FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pleaseeee respond soon! 2021 tables usage! This year Luke has calculated his gross tax liability at $1,600. Luke is entitled to a $2,100 nonrefundable personal

Pleaseeee respond soon!

2021 tables usage!

image text in transcribed

This year Luke has calculated his gross tax liability at $1,600. Luke is entitled to a $2,100 nonrefundable personal tax credit, a $1,200 business tax credit, and a $700 refundable personal tax credit. In addition, Luke has $2,000 of income taxes withheld from his salary. What is Luke's net tax due or refund this year? $2,700 $2,000 $4,200 $0

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

Managerial Accounting

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

978-0073526706, 9780073526706

More Books

Students also viewed these Accounting questions

Question

3. How does confirmation bias operate in internal and external searches for information? This chapter examined the three initial stages of the consumer judgment and decision-making process. Problem...

Answered: 1 week ago

Question

★★★★★
Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, 2016: Administrative salaries...

Answered: 1 week ago

Question

★★★★★
Pleaseeee respond soon! 2021 tables usage! This year Luke has calculated his gross tax liability at $1,600. Luke is entitled to a $2,100 nonrefundable personal tax credit, a $1,200 business tax...

Answered: 1 week ago

Question

★★★★★
If sales are $525,000, variable costs are 64% of sales,and operating income is $50,000, calculate the following; a. CM ratio ; b. degree of operating leverage; and c. the impact ofa 20% increase in...

Answered: 1 week ago

Question

★★★★★
Imagine you read poll results that found that 49% of individuals liked buying food at movies, while 42% of individuals did not like buying food at movies. This poll had an error of +/- 2%. Based on...

Answered: 1 week ago

Question

★★★★★
Question: What will happen if two interfaces in Java declare methods with the same signature, and a class implements both interfaces? A) The program will fail to compile due to a method conflict. B)...

Answered: 1 week ago

Question

★★★★★
Question: In Java, what happens when a method in a subclass has the same name and parameters as a method in its superclass but has a different return type? A) The subclass method will override the...

Answered: 1 week ago

Question

★★★★★
Question: What will happen if a Java try block contains a return statement, and there is a finally block following it? A) The method will return the value specified in the try block before executing...

Answered: 1 week ago

Question

★★★★★
Assume that a simple random sample has been selected and test the given claim. Listed below are the lead concentrations in g/g measured in different traditional medicines. Use a 0.05 significance...

Answered: 1 week ago

Question

★★★★★
8. Is the game shown by Figure 14.1 a zero-sum game or is it a positive-sum game? How can you tell? Are there dominant strategies in this game? If so, what are they? What cell represents a Nash...

Answered: 1 week ago

Question

★★★★★
7. advanced analysis Construct a strategic form payoff matrix involving two firms and their decisions on high versus low advertising budgets and the effects of each on profits. Show a circumstance in...

Answered: 1 week ago

Question

★★★★★
6. Why is there so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency? Why might it be excessive at times? LO14.4

Answered: 1 week ago

Previous Question Next Question