Itemized deductions are thought to benefit more taxpayers because they can be claimed if the total is higher than the standard deduction.
You can deduct what you paid in real estate taxes, personal property taxes, state and local income or sales taxes, mortgage interest, and disaster losses when you itemize your deductions. You can also count charitable contributions and a portion of the money you spent for health and dental care.
If you itemize your taxes, do you get a bigger refund?
The standard deduction may be exceeded by itemized deductions. The more you may deduct, the less tax you'll owe, which is why some people itemize their deductions because the sum of their itemized deductions exceeds the basic deduction. There are numerous deductions that could be made.
To know more about itemized deductions
brainly.com/question/3598381
#SPJ4
Katrine doesn't understand all of the various aspects of automobile insurance and relies on her local independent State Farm Insurance agent to provide her with information. This agent acts as a(n) intermediary for State Farm.
Answer:
a. Overstates Inflation.
In the case of Mary and Bob, the CPI would have already increased but in this case the price of the minivan increased as well. This will overstate inflation because it will not measure the general rise in price alone (inflation), it will also measure the rise in price as a result of the new minivan having better features.
b. Understated Inflation
Donna's case represents an understated inflation because the quantity shrank yet the price stayed the same. This means that the price is now buying less quantity than it used to which is inflation because more dollars are now required to buy the previous amount. This was not however recorded as there was no change in price.
c. Overstates Inflation
In the case of Zach, the inflation will be overstated because Zach is no longer buying bagels and is now buying muffins so continuing to use bagels as a representative good in the basket of goods used to calculate CPI would be overstating it.
d. Accurate representation of Inflation
In Chris's case, the increase in the price of the same shoe over the years has been because of a general rise in prices and not because it is a different model. It is the same shoe and its price is rising generally so this is an accurate depiction of inflation.
Answer:
The balance of allowance for doubtful accounts is $ 1,880
Explanation:
Computation of balance in Allowance for Bad Debts
Total credit sales $ 47 comma 000
Estimated bad debts as a % of sales 4 %
Balance of Allowance for Doubtful accounts $ 1,880
The balance is based on a % to credit sales basis. The bad debts expense for the year considers the balance in the allowance for doubtful accounts and the accounting entry is an adjustment amount.
Answer:
The Hi-Stakes Company
a. If the direct exchange rate increases, the dollar strengthens relative to the other currency.
b. If the indirect exchange rate increases, the dollar also strengthens relative to the other currency.
Explanation:
When the exchange rate increases, it means that more of the other currency is required in order to embark on importing and exporting transactions. However, the increases will weaken the ability of the importing currency to afford the dollar-based goods, which have then being made more expensive.
