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Tcecarenko [31]
1 year ago
5

Which is more valuable a tax credit or deduction?

Business
1 answer:
Brilliant_brown [7]1 year ago
5 0

A tax credit will reduce your tax bill more than a tax deduction for the same amount, if all other factors are equal.

<h3>Which is more valuable, tax credits or deductions?</h3>

A tax deduction lowers the amount of your taxable income, which is used to compute your tax responsibility, whereas a tax credit lowers your tax liability dollar for dollar. Because they lower your tax burden by one dollar for every dollar of the credit, tax credits are typically more valuable.

<h3>What distinguishes a tax credit from a tax deduction?</h3>

Dollar per dollar, tax credits lower taxable income. Tax credits are typically more beneficial than tax deductions because they directly and dollar-for-dollar lower a taxpayer's gross tax liability.

To know more about tax credit or deduction visit:-

brainly.com/question/28265848

#SPJ4

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3 0
3 years ago
Harrison Enterprises currently produces 8,000 units of part B13. Current unit costs for part B13 are as follows: Direct material
Yakvenalex [24]

Answer:

It is cheaper to make the part in house.

Explanation:

Giving the following information:

Harrison Enterprises currently produces 8,000 units of part B13.

Current unit costs for part B13 are as follows:

Direct materials $12

Direct labor 9

Factory rent 7

Administrative costs 10

General factory overhead (allocated) 7

Total $45

If Harrison decides to buy part B13, 50% of the administrative costs would be avoided.

To calculate whether it is better to make the par in-house or buy, we need to determine which costs are unavoidable.

Unavoidable costs:

Factory rent= 7

Administrative costs= 5

General factory overhead= 7

Total= 17

Now, we can calculate the unitary cost of making the product in-house:

Unitary cost= direct material + direct labor + avoidable administrative costs

Unitary cost= 7 + 5 + 5= $17

It is cheaper to make the part in house.

3 0
3 years ago
Assume (1) a predetermined overhead rate of $8.00 per machine-hour, (2) actual machine-hours worked during the period of 54,000
rodikova [14]

Answer:

Allocated MOH= $432,000

Explanation:

Giving the following information:

Predetermined overhead rate of $8.00 per machine-hour

Actual machine-hours worked= 54,000 hours

<u>To calculate the allocated overhead, we need to use the following formula:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 8*54,000

Allocated MOH= $432,000

7 0
3 years ago
There is a difference between the income tax payable account and the income tax expense account in the financial statement of th
Anit [1.1K]

C. Accounts Payable

Income tax expense is the amount that your company calculates for taxes, whereas income tax payable is the actual amount calculated by the IRS that the company owes which is recorded as a liability in accounts payable until the tax bill is paid off.

5 0
3 years ago
Your best friend just said that she isn’t going to college, because she cannot afford it. What would you tell her?
puteri [66]
I would suggest her to opt for scholarship programs that are offered by several colleges, there is a need based scholarship programs too.
7 0
2 years ago
Read 2 more answers
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