Answer:
1
Explanation:
The child and dependent care tax credit allows Sam and Edith a $500 deduction for every child or dependent that is 13 or older. But two of their children do not qualify for the following reasons:
- Ann doesn't live with them.
- Alex earned money (more than the $4,200 threshold) and filed taxes separately.
Therefore, they can only claim a dependent tax credit for Adam.
Answer:
The answers are:
A) Not deductible (birthday gifts are not deductible)
B) Deductible from AGI (donations to church are deductible)
C) Deductible from AGI (medical expenses are deductible)
D) Deductible for AGI (alimony expenses for divorces prior to 2019 are deductible)
E) Deductible for AGI (pension plan contributions are deductible)
F) Deductible for AGI (rental property expenses are deductible)
G) Not deductible (entertainment is not a deductible business expense)
Answer:
The correct answer is C,2.33
Explanation:
The midpoint formula for elasticity of demand is given as :
percentage change in quantity demand/percentage in price
percentage change in quantity demanded is Q2-Q1/(Q2+Q1)/2*100
percentage change in price is P2-P1/(P2+P1)/2*100
P1=$6.5
P2=$5.75
Q1=600
Q2=800
percentage change quantity demanded =(800-600)/(800+600)/2*100
percentage change quantity demanded=28.57142857
Percentage change in price=(5.75-6.5/(5.75+6.5)/2)*100
percentage change in price=12.24489796
midpoint elasticity of demand=
28.57142857
/2.24489796
=2.33