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Snezhnost [94]
1 year ago
13

Taxpayers have a choice of deducting the standard deduction or their itemized deductions. therefore, blank______ agi deductions

are considered to be beneficial to more taxpayers because:
Business
1 answer:
KonstantinChe [14]1 year ago
8 0

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

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7 0
2 years ago
There will be a lower equilibrium price and quantity if
denis23 [38]

Answer: demand decreases and supply stays the same

Explanation:

The equilibrium price refers to the price whereby the quantity of goods that's demanded and the quantity of goods that's supplied is equal.

On the other hand, the equilibrium quantity is gotten when the quantity of goods demanded and supplied are equal. This is gotten when the demand curve and the supply curve intersects.

It should be noted that there will be a lower equilibrium price and quantity if

In a situation whereby the demand increases and the supply remains the same, the equilibrium quantity and the equilibrium price will increase and vice versa.

8 0
3 years ago
Alice purchases a rental house on August 22, 2017, for a cost of $174,000. Of this amount, $100,000 is considered to be allocabl
sergij07 [2.7K]

Answer:

correct option is c. $1,364

Explanation:

given data

purchases house = $174,000

cost of the home = $100,000

cost of the land = $74,000

solution

we know that here MACRS  depreciation deduction is here on the $100000

because home only residential real property

and land is not depreciated assets

so here depreciation rate is 1.364 %

so that maximum depreciation deduction allowed is = $100,000 × 1.364

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so correct option is c. $1,364

3 0
3 years ago
A process costing system:
adell [148]

Answer:

C. uses a separate Work-in-process account for each processing department.

Explanation:

A process costing system -

The term of process costing system is used in the method of cost account .

Where it refers to the method to assign and collect the cost of the goods and services manufactured per unit , is referred to as the process costing system .

The method is very efficient and useful during the production of goods and services in large quantities .

The method is appropriate for different department , where each department is assigned a separate processing method i.e. , if in company there are three major departments , then each department is assigned a specific process costing system , which is specific for a specific department .

Hence , from the question ,

The correct answer is c.  

7 0
3 years ago
External factors in a SWOT analysis include the strengths and weaknesses of an organization.
Katarina [22]

Answer:

False

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4 0
2 years ago
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