Kim received a small raise at work so that her salary went from $58,000 per year to $60,000 per year. She is concerned that it might move her to the next tax bracket. Why would Kim be concerned about that?

Related Questions

• K Company estimates that overhead costs for the next year will amount to $6,520,000 for indirect labor and $1,200,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. With 160,000 direct labor hours planned for the next year, what is the company's plantwide overhead rate? Options are: - $0.13 per direct labor hour - $7.50 per direct labor hour - $40.75 per direct labor hour - $48.25 per direct labor hour - $0.27 per direct labor hour To calculate the plantwide overhead rate, sum the indirect labor and factory utilities, then divide by the total direct labor hours: Total Overhead Costs = Indirect Labor + Factory Utilities Total Overhead Costs = $6,520,000 + $1,200,000 Total Overhead Costs = $7,720,000 Plantwide Overhead Rate = Total Overhead Costs / Total Direct Labor Hours Plantwide Overhead Rate = $7,720,000 / 160,000 hours Plantwide Overhead Rate = $48.25 per direct labor hour Therefore, the plantwide overhead rate is $48.25 per direct labor hour.
• You have a $5,000 medical bill and health insurance with a $500 deductible. You also have a 80/20 co-insurance, meaning the insurance pays 80% and the insured pays 20%. What is your total out-of-pocket expense for the original $5,000 bill?
• A statistic is said to be unbiased if: a. the survey used to obtain the statistic was designed so as to avoid even the hint of racial or sexual prejudice. b. the mean of its sampling distribution is equal to the true value of the parameter being estimated. c. both the person who calculated the statistic and the subjects whose responses make up the statistic were truthful. d. the value of the statistic from any sample is equal to the parameter being estimated. e. it is used for honest purposes only.
• The managers and project team of an IT company are holding a meeting to discuss the project initiation phase. Which consideration is related to this phase? A. project risks B. project end date C. project feasibility D. project start date
• Cabell Products is a division of a major corporation. Last year, the division posted total sales of $25,540,000, net operating income of $1,277,000 and average operating assets of $7,151,200. The company's minimum required rate of return is 16%. The division's return on investment (ROI) is closest to:
• A company has the following balances on December 31, 2021, after year-end adjustments: Accounts Receivable = $62,300; Allowance for Uncollectible Accounts = $6,500.Calculate the net realizable value of accounts receivable t realizable
• For Gundy Company, units to be produced are 5,280 in quarter 1 and 6,400 in quarter 2. It takes 2.0 hours to make a finished unit, and the expected hourly wage rate is $15 per hour. Prepare a direct labor budget by quarters for the 6 months ending June 30, 2020.
• Ricky is thinking about borrowing $10,000 from Fred. He promises Fred cash flows of $5000 for the next three years. If Fred’s cost of capital is 10%, what is the Net Present Value of the investment for Fred?
• Cheyenne Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $170000 and credit sales are $1710000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Cheyenne Corp. make if the Allowance for Doubtful Accounts has a credit balance of $3400 before adjustment?
• Pepper Company reports a $120,000 increase in inventory and a $40,000 increase in accounts payable during the year. Cost of Goods Sold for the year was $1,200,000. The cash payments made to suppliers were: