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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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Nancy and Tonya exchanged assets. Nancy gave Tonya her personal residence with an adjusted basis of $280,000 and a fair market v
azamat

Answer:

Realized gain  $110,000

Recognized gain  $110,000

Explanation:

The computation of the Tonya's realized and recognized gain is shown below:

Amount realized by Tonya (fair market value)  $560,000

Less; Amount given by Tonya

Yacht: adjusted basis  ($250000)

Assumption of Nancy's mortgage  ($200000)

Realized gain  $110,000

Recognized gain  $110,000

7 0
2 years ago
Commercial banks are funded through which of the following?
Artemon [7]
A. Commercial banks lend mi way to consumers in the form of car loans, mortgages and personal loans. The money distributed for these loans comes from deposits of other bank customers.
3 0
2 years ago
Read 2 more answers
The following transactions occur for the Wolfpack Shoe Company during the month of June:
inessss [21]

Answer:

Please see the attached snapshots for the answers.

Explanation:

a.

Debit: Cash $30,000

Credit: Service Revenue $30,000

To record Service Revenue.

b.

Debit: Supplies $20,000

Credit: Accounts Payable $20,000

To record purchase of supplies on account.

c.

Debit: Salaries Expense $7,000

Credit: Cash $7,000

To record salaries Expense.

4 0
3 years ago
Marie, a salesperson, uses a variety of statements and questions while trying to sell products to prospective buyers. She design
Thepotemich [5.8K]

Answer:

Option "C" is the correct answer to the following situation.

Stimulus Response Selling

Explanation:

Stimulus-Response Strategy- A marketing strategy that depends on the salesperson's freedom to say the right thing stimuli to get a favorable response from the buyer's answer, also referred to as the Canned Method because a template is widely used.

Marie uses a combination of statements and questions when trying to sell goods to potential buyers and tries to construct statements and questions so that the prospective buyer can receive beneficial responses.

4 0
2 years ago
A Parent Company owns 100% of its Subsidiary. During 2018, the Parent company reports net income (by itself, without any investm
marusya05 [52]

Answer:

$2,593,000

Explanation:

The computation of consolidated net income is shown below:-

cancellation of excess of Interest expenses over Income = Interest expense - Interest income

= $80,000 - $37,000

= $43,000

Consolidated net income = Parent company Income + Subsidiary Income + cancellation of excess of Interest expenses over Income

= $1,850,000 + $700,000 + $43,000

= $2,593,000

So, for computing the consolidated net income we simply applied the above formula.

6 0
3 years ago
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