Advanced algebra PLEASE HELP?
Jeffrey earned a gross income of $67,930 last year. He made $2,173.93 in student loan interest deductions, donated $2,824 to his favorite charities and paid $3,117.56 in home mortgage interest. Jeffrey claims a standard deduction of $11,400 for himself and his non-working spouse. If their exemption is $7,300, what is their taxable income?
a. $47,056.07
b. $52,514.51
c. $43,938.51
d. $41,114.51

- anonymous

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- schrodinger

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- jim_thompson5910

according to this page
http://www.obliviousinvestor.com/the-difference-between-exemptions-deductions-and-credits/
it says that
"Every year, you have the choice to use either:
1. The sum of all of your itemized deductions, or
2. The standard deduction
"

- anonymous

ok

- jim_thompson5910

sorry looking something else up

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## More answers

- jim_thompson5910

I'll finish up in a sec

- anonymous

ok haha

- jim_thompson5910

what this means is that if Jeffrey knew what he was doing with his taxes, or he went to a competent accountant, then he would pick the option that would lower his taxable income as much as possible
the itemized deductions are:
$2,824 for charities
$3,117.56 in home mortgage interest
they add up to this
2824+3117.56 = 5941.56
since this sum of 5941.56 is NOT greater than the standard deduction of 11400, this means that Jeffrey will choose the standard deduction over the itemized deductions

- jim_thompson5910

it turns out that the student loan interest payments are NOT itemized, which means that he can include that deduction with the standard deduction
so this means that his taxable income is
(gross income) - (student loan interest deduction) - (standard deduction) - (exemption)
67930 - 2173.93 - 11400 - 7300
47,056.07

- jim_thompson5910

what does this all mean? it means that instead of taxing the initial $67,930 he made, the deductions and exemption allow only $47,056.07 to be taxed
this generally means that a lower tax rate is applied (since he might be in a lower tax bracket) and less money would be paid to the state/federal government

- anonymous

whew it took me a little bit but now I get it! will you help me with two more? @jim_thompson5910

- jim_thompson5910

yeah it took me a while to find and process it all too

- jim_thompson5910

sure I can try

- anonymous

Use the Married Filing Jointly Tax Brackets chart to answer the question that follows:
Zeb and his wife have a taxable income of $183,975. What is their tax liability?
a. $39,756.50
b. $51,513.00
c. $13,069.00
d. $78,200.50

- jim_thompson5910

do you have the charts?

- anonymous

##### 1 Attachment

- jim_thompson5910

thanks

- jim_thompson5910

look in the taxable income column (ie the first column)
where does the number 183975 fall? which row?

- anonymous

:) no thank you!

- jim_thompson5910

does that make sense what I'm asking?

- anonymous

not at all no

- jim_thompson5910

for instance, if their taxable income was $10,000 this would mean that they would be in the first tax bracket since 10000 is between 0 and 16750
see how I'm getting this?

- anonymous

yes yes yes ok now I see it!

- jim_thompson5910

so where does 183975 fall?

- jim_thompson5910

which tax bracket?

- anonymous

10%?

- jim_thompson5910

don't worry about the percentages
which row does the 183975 fall into? look at the numbers in column 1 and see where 183975 fits in

- jim_thompson5910

is 183975 between 0 and 16750?
is 183975 between 16750 and 6800?
etc etc
keep going til you find the spot where 183975 fits in

- anonymous

oh! the 4th bracket!

- jim_thompson5910

perfect

- jim_thompson5910

what are the rules for that bracket
write them out for me please

- jim_thompson5910

the rules are found on the right
so for instance, the rule for the first bracket is "10% of the amount"

- anonymous

36,687.50 plus 28% of the amount over 137,300?

- jim_thompson5910

ok so what we first do is calculate the difference between 183975 and 137300
183975 - 137300 = ???

- anonymous

I got 46675?

- jim_thompson5910

now take 28% of that difference to get _____

- anonymous

how do I do that?

- jim_thompson5910

28% of 46675 = 0.28*46675 = ???

- anonymous

yay! I got it ahhhh! thank you so much! okay haah one more :p

- anonymous

Orion is catering a dinner party for more than 30 guests. Each guest has a choice between a vegetarian dinner or a steak dinner. The vegetarian dinner is $20 per plate and the steak dinner is $30 per plate. Orion can spend no more than $770 on the entire party. If Orion wants to purchase the most amount of food and still stay within budget, which combination of vegetarian and steak dinners is optimal?
a. (28, 7)
b. (22, 11)
c. (37, 1)
d. (34, 3)

- anonymous

##### 1 Attachment

- jim_thompson5910

ok one sec

- anonymous

ok lol

- jim_thompson5910

oh wait, we didn't finish up the last one

- jim_thompson5910

you took 28% of that figure, what did you get?

- anonymous

13069 :)

- jim_thompson5910

now add 36,687.50 to that answer to get the final tax liability (ie the total amount you owe in taxes)

- anonymous

48756.5?

- jim_thompson5910

oh sry, it's 26687.50 (made a typo)
so this means that you get
13,069 + 26687.50 = 39,756.50

- anonymous

I thout so since it was only one number off lol! thank you so much for helping me!

- jim_thompson5910

np

- anonymous

what about the graph?

- jim_thompson5910

how far did you get with this one

- anonymous

I don't know how to do it

- jim_thompson5910

ok one sec

- anonymous

okie dokie1

- jim_thompson5910

have you learned about linear programming?

- anonymous

mm that doesn't ring a bell no

- jim_thompson5910

have you graphed inequalities at all before?

- anonymous

I think but it was a loooong time ago

- jim_thompson5910

hmm alright, let me think on a way to explain it then

- anonymous

ok :)

- jim_thompson5910

let x = # of vegetarian dinners and y = # of steak dinners
since "The vegetarian dinner is $20 per plate and the steak dinner is $30 per plate", we know that the total cost C is
C = 20x + 30y

- jim_thompson5910

each point given as an answer choice represents a possible combo
example: the point (28,7) represents the idea that x = 28 and y = 7
so x = 28 and y = 7 means that 28 vegetarian dinners were served and 7 steak dinners were served
making sense so far?

- anonymous

so far yes:) took me a little bit though

- jim_thompson5910

that's ok, take all the time you need

- jim_thompson5910

so if x = 28 and y = 7, then what is C?

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