All categories

2 years ago

When filing your tax return, what is the maximum amount you can deduct for a capital loss?.

Business

1 answer:

hram777 [196]2 years ago

6 0

When filing your tax return, $3,000 is the maximum amount you can deduct for a capital loss

A tax is a mandatory financial charge or other sort of levy imposed by a governmental entity on a taxpayer in order to fund government spending and related public expenses.

A tax deduction is a provision that lowers the amount of taxable income. A standard deduction is a single, fixed-amount deduction. Itemized deductions are popular with higher-income taxpayers because they frequently have considerable deductible expenses such as state/local taxes paid, mortgage interest, and charitable contributions.

The effective tax rate is the percentage of an individual's or corporation's income that is paid in taxes. The effective tax rate for individuals is the average rate at which their earned income, such as wages, and unearned income, such as stock dividends, are taxed.

To know more about tax follow the link:

brainly.com/question/26316390

#SPJ4

You might be interested in

When curt’s catering first opened, the owner decided to target only events at resorts in its geographic region. curt’s catering

DochEvi [55]

When curt’s catering first opened, the owner decided to target only events at resorts in its geographic region. curt’s catering was using a(n) <u>concentrated </u>targeting strategy.

Concentrated marketing is a marketing strategy in which a company focuses on a specific audience for most or all of its marketing initiatives. Companies that use focused marketing emphasize how their products meet the unique needs of a niche audience.

A marketing segmentation strategy in which we focus all our efforts and resources on services to market segments. Also known as niche marketing.

There are typically four different types of market targeting strategies.

Mass Marketing (Undifferentiated Marketing)

Segmented Marketing (Differentiated Marketing)

Centralized Marketing (Nitch Marketing)

Micro Marketing.

Learn more about concentrated targeting strategy here: brainly.com/question/17198359

#SPJ4

8 0

2 years ago

Sheffield Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 a

Sphinxa [80]

The journal entry to record the purchase of the raw materials by Sheffield Company is as follows:

Debit Purchases $1,031,600

Credit Accounts Payable $1,031,600

To record the purchase of the raw materials in 2021.

The December adjusting entry can be revised with:

Debit Estimated Liability $53,300

Credit Unrealized holding Loss $53,300

To reverse the December 31 adjusting entry.

<h3>What is an unrealized holding loss?</h3>

In this instance, the unrealized holding loss arose from the fact that the market value of the raw materials is less than the purchase amount because of the noncancelable commitment.

Thus, the unrealized holding loss arose as the difference between the market value and the purchase amount.

<h3>Data Analysis:</h3>

Purchases $1,031,600 Accounts Payable $1,031,600

Estimated Liability $53,300 Unrealized holding Loss $53,300

Thus, the entry to record the purchase is a debit to the purchases account and a credit to accounts payable.

Learn more about recording purchases at brainly.com/question/24179237

3 0

2 years ago

An e-commerce company spends a lot of money on product replacement, as customers often complain about the products they receive.

White raven [17]

Answer:

Product quality guarantee

Explanation:

The aim of total quality management (TQM) is to offer good quality products by reducing or eliminating errors in the products. TQM holds every person involved in the production process accountable for ensuring product quality.

By adopting TQM, e-commerce company will be able to reduce replacement cost as it helps in improving manufacturing processes, thereby improving customer satisfaction.

7 0

3 years ago

oneycutt Co. is comparing two different capital structures. Plan I would result in 39,000 shares of stock and $108,000 in debt.

Mila [183]

Answer:

All equity plan:

EPS = $160,000 / 42,000 = $3.81

Plan I:

EPS = [$160,000 - ($108,000 x 7%)] / 39,000 = $152,440 / 39,000 = $3.91

Plan II:

EPS = [$160,000 - ($324,000 x 7%)] / 33,000 = $137,320 / 33,000 = $4.16

Plan II is better since the resulting EPS is higher than the other alternatives.

8 0

4 years ago

V\\\To record a sales transaction, use: Multiple Choice Create Invoices > Receive Payment > Make Deposits Create Purchase

Degger [83]

Answer:

Create Invoices > Receive Payment > Make Deposits

Explanation:

A sales transaction can be defined as a business transaction between two or more individuals or organizations, which generally involves the buyer purchasing either a tangible or intangible goods and services from the seller (service provider) through the use of money, credit cards or vouchers.

After successfully initiating, processing and execution of a sales transaction, the following are important to consider.

To record a sales transaction, use:

1. Create Invoices: a sales invoice is defined as an accounting document which is used for recording the essential details of the payment of goods and services made by a customer. It is the first step in the sales transaction, as it is expected that the seller or service provider makes it available and issues it for all sales transactions. Also, it is an essential accounting document which serves as an evidence of payment and delivery of goods and services to the customer.

2. Receive Payment: after filling out the sales invoice, the cashier is expected to receive cash or any other form of payment made available to the customer as a medium of payment. At this stage, the cashier or sales representative should ensure the payment is confirmed to be complete and we'll received.

3. Make Deposits: the cashier then goes ahead to record the sales transaction in balance sheet of the organization, after the customer has successfully paid for the service being provided or received.

In a nutshell, for a number of sales the above mentioned steps should be followed by sales persons or cashiers judiciously after all transactions are done.

6 0

3 years ago