Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer is 70,050 so please check work against this. 1. During 2020, she earned a salary of $63,000. 2. On December 15th, Vera's boss notified

Answer is 70,050 so please check work against this.image text in transcribed

1. During 2020, she earned a salary of $63,000. 2. On December 15th, Vera's boss notified her that she would be receiving a $5,000 bonus for her superior performance. Her boss indicated that the check would be available in early January. On December 29th, Human Resources notified her that her check was in her company mailbox. Vera picked up the check on January 2nd and deposited it into her checking account the same day. 3. Vera owns the copyright to a children's book. She receives $5 for every copy of the book sold. During 2020, 310 copies of the book were sold, and she received payment for each copy sold. Unfortunately, last year (2019), one publisher failed to pay her for the copies of the book that they had sold. During 2020, Vera had to take them to court and paid $1,500 in legal fees for her lawyer regarding the matter. 4. In 2016, Vera divorced her husband. Rather than forcing a sale of their home, Vera agreed to let her former husband keep it. In exchange, the divorce decree requires that he pay her $15,000 per year for 10 years. She received this year's payment on November 10th. 5. During 2020, Vera took advantage of a company policy that allows her to receive design services at a reduced rate. She purchased $5,000 of services for $3,500 (a discount of 30%). Her employer's gross profit percentage on all products held for sale is 35%. 6. Vera was injured in an accident during 2020. She incurred medical expenses for care totaling $14,800, which she paid out-of-pocket. Her health insurance reimbursed her $9,100 for her expenses. What is Vera's gross income for 2020? Please round to the nearest dollar. 1. During 2020, she earned a salary of $63,000. 2. On December 15th, Vera's boss notified her that she would be receiving a $5,000 bonus for her superior performance. Her boss indicated that the check would be available in early January. On December 29th, Human Resources notified her that her check was in her company mailbox. Vera picked up the check on January 2nd and deposited it into her checking account the same day. 3. Vera owns the copyright to a children's book. She receives $5 for every copy of the book sold. During 2020, 310 copies of the book were sold, and she received payment for each copy sold. Unfortunately, last year (2019), one publisher failed to pay her for the copies of the book that they had sold. During 2020, Vera had to take them to court and paid $1,500 in legal fees for her lawyer regarding the matter. 4. In 2016, Vera divorced her husband. Rather than forcing a sale of their home, Vera agreed to let her former husband keep it. In exchange, the divorce decree requires that he pay her $15,000 per year for 10 years. She received this year's payment on November 10th. 5. During 2020, Vera took advantage of a company policy that allows her to receive design services at a reduced rate. She purchased $5,000 of services for $3,500 (a discount of 30%). Her employer's gross profit percentage on all products held for sale is 35%. 6. Vera was injured in an accident during 2020. She incurred medical expenses for care totaling $14,800, which she paid out-of-pocket. Her health insurance reimbursed her $9,100 for her expenses. What is Vera's gross income for 2020? Please round to the nearest dollar

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Valuing Agile The Financial Management Of Agile Projects

Authors: Alan Moran

1st Edition

0117082880, 9780117082885

More Books

Students also viewed these Finance questions