Generally speaking, the taxpayer can deduct his alimony payment but not his child support payment. He may, however, be entitled to claim the child as a dependent, although this is beyond the scope of the question.
We can deduct the alimony payment but not the child support payment. Smith paid Goode $20,000 in 2017, although he owes 24,000. The adjusted gross income depends only on how much Alimony he paid.
If he paid the full $6,000 alimony and only 14,000 of child support, he can deduct the $6,000 for an adjusted gross income of 50,000- 6,000= $46,000.
If, for example, he paid the full $18,000 in child support and only 2,000 in alimony, he can only deduct the $2,000 for an adjusted gross income of 50,000 - 2,000 =48,000.
Answer:
The answer depends on 2 vital elements
1. whether there are injured/dead people - you cannot accept the money. you must inform BOTH the Insurance company and the Police. otherwise it is a hit and run, which is a criminal offence and you will be penalized.
2.or there are no injured/dead people - then take the money and settle the dispute
Explanation:
Dealing with insurance companies is not a legal requirement and depends on your choice.
BUT,
if a person is injured or dead because of the accident, then not only should you inform the insurance company, but also you should inform the legal authorities (Police).
so, as I mentioned about, if it is just your car a and stranger's car that is damaged, then you can settle it without involving the insurance companies.
if a person or another party is involved, then you cannot!
hope this helps!
Answer:
= $31,538
Explanation:
At what amount should the gain from the sale of the building be reported
?
Book value of the building at January 1, 2017 will be calculated by =
Cost of the building - Depreciation
271,010 - 101,000 = $170,010
Windsor sold the building for 261,010 due o January 1,2020, which is exactly three years after the date it was sold.
To find out the gain or loss, we will calculate the present value of the amount paid to Windsor Corporation at January 01, 2017.
Present value = 
Note due in 3 years,
PV = 
= $201,548
The Present value is greater than the book value of the building at January 1,2017, so we have a gain on sale of the building, which is calculated by:
Gain on sale of building = $201,548 - $170,010
= $31,538
Windsor Corporation will report a gain on sale of building of $31,538.
Answer: The correct answer is "c. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.".
Explanation: Process Costing is a special accounting method to identify and accumulate direct costs and prorate indirect costs of the same manufacturing process.
The statement "The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory." is the most accurate.
