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lara [203]
3 years ago
12

The accumulation of budget deficits by the United States has created

Business
1 answer:
wariber [46]3 years ago
5 0

Answer:

a national debt

Explanation:

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Name three primary sources of authority that tax professionals should check against the citator before relying on those sources
soldi70 [24.7K]

Answer:

The three primary sources of authority that tax professionals should check against the citator before relying on those sources for important matters are;

1. Revenue procedures

2. Revenue rulings

3. Judicial decisions

Explanation:

A citator can be defined as an index of legal resources that allows the researcher to find newer documents of the original document and thus the history of statues and cases can be reconstructed. This has been collectively termed as shepardizing. There are different kinds of citators depending on the type of case one is handling. In our case, we are dealing with tax professionals. Tax professionals deal with three primary sources of authority that tax professionals should check against the citator before relying on those sources for important matters. These primary sources are; revenue procedures, revenue rulings and judicial decisions. They are further elaborated below;

1. Revenue procedures

A revenue procedure is a set of guide that give direction on how to apply law, regulations and rulings. They majorly give direction on matters involving tax.

2. Revenue rulings

A revenue ruling is an order directly from the Internal Revenue Services (IRS) that has the full backing of the law and therefor enforceable. Such rulings on revenue, give direction on how the IRS understands the tax laws. Since the IRS is an authority constituted by top-level tax professionals, a revenue ruling can be used by other tax professionals to cite cases of similar nature.

3. Judicial decisions

Judicial decisions is a statement of advice written by a judge or a panel of judges that serves as a guide in solving a legal dispute. They involve a written legal opinion that tends to justify how and why they arrived to that conclusion to solve the dispute. The same thinking can be used by other professionals in other disputes of a similar nature to solve them.

3 0
3 years ago
Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. Marsha earned wages of $18,500 and
Vedmedyk [2.9K]

Answer:

1. d. Both a and c.

2. True.

Explanation:

Marsha and Shelby both are U.S. citizen. Marsha can claim Income credit once she is 25 years older up to 65 years of age. The individual below 25 years of age cannot claim income credit according to the tax law prevailing in U.S.

8 0
3 years ago
The Wyeth Corporation produces three products, A, B, and C, from a single raw material input. Product A can be sold at the split
Degger [83]

Answer:

It is preferable to further process Product A.

Explanation:

Product should be processed further before sale if the net incremental benefits from further processing is positive.

The net incremental benefits from further processing is increase in revenue when further processed less further costs of processing.

Increase in revenue=$58,000-$40,000

                                 =$18,000

Further processing costs=$15,000

Net incremental benefits=$18,000-$15,000

Net incremental benefits=$3,000

Since processing further brings a net benefit of $3,000, Product A should be further processed before being sold.

8 0
3 years ago
Read 2 more answers
Actual fixed overhead is $33,300 (12,000 machine hours) and fixed overhead was estimated at $34,000 when the predetermined rate
Anuta_ua [19.1K]

Answer:

C. $34,500

Explanation:

Given the above information, applied fixed overhead is computed as;

= Standard hours allowed for actual production × Predetermined rate

Standard hours allowed for actual production = 11,500

Predetermined rate = $3 per hour

Then,

Applied fixed overhead

= 11,500 hours × $3 per hour

= $34,500

3 0
2 years ago
Langston will pay $575 to three different credit cards: Expert Card, Passport, and US Speedy. She will pay three times as much t
Gre4nikov [31]

Answer:

$75

Explanation:

Let, the payment made towards US Speedy credit card be 'U'

Therefore,

According to the question:

Payment made towards Express credit card, E = 3U

Total for the two cards = U + E

= U + 3U

= 4U

also,

Payment made towards passport credit card = 15% of 4U

= 0.15 × 4U

= 0.6U

Given: Total payment made = $575

Therefore,

E + U + 0.6 U = $575

or

3U + U + 0.6U = $575

or

4.6U = $575

or

U = $125

Hence,

Payment made towards passport credit card = 0.6U

= 0.6 × $125

= $75

6 0
3 years ago
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