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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 "
sorry looking something else up
I'll finish up in a sec
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
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
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
whew it took me a little bit but now I get it! will you help me with two more? @jim_thompson5910
yeah it took me a while to find and process it all too
sure I can try
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
do you have the charts?
look in the taxable income column (ie the first column) where does the number 183975 fall? which row?
:) no thank you!
does that make sense what I'm asking?
not at all no
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?
yes yes yes ok now I see it!
so where does 183975 fall?
which tax bracket?
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
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
oh! the 4th bracket!
what are the rules for that bracket write them out for me please
the rules are found on the right so for instance, the rule for the first bracket is "10% of the amount"
36,687.50 plus 28% of the amount over 137,300?
ok so what we first do is calculate the difference between 183975 and 137300 183975 - 137300 = ???
I got 46675?
now take 28% of that difference to get _____
how do I do that?
28% of 46675 = 0.28*46675 = ???
yay! I got it ahhhh! thank you so much! okay haah one more :p
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)
ok one sec
oh wait, we didn't finish up the last one
you took 28% of that figure, what did you get?
now add 36,687.50 to that answer to get the final tax liability (ie the total amount you owe in taxes)
oh sry, it's 26687.50 (made a typo) so this means that you get 13,069 + 26687.50 = 39,756.50
I thout so since it was only one number off lol! thank you so much for helping me!
what about the graph?
how far did you get with this one
I don't know how to do it
ok one sec
have you learned about linear programming?
mm that doesn't ring a bell no
have you graphed inequalities at all before?
I think but it was a loooong time ago
hmm alright, let me think on a way to explain it then
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
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?
so far yes:) took me a little bit though
that's ok, take all the time you need
so if x = 28 and y = 7, then what is C?