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stepan [7]
2 years ago
11

Garrett sold his primary residence for $595,000, which was a capital gain of $315,000. how much may garrett exclude on his incom

e tax as a single individual?
Business
1 answer:
vredina [299]2 years ago
5 0

Garrett may exclude his income tax as a single individual is  $250,000.

Income tax is an immediate tax that a government levies on the profits of its citizens. The profits Tax Act, 1961, mandates that the principal authorities accumulate this tax. The government can exchange the income slabs and tax costs every 12 months in its Union budget. Profits do not most effectively mean cash earned in the form of income.

For the economic 12 months 2022-23, an individual is required to pay profits-tax if his/her overall earnings exceed Rs. 2,50,000. In the case of resident people of the age of 60 years and above but under 80 years, the fundamental exemption restriction is Rs. 3,00,000 and for resident people of eighty years and above, the restriction is Rs.

The federal income tax prices remain unchanged for the 2021 and 2022 tax years: 10%, 12%, 22%, 24%, 32%, 35% and 37%. The income brackets, even though, are adjusted barely for inflation. Examine for greater approximately the federal profits tax brackets for Tax 12 months 2021 (due April 15, 2022) and Tax yr 2022 (due April 15, 2023).

Learn  more about income tax here brainly.com/question/26316390

#SPJ4

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almond37 [142]

Answer:

2) B. secondary data

3) D. all of the above

3 0
2 years ago
The Total Debt to Total Capital ratio is an effective type of debt management ratio because it gives an idea of:______
Vaselesa [24]

Answer:

c. how the firm has financed its assets as well as the firm’s ability to repay its long-term debt.

Explanation:

The Total Debt to Total Capital ratio is also known as the Debt to Equity Ratio. This ratio shows how much foreign money is used by the Company. Also important, it reveal the firms ability to repay its long term debt.

7 0
3 years ago
A company must decide between scrapping or reworking units that do not pass inspection. The company has 13,000 defective units t
gregori [183]

Answer:

A.Incremental income(loss)

Sales as scrap $39,000

Rework $41,600

B.The company should REWORK

Explanation:

A. Sales as Scrap Rework

Sales of scrap units ($13,000×3.00)

$39,000

Sales of rework units ($13,000×8.20)

$106,600

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$39,000 $41,600

B.Therefore the company should REWORK

($106,600-$65,000)

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8 0
3 years ago
The Finnish prefer to maintain time-honored traditions and norms and view change with suspicion. Which of Hofstede’s cultural di
NeTakaya
I think it’s an Individualist society

Finland, with a score of 63 is an Individualist society. This means there is a high preference for a loosely-knit social framework in which individuals are expected to take care of themselves and their immediate families only.
8 0
2 years ago
On August 1 of Year 1 Accounting Associates (AA) collected $1,200 cash for consulting services to be provided for one year begin
igor_vitrenko [27]

Answer:

c) Unearned Revenue $ 500, Revenue $ 500

Explanation:

When the cash was received on August 01, no accounting services were provided so the  entry would have been:

Cash Debit                                 $ 1,200

Unearned revenue Credit                          $  1,200

Unearned Revenue is a liability account

On December 31, a recognition needs to be made for the services revenue earned and hence the amount for 5 months amounting is debited to  unearned revenue and revenue credited with $ 500.  

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3 years ago
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