Marriage and Taxes. Bill and Mary plan to marry in December 2022. Bill's salary is $112,000 and he owns his residence. His itemized deductions total $21,700. Mary's salary is $94,000. Her itemized deductions total only $11,800 as she does not own her residence.
a. What will their 2022 tax be if they marry before year end and file a joint return?
b. What will their combined 2022 taxes be if they delay the marriage until 2023?
c. what factors contribute to the difference in taxes?
Answers
It's important for Bill and Mary to consult a tax professional or use tax software to accurately calculate their taxes and determine the most beneficial filing option for their specific situation. Since Bill's salary is $112,000 and his itemized deductions are $21,700, he can determine his tax liability based on his income and deductions.
a. If Bill and Mary marry before the end of 2022 and file a joint return, their tax for 2022 can be calculated as follows:
1. Determine their combined income: Bill's salary of $112,000 + Mary's salary of $94,000 = $206,000.
2. Calculate their combined itemized deductions: Bill's itemized deductions of $21,700 + Mary's itemized deductions of $11,800 = $33,500.
3. Subtract their combined itemized deductions from their combined income to get their taxable income: $206,000 - $33,500 = $172,500.
4. Use the tax brackets for married couples filing jointly to determine their tax liability. However, as their taxable income falls within a specific tax bracket range, they can refer to the IRS tax tables or use tax software to determine their tax liability.
b. If Bill and Mary delay their marriage until 2023, their combined taxes for 2022 will be based on their individual tax returns. Here's how to calculate it:
1. Calculate Bill's tax for 2022 using his individual income and itemized deductions.
2. Calculate Mary's tax for 2022 using her individual income and itemized deductions. Since Mary's salary is $94,000 and her itemized deductions are $11,800, she can determine her tax liability based on her income and deductions.
3. Add Bill's tax and Mary's tax to determine their combined taxes for 2022 if they delay the marriage until 2023.
c. The difference in taxes between marrying before the end of 2022 and delaying the marriage until 2023 can be influenced by several factors:
1. Filing status: When married, Bill and Mary can choose to file a joint return or separate returns. Filing jointly often offers more tax advantages, such as a lower tax rate and eligibility for certain deductions and credits.
2. Tax brackets: The tax brackets for married couples filing jointly may differ from the tax brackets for individuals. By combining their incomes, Bill and Mary may fall into a higher or lower tax bracket, affecting their overall tax liability.
3. Itemized deductions: Bill's higher itemized deductions can potentially lower their taxable income when they file jointly. However, if they choose to file separately, each person's individual itemized deductions may have a different impact on their tax liability.
4. Tax credits: Marrying before the end of the year may make them eligible for certain tax credits that are only available to married couples.
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Related Questions
whether a good is a luxury or necessity depends on the group of answer choices price of the good. preferences of the buyer. intrinsic properties of the good. scarcity of the good.
Answers
A good is a luxury or necessity depends on preference share of the buyer.
Necessity goods refer to those goods for which there is no change in demand with a chnage in the income of consumer. Example : Salt, wheat flour, medicines etc.. These goods are essential for human existence and, therefore, they occupy a higher place in the consumers' order of preference.
When the income increases the consumer buys more of luxury goods. Necessity goods cannot be postponed even if the price increases, whereas luxury goods can be postponed if its price is too high.
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5. Do a SWOT analysis for the business idea you chose in question 2 above. Describe at least 2 strengths, 2 weaknesses, 2 opportunities, and 2 threats for that company idea. (1-8 sentences. 4.0 points)
6. Make a list of at least 3 people you would want to give copies of your business plan to, and explain why you chose each of those people. (1-5 sentences. 3.0 points)
Answers
PART I
Answer:
The business idea is that of a Bakery that specializes in pastry that is mixed with fruits.
Explanation:
SWOT
Strengths
Unique Value Proposition which is healthier bread and cake recipes20 years experience in baking which translates to strong industry knowledgeWeaknesses
Insufficient Equipment to go withWeak or zero visibility for new businessOpportunities
Little or no competition as the recipes are unique to meHuge demand for healthier pastry especially in my current locationThreats
The industry is heavily regulated and may be shut down if there are compliance issuesOne competition that knows what they are doing and combines pastry with healthy drinks such as smoothies. We don't do smoothies.Part II
Answer:
The persons I would give the business plan to are:
My family An angel investor who I met on LinkedIn who supports small businesses and start-upsMy banker of over 20 yearsI would give the business plan to my family members because they are the easiest people to raise funds from and also because family, can decide to contribute in cash or in-kind with no interest required.I would give the business plan to an angel investor because their funds are cheaper than those of the banks though a little more difficult to come byBanks always have the funds but the funds come at a higher cost than the first two.Cheers
nancing activities include a.acquiring investments b.lending money c.issuing debt d.acquiring long-lived assets
Answers
Financing activities include borrowing funds and issuing equity. The funds raised from such activities are used to acquire assets or pay off debts.
These activities are essential to a company's long-term survival and growth. Thus, among the following options, the financing activities include: issuing debt.
Explanation: Financing activities refer to activities that a company carries out to raise funds for its business. Such activities involve the issuance of debt or equity to investors or the borrowing of funds from lenders.
Financing activities can be categorized into two categories: Equity financing and debt financing.Issuing debt: The issuance of debt is a financing activity that allows companies to raise funds by issuing bonds or other types of debt securities to investors.
Companies use the funds raised from issuing debt to finance their operations, acquire assets or pay off other debts. By issuing debt securities, companies agree to pay a fixed rate of interest to the bondholders or lenders until the debt is repaid.
Equity financing: Equity financing is another form of financing activity that involves issuing equity shares to investors. Equity shares represent ownership in a company and entitle shareholders to a portion of the profits.
Companies use equity financing to raise funds for expansion, research, and development or to pay off debt.
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The ability to understand people is ____ to the success of cosmetologist.
Answers
Answer:
Customer service
Explanation:
Hope this helps~! :D
During the first quarter of the Super Bowl, Chris keeps track of actual game time vs. time devoted to commercials. Game time amounted to 35 minutes; commercials comprised 14 minutes. What fraction of the total time was the actual game shown? *
Answers
Answer:
5/7
Explanation:
The total time will be the aggregate of commercials and game time
=35 mins + 14 mins
=49 mins
game times as a fraction of total time
=35/49
=5/7
in what way does ias 16 (property, plant, and equipment) differ from u.s. gaap concerning fixed asset measurement subsequent to initial recognition?
Answers
There are significant discrepancies between the GAAP regulations codified in ASC Topic 360 and the IFRS rules written in IAS 16 in the field of fixed assets and the resulting depreciation. The cost method is the sole technique to originally report a fixed asset under GAAP.
What are GAAP and IAS 16?IAS 16 permits both upward and downward revaluation of fixed assets, however US GAAP permits only upward revaluation. IAS 16 allows for asset revaluation based on fair value to be performed. Each asset type must be revalued on an annual basis. Property, plant, and equipment are initially measured at cost, then measured again using a cost or revaluation model, and depreciated such that its depreciable amount is distributed systematically during its useful life. IAS 16 was reprinted in December 2003 and is effective for fiscal years beginning on or after January 1, 2005.
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Oliver is a small manufacturing business owner. He has a limited number of employees working under him. He usually helps his employees with their respective insecurities and helps them grow. He thus inspires his employees to work better. Which character trait helps Oliver be a good entrepreneur?
A. aggression
B. timeliness
C. creativity
D. intuitiveness
E. confidence
Answers
Answer:
D. intuitiveness
Explanation:
It is Oliver's intuitiveness that makes him a good entrepreneur. Remember, an entrepreneur who has the character trait of intuitiveness is able to easily understand issues facing their employees and then bring out solutions to those problems.
Hence, we are told, Oliver not only helps his employees with their respective insecurities but also them grow, this shows he has a high sense of intuition such that he can inspire others to imitate his example.
Answer:
Confidence
Explanation:
Plato
When comparing a Variable Rate Demand Obligation (VRDO) to an Auction Rate Security (ARS), which statement is FALSE?
Answers
Answer:
Both have tender options.
Explanation:
Variable rate demand obligation and Auction rate securities both are long term bonds which have interest rate that reset weekly or monthly. This advantages the issuer with lower short term rates despite of long term security. Both of these securities are subject to credit risk of the issuer and they are marketed by broker dealers.
please help me!!! I literally have no clue what it is
Answers
Answer:
Critical Thinking,Mathematics, and Operation and Control.
Explanation:
A 5 customer retention increase can result in a profit increase of how much?
A) 25-100%
B) 5-15%
C)3-5%
D)10-20%
Answers
Answer:
A 25-100%
Hope this helps
Answer: A). 25-100 %
Explanation:
Got it right!
Machine has three speed settings, low medium fast the low setting produces 110 units with a 90% quality rating the medium setting produces 120 units with an 80% quality rating in the fast setting produces 140 units with a 70% quality rating if each unit sells for $20 what shutting makes the company the most money in sales win percentage not meeting quality standards cannot be sold
Answers
The low setting makes the company the most money in sales, with a total revenue of $1980
To determine which setting makes the company the most money, we need to calculate the total revenue generated by each setting while taking into account the quality rating. For the low setting, the company produces 110 units with a 90% quality rating, which means that 10% of the units are not sellable. So, the total number of sellable units is 110 x 0.9 = 99 units. The revenue generated from selling these units is 99 x $20 = $1980. For the medium setting, the company produces 120 units with an 80% quality rating, which means that 20% of the units are not sellable. So, the total number of sellable units is 120 x 0.8 = 96 units. The revenue generated from selling these units is 96 x $20 = $1920.
For the fast setting, the company produces 140 units with a 70% quality rating, which means that 30% of the units are not sellable. So, the total number of sellable units is 140 x 0.7 = 98 units. The revenue generated from selling these units is 98 x $20 = $1960.
Therefore, the low setting makes the company the most money in sales, with a total revenue of $1980
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A cashier distributes change using the maximum number of five-dollar bills, followed by one-dollar bills. Write a single statement that assigns num_ones with the number of distributed one-dollar bills given amount_to_change. Hint: use %.
Answers
The statement will be implemented using the modulo operator.
The function of the modulo operator (%) is to return the remainder of an integer division.
Take for instance:
This is so because, when 5 is divided by 3; the remainder is 2
So, the required programming statement is:
numberOfOnes = amtToChange % 5;
The above statement is the same for several programming languages such as Python, Java, C++, C#, C, etc.
What exactly do cashiers have to do?by scanning merchandise, itemizing, and adding up customers' purchases, a cashier registers sales. redresses client complaints and responds to inquiries. If necessary, buy bags. handles transactions involving returns.
Do cashiers have a difficult job?As a result of repetitive motions, mental exhaustion, and the fact that sometimes things aren't as clear-cut as they should be, working as a cashier may be challenging and exhausting. It also makes their job more difficult when certain types of customers enter the store. That type of clientele is well known to everyone.
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difference between relative and absolute scarcity
Answers
Answer: Relative scarcity could be described as that where the resources are limited in supply for a short while, due to manufacturing or supply challenges.
Absolute scarcity could he described as where supply is naturally limited. No possibility of the supply increasing.
Explanation:
Relative scarcity could be described as that where the resources are limited in supply for a short while, due to manufacturing or supply challenges.
Absolute scarcity could he described as where supply is naturally limited. No possibility of the supply increasing.
In relative scarcity, there is a probability of the supply to be made available later while in absolute, there is no possibility of it happening.
A company with a narrow span of control, which tends to have many managerial levels and a long chainof command, is said to have a ______ organizational structure
Answers
A company with a narrow span of control, which tends to have many managerial levels and a long chain of command, is said to have a tall organizational structure.
In general, large organizations are very complex. This means that if the market changes, managers have much less control and these organizations can react slower than usual.
A large organizational structure means that management is divided into several levels, with executives at the top and full-time employees at the bottom. The top-down structure is another way of referring to large organizational structures.
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2. cost of capital is the same as cost of equity for firms: a. financed entirely by debt b. financed by both debt and equity c. financed entirely by equity d. none of the above
Answers
Cost of capital is the same as cost of equity for firms financed entirely by equity.
What Is Capital Cost? The minimal rate of return or profit that a business must achieve before creating value is known as the cost of capital. The accounting department of a company computes it to assess financial risk and evaluate if an investment is appropriate.A company's cost of equity quantifies the returns required by investors who are a part of its ownership structure, whereas its cost of capital refers to the expense it must incur in order to acquire fresh capital funds.The cost of equity typically outweighs the cost of debt. Since repayment of a loan is required by law regardless of a company's profit margins, shareholders are at more risk than lenders.To learn more about Cost of capital refer to:
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At the current market price in the market for smartphones, the quantity of buyers is larger than the quantity of sellers. Given this situation, we can expect the market price of smartphones to: a) Increase b) Decrease c) remain unchanged
Answers
Given that the quantity of buyers is larger than the quantity of sellers in the market for smartphones at the current market price, we can expect the market price of smartphones to a) Increase.
When the quantity of buyers is larger than the quantity of sellers, it indicates a situation of excess demand or a shortage in the market.
In such a scenario, buyers compete with each other to purchase the limited supply of smartphones, driving up the demand and putting upward pressure on prices. Sellers have the advantage in this situation, allowing them to increase the market price of smartphones to capitalize on the imbalance between supply and demand.
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You would use Query by Example, if _____.
a.
you wish to use a visual approach to query building
b.
you use a template for reports
c.
wish teach SQL with examples
d.
you build a query from an example
Answers
The correct answer is A. You would use Query by Example if you wish to use a visual approach to query building
A visual approach is a method to a runway at an airport performed beneath device flight regulations (IFR) however wherein the pilot proceeds with the aid of visible reference and clear of clouds to the airport. The pilot ought to always have either the airport or the previous aircraft in sight. This method needs to be legal and underneath the manipulation of the ideal air traffic management (ATC) facility.
The global Civil Aviation company (ICAO) definition adds that the visible method can begin when "both element or all of an instrument method is not completed", various most effective barely from the Federal Aviation management law and is basically identical. The visible technique lets a pilot fly to the runway without having to perform a tool method.
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Mining Companies have a major role to play in facilitating and promoting the culture of equality and therefore eliminating Gender based violence from the workplace and communities that host/ border mining project developments. a) What are some of the reasons that you believe gender based violence has become so prevalent on mining sites and in surrounding communities. (5 marks) b) During the screening phase of an EIA project in Guyana concerns were raised by villagers in the area about "Increased incidences of sexual exploitation of indigenous women and young girls by people who have come into the communities to work for the company."
Answers
Gender-based violence has become prevalent on mining sites and in surrounding communities due to a combination of factors such as male-dominated work environments, social and economic inequalities, lack of awareness and education, limited access to support services, and a culture of impunity.
Gender-based violence on mining sites and in surrounding communities can be attributed to several reasons. Firstly, the mining industry is historically male-dominated, with a significant gender imbalance in the workforce. This power dynamic can perpetuate harmful attitudes and behaviors towards women, leading to increased incidents of violence.
Secondly, mining projects often bring rapid social and economic changes to communities, resulting in unequal power dynamics and social tensions. These changes can disrupt traditional gender roles and exacerbate existing gender inequalities, making women and girls more vulnerable to violence.
Thirdly, the lack of awareness and education about gender issues and violence prevention contributes to the prevalence of gender-based violence. Limited knowledge about consent, healthy relationships, and gender equality can perpetuate harmful norms and behaviors.
Furthermore, the remote locations of many mining sites can limit access to support services and justice systems. This lack of resources and infrastructure can prevent survivors from seeking help and perpetrators from being held accountable, perpetuating a culture of impunity.
Lastly, the overall culture and norms within the mining industry and surrounding communities play a significant role. If there is a lack of commitment from mining companies to prioritize gender equality, enforce policies against violence, and promote a safe and inclusive work environment, it can contribute to the prevalence of gender-based violence.
In conclusion, gender-based violence on mining sites and in surrounding communities is a complex issue influenced by multiple factors. Addressing this problem requires a comprehensive approach that involves creating gender-inclusive work environments, promoting education and awareness, strengthening support services, and holding perpetrators accountable. By actively working towards equality and addressing the root causes of violence, mining companies can play a crucial role in eliminating gender-based violence from their workplaces and the communities they operate in.
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how can interest rate on loan for rental property determine the rent
Answers
PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST) PERSONAL & FAMILY FINANCE
Which statement BEST argues that stock markets can be good for society?
The stock market helps people earn money without having to pay any taxes on their income.
The government requires all companies to participate in the stock market
The stock market allows individuals to invest money and create more money.
Answers
Answer:
C
Explanation:
Answer:
C.
The stock market allows individuals to invest money and create more money.
Explanation:
help me please
You are putting on a theater production. Which of the following should be a consideration when you get ready to choose the script?
The size of the theater/stage
The demographics of the audience
The topic/popularity of the script
All of the above
Answers
Answer:
The topic/popularity of the script
Explanation:
When you are writing a script, you WILL NEED TO consider the topic/popularity of the script.
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unlike in the mass production era, in today's marketplace:
Answers
Unlike in the mass production era, in today's marketplace businesses focus on partnering with members of the supply chain to enhance customer value. The correct option is A.
Businesses today concentrate on forming alliances with supply chain participants to increase customer value. Businesses can streamline operations, cut costs and boost efficiency by collaborating and integrating throughout the supply chain. Businesses can provide customers with superior goods and services by collaborating closely with suppliers, distributors and retailers.
Access to specialized knowledge, pooled resources, and synergistic opportunities are made possible by strong partnerships. Additionally, collaboration encourages innovation and makes it easier to respond to market changes. Businesses can enhance product quality, customization options, delivery times and customer service by coordinating goals and sharing information.
Businesses strive to use partnerships to meet customer demands effectively and gain a competitive edge in the market because they recognize the importance of a collaborative supply chain.
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The complete question is "Unlike in the mass production era, in today's marketplace:
A. businesses focus on partnering with members of the supply chain to enhance customer value.
B. supply chain management reflects a completely employee-driven management philosophy.
C. companies that focus on supply chain management commonly report high inventory costs.
D. standardized products are "pushed" down through marketing channels to consumers."
In an oral agreement, Chris offers to sell Marcy his car for $13,000, but Marcy is confused and thinks Chris said $15,000.
As they continue their negotiations, Chris becomes aware that Marcy thinks he said $15,000 instead of $13,000, and
when Marcy agrees to pay the additional $2,000, Chris doesn't say anything. Is the contract going to be upheld? True false
Answers
Answer: The answer is no.
1. How do you understand the concept of the Asset Value of Whiteness, and what
effects does it have on racial wealth inequality in the United States?
Answers
The wealth gap between races is the most accurate way to depict the existence and increase of economic disparity along ethnic and racial boundaries.
What is Asset Value?The term" Asset Value" determines the value of holdings that a family or an organization carries. This asset can be their home, building, or machinery they acquired.
The essential role wealth plays in positive interdependence to manage their current financial issues and make investments for the future, the racial wealth gap is significant.
White Americans own 84% of the nation's wealth, while Black Americans hold 4% of it. Administration policies prevent people of color from accumulating wealth, which is why they hold a significant share of wealth.
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If Chinwe owes $2,164.00, what would her quarterly payments be?
Answers
Answer:
$541.00
Explanation:
2164 / 4 = 541
Based on the calculation, Chinwe's quarterly payment would be equal to $541.00.
What is a quarterly payment?A quarterly payment can be defined as a cumulative total of monthly payments that are made by an individual or business organization, four (4) times in a year or an annual basis. This ultimately implies that, a quarterly payment would be paid in four (4) installments only.
Given the following data:
Debt = $2,164.00.
Quarterly payment = 2,164.00/4
Quarterly payment = $541.00.
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Which marketing tactic runs counter to the practice of market segmentation?
undifferentiated marketing
targeted marketing
marketing campaign
demographic marketing
Answers
targeted marketing
I hope this helps you
:)
Select all that apply.
Learning styles include all of the following:
bodily/kinesthetic
verbal/linguistic
naturalistic
personal
Answers
Answer:
bodily/kinesthetic
verbal/linguistic
Explanation:
Learning styles can be regarded as range of competing as well as contested theories which analyse
differences that exist learning of in individuals. It should be noted that the Learning styles includes
✓bodily/kinesthetic
✓verbal/linguistic
Answer:
verbal/linguistic
bodily/kinesthetic
naturalistic
Explanation:
checked answer on Odyssey
Alisha is trying to sell some of her childhood toys at a garage sale, but nobody is buying them. She suspects that she could sell them quickly if she would lower the prices, but she doesn’t want to do that because the items have sentimental value. This is an example of what?
Answers
Explanation:
this is example of loss because she will end up selling them at low low prices
The first paragraph or part of a business letter is the
OA. introduction
OB. addresses
OC. supporting details
OD. conclusion
SUE
Answers
Answer:
introduction
Explanation:
I don't know how to explain
how do basic level occupation help society
Answers
Answer:
A job, employment, work or occupation, is a person's role in society. More specifically, a job is an activity, often regular and often performed in exchange for payment ("for a living"). Many people have multiple jobs (e.g., parent, homemaker, and employee). A person can begin a job by becoming an employee, volunteering, starting a business, or becoming a parent. The duration of a job may range from temporary (e.g., hourly odd jobs) to a lifetime (e.g., judges).
Basic level occupation can help our society in many ways. One of them is agricultural. A further explanation is provided below.
Agriculture would be essential employment across the globe even though it's the foundation or the core of all certain vocations, even though people must live.Otherwise, there'll be no significant population for any other activity, resulting in highly impoverished as well as uneducated people throughout the planet."
There are many jobs that a person can do like employee, homemaker, etc. A person can start his career with such jobs.
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