Question

Ingrid Jackson has taxable income of $122,100 . How much does she owe in taxes

• $ 23,593 .50 

• $ 18,913.50

  
  

Great Business has inventory of $149.510$320,000 total assets $642339 and sales of size percentage for the inventory account

Answer 1

ANSWER1

Total Taxable Income = $122,100

a. Tax on Slab 1 = $9,525*10%

=$952.5

b. Tax on Slab 2 = ($38,700-$9,525)*12%

=$29,175*12%

=$3,501

c. Tax on Slab 3 = ($82,500-$38,700)*22%

=$43,800*22%

=$9,636

d. Tax on Slab 4 = ($122,100-$82,500)*24%

=$39,600*24%

=$9,504

Total taxes on taxable income= a+b+c+d

=$952.5+$3,501+$9,636+$9,504

=$23,593.5

So, the correct answer is first option $23,593.5

ANSWER2

The formula for Common Size percentage for Inventory account = Total Inventory / Total Assets *100

=$149,510/$642,330 *100

=23.28% [approx.]

NOTE- total assets has been acquired from photo uploaded, but the final answer will not be affected due to wriiten and photo has a difference of 9 only which dont affect the final anser.

hope you got the answer, please comment for any clarification

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