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We can see from the chart that the tax rate, given a person with taxable income of $75000, will be 22%.
Taxable income is what?A person's or an organization's taxable income is their gross income less any legal tax deductions. The amount of revenue an entity generates annually is what the government taxes. It can also be stated as the portion of income that is subject to income tax.
It may include all or a portion of the income, and it is reduced by other deductions and outgoings. Different sums are included as income, expenses, and other deductions depending on the nation and its system.
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Related Questions
Hershberger's Farms plans to mix two types of food to make a mix of low cost feed for the animals in his farm. A bag of food costs $10 and contains 40 units of protein, 20 units of minerals and 10 units of vitamins. A bag of food B costs $12 and contains 30 units of proteins, 20 units of minerals and 30 units of vitamins. Daily minimum requirements consist of 150 units of proteins, 90 units of minerals and 60 units of vitamins.
a. Based on the lowest possible cost, how many bags of food A and food B should be consumed by the animals each day?
b. What is the overall cost? $46.50
c. Was there any unused resources?
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Answer:
Following are the responses to the given choices:
Explanation:
For point a:
It is possible to say that as the material unit in either bag are same, the minimum bag number is 90 /20 = 4.5
rounded off=Minimum 5 bags
They will try to use all of these bags as the cost of bag A is poor.
When we have five bags of protein A, therefore the vitamin requirements were n’t fulfilled.
Currently, using 4 bags of A and 1 B bag, protein, vitamin and mineral obligations are fulfilled. They all are met.
Therefore, 4 food bags A and 1 food bag B need to be consumed due to the lowest cost.
For point b:
Cost total:
[tex]=( 4 \times 10 ) + ( 1 \times 12)\\\\=40 +12\\\\= \$52[/tex]
For point c:
The following are unused resources:
[tex]\text{Protein = Bag A + Bag B - Consumption}\\\\= 160 + 30 - 150\\\\=190-150\\\\= 40\\\\Minerals = 10 \\\\vitamins = 10[/tex]
Use the following information regarding the Newcastle Corporation to prepare a statement of cash flows using the indirect method:
Accounts payable decrease $9,100
Accounts receivable increase 12,740
Wages payable decrease 5,460
Amortization expense 29,120
Cash balance, January 1 54,600
Cash balance, December 31 12,740
Cash paid as dividends 10,920
Cash paid to purchase land 182,000
Cash paid to retire bonds payable at par 136,500
Cash received from issuance of common stock 81,900
Cash received from sale of equipment 21,840
Depreciation expense 70,980
Gain on sale of equipment 25,480
Inventory increase 23,660
Net income 174,720
Prepaid expenses increase 14,560
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Answer and Explanation:
The preparation of the cash flow statement is presented below;
Cash Flows from Operating activities
Net income $174,720
Adjustments made
Less: Accounts payable decrease ($9,100)
Less Accounts receivable increase ($12,740)
Less: Wages payable decrease ($5,460)
Add: Amortization expense $29,120
Add: Depreciation expense $70,980
Less: Gain on sale of equipment ($25,480)
Less: Inventory increase ($23,660)
Less; Prepaid expenses increase ($14,560)
Net Cash Flows from Operating activities $183,820
Cash Flows from Investing activities
Cash paid to purchase land ($182,000)
Add: Cash received from the sale of equipment $21,840
Net Cash flows from Investing activities ($160,160)
Cash Flows from Financing Activities
Cash paid as dividends ($10,920)
Less; Cash paid to retire bonds payable at par ($136,500)
Add: Cash received from the issuance of common stock $81,900
Net Cash Flows from Financing activities ($65,520)
Net Increase (Decrease) in Cash ($41,860)
Add: Cash balance, January 1 $54,600
Cash balance, December 31 $12,740