How would your answer differ (if at all) if the couple had AGI of $36,000 that was earned entirely byTim ? Answer The maximum amount of qualifying expenses is limited to $6,000 for two or more children. But, the amount should be reduced by the $1,800 that Martha received from her employer. So the total expenses are $4,200. Because their AGI was over $43,000, Tim and Martha are entitled to a credit equal to 20% of their expenses, or $840.
According to the text, the exception amount for active owners is phased out as income increases: the $25,000 maximum exception amount is phased out by 50 cents for every dollar the taxpayer’s adjusted gross income (before considering the rental loss) exceeds $100,000. 120,000-100,000*.5= 10,000 phase out 25,000-10,000= 15,000 total deductible loss; Alexa can still deduct the $2,400 because her loss is less than the 15,000. New AGI 120,000-2,400= $117,600 d. Assume that Alexa’s AGI from other sources is $200,000. This consists of $150,000 salary, $10,000 of dividends, and $25,000 of
Executive Summary Cottrill Inc. had a 1 week trial with Saxton’s pagers but had a major technical issue with them near the end, which has so far been resolved. Whether Saxton’s pagers will have additional problems is unknown. Cottrill Inc. equipment failures can cost the company around $200,000 per hour and on average have problems once a week. Judy want to make the right decision in regards their pager supplier, which could result in a great annual saving for Cottrill Inc., or possible problems which could create a massive loss. Through analysis, it might be safer to stay with Tallant or prolonging a trial period with Saxton to ensure stability.
Using the criteria above, we have chosen the best method of production for each requirement in order to help us make our final decision. Income - Level Production Based on income, level production is the best choice. Level production will eliminate overtime costs of $225K and direct labor costs of $265K, reducing the percentage of COGS from 70% to 65.1% of sales. A portion of these savings would be offset by higher storage costs of $115K, which will increase operating costs each month. However, even with these additional costs, net profit under level production is projected to be $520K, which is a 48% increase over the seasonal production estimate of $351K.
My fellow students and I were poor college students working waitressing jobs, just for an extra 20 dollars to go out. I did know at the time that I was attending college to move my way up to the upper class; the proverbial American Dream. Now I am in my 30’s and have a career as a Registered Nurse and would consider myself middle class now. I compare myself with my immediate surroundings, the people I work with, and
D. allocating current resources for spending. E. establishing a line of credit. 3. If a person deposited $50 a month for 6 years earning 8 percent, this would involve what type of computation? A. simple interest B. future value of a single amount C. future value of a series of deposits D. present value of a single amount E.
With the economy in the shape it is, it makes those full-time jobs seem like only part-time jobs. “We are spending more money fighting poverty than ever before, yet poverty is up,” said Michael D. Tanner, a senior fellow at the Cato Institute. “Clearly we are doing something wrong.”( Poverty Stats Show the Damage) Specialists say the government needs to rethink their calculations of poverty. According to Carol Morello’s article, “Poverty Stats Show the Damage,” about 44 million Americans (one in seven) lived in homes at the poverty level. For a family of four that level is $22,000 annually or less.
The middle fifty- percent earns between $42,000 and $57,000. Norm told me that his starting annual salary was about was about $41,000. When he was first hired at Jordan Hospital, Norm had the opportunity to begin as a physical therapist's assistant. From watching the therapist and improving his skills and knowledge of the practice, he could move his way up the staff. He had the opportunity to become a therapist and then head of the therapy ward.
This will enable you to have a buffer when you need to cope up with the rising costs or unexpected expense. 11. Inclusion of the savings as an expense while planning budget When you are planning your budget, you need to include savings as a part of the budget. For this purpose, you can set up a separate saving account and transfer a pre-determined amount every month. This savings can be used for short-term or long-term targets such as a vacation, college tuition or a house.
Most of my money was dedicated to my personal bills like monthly phone bills; food, clothing, and bus pass for every month, entertainment expenses when I go out on weekends, and mainly to have extra cash with me. Even though every time I got paid I would plan out my ways of spending it and how to maintain it. But sometimes having money at young age does not result in good outcome. One of my methods of saving was to put aside a small portion of