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Olenka [21]
2 years ago
14

Jack and Jill are married and have no dependent children. They are both over 65 and Jill is blind. Their gross income is $45,000

and they have $13,000 in itemized deductions. Their taxable income is___________.
Business
1 answer:
yan [13]2 years ago
8 0

Answer:

They are exempt from paying tax

Explanation:

Taxable income is the amount of an individual's gross income that the government deems subject to taxes.

However, because they are aged (above 65), and their taxable income -which should be $32000 after deductions - is less than the percentage tax relief,they are exempted from paying tax for that particular year.

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Which of the following is classified as an asset​ account?A.Notes PayableB.​Owner, WithdrawalsC.Prepaid InsuranceD.Unearned Reve
almond37 [142]

Answer:

C.Prepaid Insurance

Explanation:

Prepaid Insurance is the insurance amount paid in advance, so that company has a receivable because amount is not due yet. It will charged to expense account with the passage of time. Notes Payable, Unearned Revenue, ​Owner Withdrawals are classified as liabilities and capital contra accounts. So correct option is C. Prepaid Insurance.

8 0
3 years ago
Catherine sat down with all of her income details from the past year to calculate the total income she had in that period. After
HACTEHA [7]

Answer:

<em><u>The answer is</u></em>: <u>Net income.</u>

<u />

Explanation:

Net income is a measure of the profitability of a company, or person. It is the income of an amount less the cost of goods sold, expenses, depreciation and amortization, interest and taxes for an accounting period.

<u>For households and individuals</u>, net income refers to gross income, less taxes and other deductions, for example, mandatory pension contributions. It is usually the basis for calculating how much income tax is owed.

<em><u>The answer is</u></em>: <u>Net income.</u>

6 0
3 years ago
Diversification is important in investing because…A. It helps you to balance your risk across different types of investments.B.
Phantasy [73]
<span>A. It helps you to balance your risk across different types of investments</span>
5 0
3 years ago
Read 2 more answers
At the beginning of 2019, Emily Corporation issued 10,000 shares of $100 par, 5%, cumulative, preferred stock for $110 per share
soldi70 [24.7K]

Answer:

 $1,500

Explanation:

The computation of the amount of dividend for a preference shareholder is shown below:

Dividend per year is

= (100 shares × $100 par) × 5%

= $500

As the preferred stock is cumulative, so the holders would receive past dividends i.e not distributed

From 2019 = $500

From 2020 = $500

From 2021 = $500

Total          $1,500

7 0
2 years ago
Under which one of the following circumstances can an MRP system be used to its best advantage?
Drupady [299]

Answer:C. When the item demand is constant

Explanation:

MRP means material requirement planning it shows when materials needs to be replenish for inventory production, so that inventory is only produced as at when needed.

A constant demand will help to determine perfectly when material is needed.

5 0
3 years ago
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