bradford co.'s inventory records for reflected the following: image what is the amount of cost of goods sold assuming the lifo cost flow method?
Answers
Bradford Co.'s inventory records for the period indicate the following:Based on the above information, we need to determine the cost of goods sold using the LIFO cost flow method.
LIFO stands for last in, first out. This method assumes that the most recently purchased inventory items are sold first, which means that the older, cheaper items remain in inventory until they are sold.The calculation for cost of goods sold using the LIFO method involves subtracting the cost of the last items purchased from the total cost of goods available for sale. Therefore, we must first calculate the cost of the last 20 units purchased.Cost of last 20 units purchased = 20 units x $30 per unit = $600Once we have determined the cost of the last 20 units purchased, we can calculate the cost of goods sold as follows:Cost of goods sold = (100 units x $20 per unit) + (30 units x $25 per unit) + (20 units x $30 per unit)= $2000 + $750 + $600= $3350Therefore, the cost of goods sold using the LIFO method is $3350.
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Related Questions
Make a poster that could be used to educate people about why the
government needs to charge taxes. The poster should encourage private
individuals to pay their taxes by educating them about what the government
uses the taxes for.
Answers
Taxes are used by the government for carrying out various welfare schemes including employment programmes
What are the taxes collected by the government?It includes collections from income tax, corporation tax, customs, wealth tax, tax on land revenue, etc. Direct tax is the tax that is paid directly to the government by the person or company on whom it is levied. Income tax, wealth tax, corporation tax, and property tax are some examples of direct tax.The Central Government of India imposes taxes such as customs duty, central excise duty, income tax, and service tax. The state governments impose income tax on agricultural income, state excise duty, professional tax, land revenue and stamp dutyThe three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes. Other sources of tax revenue include excise taxes, the estate tax, and other taxes and feesTo learn more about taxes collected by the government refers to:
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Pays for everything from Social Security and Medicare to military equipment, highway maintenance, education, and more
Why does the government need to force individuals to pay taxes?We pay taxes to ensure that our federal, state, and local governments can function efficiently and deliver essential services. Each government has its own emphasis, with the federal government in charge of big-picture expenditures on items like military and Social Security. Spending by the federal government covers everything from Social Security and Medicare to military equipment, transportation repair, education, and more. The federal government spent the most on Social Security in 2022.
Taxation generates cash for federal, state, and municipal governments to support vital services like as defense, highways, police, and a judicial system, which benefit all residents who would be unable to provide such services successfully for themselves.
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over the past 10 years, business crime has all but disappeared, thanks to technological oversight. true or false
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Business crime continues to exist and evolve, with criminals adapting to technological advancements and finding new ways to exploit vulnerabilities. Cybercrime, for example, has become a significant concern in recent years, with hackers targeting businesses for financial gain or data breaches. Fraud, embezzlement, insider trading, and other white-collar crimes still occur, albeit with varying frequencies and forms. Furthermore, it is important to note that while technology can enhance oversight and detection, it is not a foolproof solution. Criminals can employ sophisticated methods to bypass or exploit technological controls, and there are limitations to the effectiveness of technological systems in preventing all forms of business crime. Therefore, while technology can contribute to mitigating business crime, it would be misleading to assert that it has entirely eliminated the problem over the past decade.
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Early in the year, an investor purchased 100 shares of KAP common stock at a price of $60 per share. Just prior to the end of the year, after receiving three quarterly dividends of $1, the investor liquidated all of the KAP at a price of $59 per share. If the Consumer Price Index (CPI) increased by 3%, the investor's total return over the holding period was A) 3.33% B) .33% C) 5% D) 2%
Answers
____________ has widened the gap between poor and rich nations in the middle east.
Answers
The influence of globalization in the Middle East has exacerbated the disparity between poor and rich nations in the region.
Globalization, characterized by increased interconnectedness and interdependence among nations, has had both positive and negative impacts on economies worldwide. In the Middle East, it has further widened the gap between poor and rich nations. One key factor contributing to this disparity is the differential access to resources. Rich nations in the region, such as the Gulf Cooperation Council (GCC) countries, possess abundant reserves of oil and natural gas, allowing them to generate significant wealth. These nations have leveraged their resources to attract foreign investments, establish strong financial sectors, and develop modern infrastructure. As a result, they have experienced rapid economic growth and higher standards of living. Conversely, poorer nations in the region, which have limited natural resources or face political instability, have struggled to compete on the global stage. Their economies are heavily reliant on sectors like agriculture, which are vulnerable to market fluctuations. This reliance leaves them susceptible to economic shocks and impedes their ability to develop and diversify their economies.
Another contributing factor to the widening gap is the unequal distribution of benefits from globalization. Rich nations have been able to take advantage of globalization by integrating into global value chains, attracting multinational corporations, and benefiting from foreign direct investment. They have also been able to access global markets and export their goods and services, leading to increased economic growth and prosperity. However, poorer nations have found it more challenging to compete in the global market due to various factors such as inadequate infrastructure, limited technological capabilities, and a lack of skilled labor. These nations often face trade imbalances, as they struggle to export their goods and services on a large scale while heavily relying on imports. The resulting trade deficits further exacerbate their economic challenges and hinder their ability to bridge the wealth gap.
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What activities can Future Educators Association members participate in? Select two options. Sporting events political rallies conferences research competitions scholarship application.
Answers
Answer:
Explanation:
3,5,6
Answer:
3. Conferences
5. Competitions
6. Scholarship application
Explanation:
Just took the assignment
Hope this helps! :)
A company issues $100,000 of 5%, 10-year bonds dated january 1. The bonds pay interest semiannually on june 30 and december 31 each year. If the bonds are sold at par value, the issuer records the sale with a debit to.
Answers
In a situation were the bonds are sold at par value, the issuer will records the sale with a debit to: Cash $100,000.
Journal entryBased on the information given if the company issues the amount of $100,000 of 5%, 10-year bonds in the month of january the appropriate journal entry to record this transaction is:
Debit Cash $100,000
Credit Bond payable $100,000
(To record bonds sold at par value)
Inconclusion the issuer will records the sale with a debit to: Cash $100,000.
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4. In your progress report, you want the Work Completed section to follow your
Summary of Costs. To date, the company has rewritten the home page content,
created a new logo, and updated the overall structure of the site. Currently, an idea
for site navigation has been proposed but not yet confirmed. You want to include a
visual of the navigation option in the progress report.
a. The navigation option includes these links from the Home Page: About, Services,
Customer Reviews, and Contact. The About section would include links to History
and Our Mission; the Services section would also include links to Pricing, Scope, and
Timeline. Show an example of a simple, custom graphic to display the navigation. (3
points)
Answers
Links to About, Services, Customer Reviews, and Contact are included in the suggested navigation option, along with dropdown menus for About (History and Our Purpose) and Services (Pricing, Scope, and Timeline).
What type of bar chart is most popular?When showing a sequence of statistics over time, it is highly helpful. If long labels are needed, vertical bar graphs have the drawback of not leaving much room at the bottom of the chart.
Which bar charts are frequently employed to display time series data?Using a sequence of bars, time series bar charts can display changes in a metric over time. This allows you to plot several series, display the breakdown of a metric across dimensions, and display the evolution of the values over time.
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Can you Put the steps of starting a business in order?
identify a location
10
DOD
conduct market research
obtain permits
name the business
open a bank account for the business
develop a business structure
obtain funding
register the business
create a business plan
obtain federal and state tax ID numbers
CF
E C
n 0
4
Answers
The steps of starting a business can be put in order as follows:
Conduct market researchDevelop a business structureCreate a business planName the businessObtain fundingIdentify a locationObtain permitsRegister the businessObtain federal and state tax ID numbersOpen a bank account for the businessDOD (date of delivery or launch)How to start a businessThere are some basic measures that should be put in place while considering starting up a business. The first step to take will be to conduct market research. The aim of this research is to determine whether there is a demand for your product or service, and identify potential customers and competitors.
Next you have to develop business plan, choose a business name, and register the business. Funding and opening a social media account are also important.
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An oligopoly firm is similar to a monopolistically competitive firm in that.
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Answer:
An oligopoly firm is similar to a monopolistically competitive firm in that both firms face the prisoner's dilemma. both firms are in industries characterized by an interdependent firm. both firms have market power. both operate in a market in which there are significant entry barriers.
Positive economic growth is realized when a country's production possibilities curve
(frontier) shifts outwards, however, can be calculated as the percentage increase in
either the real gross domestic product or the real gross domestic product per capita.
Answers
Answer:
True
Explanation:
It is TRUE that Positive economic growth is realized when a country's production possibilities curve
(frontier) shifts outwards.
This is evident in the fact that the outwards shifts of the production possibilities curve of a country indicate an increase in output or production level of that country.
Also, such production possibilities can indeed be estimated as the percentage increase in either the real gross domestic product or the real gross domestic product per capita.
for a long-term employee who is covered by a defined benefit plan, the highest retirement income will be obtained if his/her retirement income is based on
Answers
If the retirement income of a long-term employee who is covered by a defined benefit plan is based on final average pay, the employee will receive the highest retirement income.
How is the final average derived?The amount is determined by dividing your three highest annual earnings by the number of years served, then multiplying by 12.
How do I figure out how much a pension with defined benefits is worth?A reasonable estimate of the value in today's money can be derived by discounting the projected value by 2.5% annually from the scheme's usual retirement date to the current date. The next thing you need to say is whether your pension is due at 65 or 60.
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congratulations! you have been appointed ceo of bp oil after the largest oil spill in american history. tomorrow is your first day on the job and you have a 10 am press conference with every major news outlet domestic and abroad. what are you going to say to them in regard to lessons learned? how are you going to manage the firm back to good standing in industry?
Answers
As the newly appointed CEO of BP oil after the largest oil spill in American history, during a press conference with every major news outlet domestic and abroad, the following statements can be made in regard to lessons learned and how to manage the firm back to good standing in the industry:
Lessons learned- First and foremost, the company should take responsibility for the disaster, which occurred on their watch.
Also, the company needs to apologize to the affected parties, including the victims and their families, as well as the wider public, for the harm and inconvenience that the oil spill has caused.
Next, it is critical to communicate transparently with the media, investors, and other stakeholders about what occurred, what has been done since the accident, and what the firm intends to do going forward.
BP must learn from its previous errors and ensure that they have a robust plan in place to avoid such an occurrence in the future.
BP should prioritize security and environmental protection when planning and executing its operations.
Managing the firm back to good standing in the industry- The company should create a detailed action plan to address the issues and incidents that led to the catastrophe and demonstrate that it is committed to implementing the lessons learned from the disaster.
BP can collaborate with environmental groups, regulatory authorities, and industry experts to develop innovative and environmentally sustainable solutions to extract oil and gas.
The organization must communicate transparently with stakeholders about the steps it is taking to become a more sustainable, socially responsible company.-
BP can take proactive measures to strengthen its reputation by demonstrating its dedication to corporate social responsibility (CSR) through philanthropic endeavors and environmental preservation efforts.
The company should invest in education and training initiatives to empower its employees to make a positive impact on the industry and their local communities.
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The type of law that is derived from tradition and earlier judicial decisions is
known as
A. common law
B. administrative law
C. statutory law
D. court orders
Answers
Answer: The answer is a Common Law
Answer:
A .common law
Explanation:I just took the test
when the marketing manager at tony's pizza decided to target households with children ages 6 to 12 to reverse the sales trend in this segment, she was converting information into a(n)
Answers
Based on the fact that the marketing manager decided to target households that had children aged 6 to 12, this meant that she converted information into an action recommendation.
What is an action recommendation?An Action Recommendation refers to when a trend is noticed on data or information that is derived for a specific purpose, such as the sales trend described, and then this information is used to make decisions that either reverse the trend, or continue it and take advantage of it.
The sales trend information showed the marketing manager that there was a need to reverse it and so she used the data to make the Action Recommendation of targeting homes with children aged 6 to 12.
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What can a boosted post help an advertiser achieve?
Answers
A boosted post helps an adviser to connect with the audience and gain trust.
Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.
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Question 1: [15 Marks Apply Normalization Rules to convert the following report to Third Normal Form (3NF) Important Assumptions: The attribute Sales Order Number uniquely identifies the Sales Order
Answers
Without the provided report or information, it is not possible to apply normalization rules and convert it to the Third Normal Form (3NF).
The normalization process involves applying a set of rules to eliminate data redundancy and ensure data integrity in a relational database. To convert a report to the Third Normal Form (3NF), we need the original report or information containing the attributes, relationships, and dependencies within the data. Without this information, it is not possible to analyze and apply the normalization rules effectively. Each attribute must be identified, and the relationships and dependencies between them must be understood to determine the appropriate normalization steps. Therefore, without the report or relevant data, we cannot proceed with the normalization process or provide a specific conversion to 3NF.
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3. If you meet with a professional buyer who is trained in negotiation, what tactics can you expect the person to use? How would you respond to each of these tactics?
Answers
Answer:
Explanation:
A professional buyer usually has uses many different tactics in a meeting/negotiation in order to get the best price possible or a price that largely favors them as a buyer. Two of these tactics would be to point out negative aspects of the asset being sold while another one would be a take-it-or-leave-it offer. With both of these tactics, the buyer tries to make the asset seem as not worth its asking price and then with the offer, the buyer is making it seem as though the seller will not receive a better offer and tries to make them accept the offer out of fear of missing out on the sale. Personally, the best way I would respond to both of these tactics would be to continuously point out the positive aspects of the asset and stay firm to your initial/needed price point.
Palmona Company establishes a $310 petty cash fund on January 1. On January 8, the fund shows $205 in cash along with receipts for
the following expenditures: postage, $43; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $32. Palmona
uses the perpetual system in accounting for merchandise inventory.
1. Prepare the entry to establish the fund on January 1.
2. Prepare the entry to reimburse the fund on January 8 under two separate situations:
a. To reimburse the fund.
b. To reimburse the fund and increase it to $360. Hint. Make two entries.
Answers
The entry to establish the fund on January 1 is: Debit Petty Cash Fund 310, Credit Cash 310
How to prepare journal entry?1. Entry to establish the fund on January 1:
Debit Petty Cash Fund 310
Credit Cash 310
2a. Entry to reimburse the fund on January 8:
Debit Postage Expense 43
Debit Transportation-In Expense 14
Debit Delivery Expense 16
Debit Miscellaneous Expense 32
Credit Cash 105
2b.8-Jan
Debit Petty Cash $255
($360 - $105)
Credit Cash $255
(Being increment of petty cash recorded)
Therefore the entry is Debit Petty Cash Fund 310, Credit Cash 310.
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constructive engagement of stakeholders, including critics, is replacing the "just trust us" plea of yesteryear as executives conclude that the plea rarely works in a world of regular corporate scandals. group of answer choices
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The phrase "constructive engagement of stakeholders, including critics" refers to a shift in the approach of executives towards involving and working with different groups of people who have an interest in or are affected by a company's actions. In the past, executives often used the approach of "just trust us," expecting stakeholders to have faith in their decisions without question.
However, this plea is becoming less effective as corporate scandals have become more common and public trust has been eroded.
Instead of expecting blind trust, executives are now recognizing the importance of engaging with stakeholders in a constructive manner. This means actively seeking input, feedback, and involvement from various groups, including critics. By doing so, companies can gain valuable insights, identify potential problems or risks, and address concerns before they escalate.
Constructive engagement involves creating platforms or channels for stakeholders to voice their opinions and concerns. This could include holding regular meetings, conducting surveys, or establishing advisory boards where stakeholders can contribute their perspectives. By actively listening and responding to the concerns of stakeholders, companies can build trust, enhance their reputation, and make more informed decisions.
An example of constructive engagement can be seen in the case of a company facing criticism for its environmental practices. Instead of dismissing the critics' concerns, the company may choose to engage with environmental groups, scientists, and local communities to better understand their perspective and find ways to address the environmental impact of its operations. This approach allows the company to benefit from diverse viewpoints and work towards a more sustainable and socially responsible approach.
In summary, the phrase "constructive engagement of stakeholders, including critics" highlights the shift in executive mindset towards actively involving and collaborating with various stakeholders. This approach acknowledges the importance of listening to and addressing concerns, leading to better decision-making, improved reputation, and enhanced trust in the corporate world.
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What do prices help buyers and sellers make?
a. products
b. models
C. targets
d. decisions
Answers
products the monetary value of a good as determined by supply and demand. occurs when supply outweighs demand; pricing must be reduced to entice customers.
option ( A) is correct
Prices aid buyers and sellers in what way?Prices provide vendors and purchasers incentives and communicate messages. Market prices alter in response to changes in supply or demand, which impacts incentives. Higher pricing for a good or service encourage both producers to make or sell more of it while also encouraging consumers to buy less of it.
What is the agreed-upon pricing between buyers and sellers?Price in equilibrium. An equilibrium price, also known as a market clearing price, is the agreed upon price when a product transaction takes place. According to the diagram in Image 1, this price occurs where supply and demand converge. Buyers and sellers are both eager to swap quantity Q for price P in Image 1.
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When a person brings an item to a pawnshop to obtain cash, the transaction is considered:
Answers
Answer:
Collatral loan
Explanation:
The item acts as a collatral to obtain the cash loan.
Which of the following is an example of a game where the customer can choose their own numbers
Answers
The game where players are allowed to pick their own numbers is the game of Mega-Millions.
What is Mega-Millions?This is a type of lottery game that is available in several countries around the world and involves players picking certain numbers to stand a chance to win some money.
The players get to choose the numbers they believe will be lucky and then there is a draw. If their numbers are selected, they stand a chance to win.
Options for this question were:
a. Quick Pick game.
b. Mega Millions.
c. Instant Scratch-Off game.
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Liz Mulig earns 52,000 per year as a philosophy professor. She receives a raise of 2.5% in a year in which CPI increases by 3.8%. ignoring taxes, find the effect of the two increases on her purchasing power. showwork
Answers
Answer:
She lost $754.05.
Explanation:
Giving the following information:
Liz Mulig earns 52,000 per year as a philosophy professor. She receives a raise of 2.5% in a year in which CPI increases by 3.8%.
The rise in her salary allows her to increase her purchasing power. On the contrary, inflation decreases purchasing power. We need to calculate the differences between both effects and determine whether she can buy more or less.
Increase in salary= 52,000*1.025= $53,300
Inflation effect= 52,000/(1-0.038)= $54,054.05
To maintain her purchasing power, now, she needs to earn $54,054.05.
She lost $754.05.
A company might consider using a premium if its goal is to give a consumer a reason to try or buy now.a. Trueb. False
Answers
The given statement "A company might consider using a premium if its goal is to give a consumer a reason to try or buy now" is true because A premium is an additional item or service that a company offers to a customer as an incentive to purchase their product or service.
This is often used as a promotional tactic to encourage customers to buy now rather than later. The premium may be offered for a limited time or for a specific quantity of the product. The goal is to create a sense of urgency or excitement around the purchase, which can drive sales in the short term.
By offering a premium, companies can provide customers with an added value that can differentiate their product from competitors and give them a reason to try or buy now. For example, a restaurant might offer a free dessert with a meal purchase to encourage customers to come in and try their food. Or, a cosmetic brand might offer a free sample with a purchase to encourage customers to try their products and potentially become loyal customers.
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a state government borrows $2,000,000 at simple annual interest. some of the money is borrowed at 6%, some at 7.5%, and some at 8.5%. use a system of linear equations to determine how much (in dollars) is borrowed at each rate given that the total annual interest is $141,250 and the amount borrowed at 7.5% is four times the amount borrowed at 8.5%. solve the system of linear equations using matrices. at 6% $ at 7.5% $ at 8.5% $
Answers
If the total annual interest is $141,250 and the amount borrowed at 7.5% is four times the amount borrowed at 8.5%. amount borrowed at 6% is $750,000, at 7.5% is $1,000,000 at 8.5% is $250,000.
Amount borrowedLet the amount borrowed at 8.5% be x.
at 8.5% = x
at 7.5% = 4x
at 6% = 2,000,000 - 5x
0.085x + 0.075(4x) + 0.06(2,000,000-5x) = 141,250
0.085x + 0.30x + 120,000 - 0.30x = 141,250
Collect like terms
0.085x = 21,250
Divide both side by 0.085
x = 21,250 / 0.085
x = 250,000
So the museum borrowed:
At 8.5% = 250,000
At 7.5% = 250×4 = 1,000,000
At 6% = 2,000,000 - 5(250,000) = 750,000
Check:
Total borrowed
250,000 + 1,000,000 + 750,000 = 2,000,000
Interest paid:
0.085(250,000) + 0.075(1,000,000) + 0.06(750,000) = 141,250
21,250 + 75,000 + 45,000 = 141,250
Therefore the at 6% is $750,000, at 7.5% is $1,000,000 and at 8.5% is $250,000.
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Buggy Wars Two friends and neighbours arrange to go into business together and then become bitter rivals: This is the story of Bob Bell and Michael Sharpe, who once lived just four houses apart on Oxford Street in Guelph, Ontario. Bell and Sharpe thought they had a good idea for a new business venture—a bicycle trailer—but the good idea turned into a long, sizzling struggle.
Answers
The correct answer to this open question is the following.
Unfortunately, the question is incomplete. Indeed, there is no question at all, just a series of statements.
What we can do is to comment on this case.
We are talking about the story of Bob Bell and Michael Sharpe.
Royalties were the main reason for this dispute. Bob Bell was the engineer that invented the bicycle trailer. Michale Sharpe would focus on Marketing the product due to his experience with computers and sales. Sharpe wanted both to share the financial risks but Bell considered it hos invention and wanted more royalties. Things went in the wrong direction, the situation got worse and they both hired lawyers in Toronto, Canada.
After disputes and legal actions, Bell won the case and he could expanse his business nationwide and signed an agreement with a Chinese company to sell the product. On the other hand, Sharpe made a 180-degree turn and started a fitness business.
what is greater 135 inches or 11 feet?
Answers
the answer is 11 feet
please rate 5 stars
Many economists believe that the growth of the money supply is A. not related to output growth. B. inversely related to the price level. C. directly related to interest rate growth. D. positively related to the growth of real GDP.
Answers
Answer:
D.
Explanation:
They believe that controlling the supply of money directly influences inflation and that by fighting inflation with the supply of money, they can influence interest rate in the future.
reluctant lenders, low expectations related to sales and profit, and the liquidity trap are all constraints on monetary
Answers
Reluctant lenders, low expectations related to sales and profit, and the liquidity trap are all constraints on monetary stimulus. The correct option is A.
Monetary stimulus refers to actions taken by central banks to boost economic growth, such as lowering interest rates or implementing quantitative easing. However, these measures can be limited in their effectiveness due to the factors you mentioned.
Reluctant lenders may not provide loans even when interest rates are low, while low expectations related to sales and profit can discourage businesses from investing. The liquidity trap occurs when interest rates are so low that they become ineffective in stimulating the economy, as people and businesses prefer to hold onto cash rather than invest or spend.
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Complete question:
Reluctant lenders, low expectations related to sales and profit, and the liquidity trap are all constraints on monetary ____ a. stimulus b. restraint
Leonardo, who is married but files separately, earns $82,500 of taxable income. He also has $16,000 in city of Tulsa bonds. His wife, Theresa, earns $51,000 of taxable income. If Leonardo instead had $30,500 of additional tax deductions for 2022, his marginal tax rate on the deductions would be: (Use tax rate schedule.)
Answers
Leonardo, who is married but files separately, earns $82,500 of taxable income. He also has $16,000 in city of Tulsa bonds. His wife, Theresa, earns $51,000 of taxable income. If Leonardo instead had $30,500 of additional tax deductions for 2022, his marginal tax rate on the deductions would be 22%.
The first step to solve the above problem is to calculate the taxable income of Leonardo. Let's begin:Taxable income of Leonardo= $82,500 (income) - $12,550 (standard deduction for 2022) - $16,000 (interest income from bonds)= $53,950Now, we have the taxable income of Leonardo and the taxable income of
Theresa, let's check the marginal tax rate from the tax rate schedule for the taxable income of Leonardo for the tax year 2022.Tax rate schedule for 2022:Marginal Tax Rate Single Married Filing Separately Married Filing Jointly Head of Household10% $0 – $9,950 $0 – $9,950 $0 – $19,900 $0 – $14,20012% $9,951 – $40,525 $9,951 – $40,525 $19,901 – $81,050 $14,201 – $54,20022% $40,526 – $86,375 $40,526 – $86,375 $81,051 – $172,750 $54,201 – $86,35024% $86,376 – $164,925 $86,376 – $164,925 $172,751 – $329,850 $86,351 – $164,90032% $164,926 – $209,425 $164,926 – $209,425 $329,851 – $418,850 $164,901 – $209,40035% $209,426 – $523,600 $209,426 – $314,700 $418,851 – $628,300 $209,401 – $523,60037% Over $523,600 Over $314,700 Over $628,300 Over $523,600
The taxable income of Leonardo is in the 22% tax bracket for the tax year 2022,
thus, his marginal tax rate on additional $30,500 tax deductions for the year 2022 would be 22%.Therefore, the correct answer is 22%.
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