - 1) (2x + 24)

the one wirh my mouse over js 55

Answers

Answer:

55 is the answer

Step-by-step explanation:

180-76-49= 55 !!!!!

Answer:

55°

Step-by-step explanation:

Parking at a large university has become a very big problem. University administrators are interested in determining the average parking time (e.g. the time it takes a student to find a parking spot) of its students. An administrator inconspicuously followed 250 students and carefully recorded their parking times. The university is interested in using the information from the sample of 250 students collected to learn information about the entire student parking population. Would this be an application of descriptive or inferential statistics

Answers

Answer:

Inferential statistic

Step-by-step explanation:

The art of making deductions or data driven predictions from statistical data refers to an aspect of statistics called Inferential statistics. Inferential statistics differs from descriptive statistics which is another aspect which focuses on presenting characteristics of data. Here, we make statistical deductions about the entire population from the results obtained about the sample statistic. In the scenario above, the statistic derived from the sample data will be used to make deductions about the general population of students who park in the university. Therefore, from the statistic obstaied from the sample, we infer about the population.

(-4 + 11i) ^ (-6-8i)

Answers

Answer:

i need help so i need more points

Step-by-step explanation:

thanks, im sorry that im not smart

need help due today .

Answers

Answer:

Radius=7.5cm

Diameter=15cm

Step-by-step explanation:

The radius is half of the diameter which is the length of the circle measured across (or through I guess), so the radius is what is shown 7.5, and the radius doubled (x2) is the diameter so 7.5x2 = 15.

HOPE THAT HELPS AND MAKES SENSE! :)

7.5cm for radius and 15cm for Diameater

What is the height of a cylinder If the Volume is 250 ft and the diameter is 87​

Answers

Answer:

h = 0.13

Step-by-step explanation:

Cylinder Volume Formula:

V = πr²h

Given:

V = 250

r = d/2 = 43.5

π = 3.14

Work:

V = πr²h

250 = π43.5²h

250 = (3.14)(1892.25)h

250 = 5941.665h

h = 250/5941.665

h = 0.13

where is the crab located?​

Answers

on the x-axis should be the answer

Make a table for the function using the given domain. Then graph the function using the
ordered pairs from the table.
f(x) = 6( 4/3 )^x ; domain = { -3, -2, -1, 0, 1 }

Answers

Let's see

[tex]\\ \rm\rightarrowtail f(x)=6(4/3)^x[/tex]

Put one by one

[tex]\\ \rm\rightarrowtail f(-3)=6(4/3)^{-3}=6(3/4)^3=6(27/64)=3(27/32)=81/32[/tex]

[tex]\\ \rm\rightarrowtail f(-2)=6(4/3)^{-2}=6(3/4)^2=6(9/16)=27/8[/tex]

[tex]\\ \rm\rightarrowtail f(-1)=6(4/3)^{-1}=6(3/4)=9/2[/tex]

[tex]\\ \rm\rightarrowtail f(0)=6[/tex]

[tex]\\ \rm\rightarrowtail f(1)=6(4/3)=8[/tex]

Micah is buying gravel for a rock garden that will be edged by a circular metal border. She will use 110 feet of metal edging for the border. What is the area of the garden? Use 3.14 for Pi

The equation C = 2 r is used to determine the circumference of a circle with radius r. Describe how you can substitute and simplify this equation to help solve the problem.

Answers

Answer:

9,498.5 ft²

Step-by-step explanation:

110 ft = circumference (C)

C=2r

110=2r

110/2=2r/2

55=r

Area of a circle (A) = πr²

Use 3.14 for π

A=3.14(55)²

A=3.14(3025)

A=9,498.5

The area of the garden is 9,498.5 ft²

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