Jamie lee jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner!
it is the time of year again when jamie lee must file her annual federal income taxes. last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $3,350, and also opened up an ira, to which she contributed $400 last year. her savings accounts earn 2% interest per year, and she also had received an unexpected $2,300 gift from her great aunt. jamie was also lucky enough last year to win a raffle prize of $3,600, most of which was deposited into her regular savings account after paying off her credit card balance
1 answer:
Answer:
The Total Gross Income amounts to $41,210.
Explanation:
Continuation of the inquiry: Estimate Jamie Lee's ongoing tax obligation by filling out the form below. Utilize the standard deduction value from 2016 ($6,300) and personal exemption amount ($4,050). Every answer must provide a value for the task to be deemed complete. Enter "0" for any categories not used.
Solution:
Calculating Gross Income
Details Amount
Salary $37,800
($3,150 * 12 months)
Interest Income from $210
Savings Accounts
($160+$50)
Raffle Prize Winnings $3,200
Total Gross Income $41,210
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Answer:
additional revenue = $26,250
relevant costs:
direct materials = 350 x $82 = $28,700
direct labor = 525 x $15 = $7,875
setup hours = 1 x $5 = $5
inspection costs = 20 x $5 = $100
machining = 175 x $3 = $525
total relevant costs = $37,205
1) change in income if order is accepted:
total revenue - total relevant costs = $26,250 - $37,205 = -$10,955
the company will incur a loss of $10,955 if the order is approved.
2) if the cost of direct materials is decreased by $13 per unit = $13 x 350 = $4,550, and if direct labor can be reduced by 0.5 hours per unit = 175 hours (= 175 x $15 = $2,625) ⇒ total relevant costs will be lowered by $7,175.
It results in a $3,780 (= $10,955 - $7,175) loss if the special order is accepted.
