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Reil [10]
3 years ago
11

Paul and Karen Kent are married, and both are employed (Paul earned $44,000 and Karen earned $9,000 this year). Paul and Karen h

ave two dependent children, Samuel and Joy, both under the age of 13. Paul and Karen pay $3,800 ($1,900 for each child) to Sunnyside D Care Center (422 Sycamore Road, Ft. Worth, TX 76028; Employer Identification Number 11-2345678), to care for their children
Assuming that Paul and Karen file a joint return, their tax credit for child and dependent care expenses for the year is ________.
Business
1 answer:
VashaNatasha [74]3 years ago
8 0

Answer:

$760

Explanation:

The tax credit for child and dependent care expenses allows working taxpayers to discount up to 35% of care expenses. The exact percentage that you are allowed to deduct depends on your income:

  • if you earn up to $15,000, you can discount 35% of dependent care expenses of up to $3,000 per child.
  • the percentage decreases for every $2,000 of income (1% decrease per every $2,000), until your income reaches $43,000 where it remains at 20%.

The Kent's earned $53,000 during the year, so they can claim up to 20% of their children's care expenses = $3,800 x 20% = $760

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Answer:. ............$

1. Bad debt Dr. 11.0000

Account receivable Or. 11.000

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3. Profit or loss Dr 4000

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Narration. Increase in provision for doubtful debts.

7 0
3 years ago
Social Security benefits are increased each year in proportion to the increase in the CPI, even though most economists believe t
erik [133]

Answer:

False The statement does not correlate

5 0
3 years ago
For most normal goods the income effect and the substitution effect work in the same direction; so when the price of a good fall
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Answer:

The income effect and substitution effect work in opposite directions and income effect is dominant.

Explanation:

In case of a normal good, both the income effect as well as substitution effect work in the same direction. A fall in the price of a product will increase the purchasing power of the consumer so its quantity demanded will increase.  

The consumers will also prefer the cheaper good so the substitution effect will cause the quantity demanded to increase.  

In case of an inferior good, however, income elasticity is negative. The income effect and substitution effect work in opposite directions.  

A price decrease in the case of an inferior good will increase the real income and purchasing power of the consumer. This will cause the quantity demanded of the inferior good to decline as the consumer will prefer a substitute normal good.

8 0
3 years ago
Explain how firms that compete in the four different market structures determine profitability.
Ira Lisetskai [31]

Price is determined by the forces of market demand and market supply. A firm sells its output at the given price. Therefore, a firm under perfect competition is a price taker, not a price maker.

Perfect competition is a form of market where there is a large number of buyers and sellers of a commodity. A homogeneous product is sold and its price is determined by the forces of supply and demand.

The elasticity of demand for the firm's demand =  Infinite Because of free entry and exit, firms, in the long run, earn only normal profits (TR = TC or AR = AC). In the extra normal profits earned, new firms will join the industry. Market supply will increase. The market price will fall. Extra normal profits will be wiped out. In case of extra normal losses, some of the existing firms will leave the industry. Market supply will decrease. The market price will increase. Extra normal losses will be wiped out.

(A). Normal profits (TR = TC or AR = AC)

(B). Extra normal profits ( TR>TC or AR>AC)

(C).  Extra normal losses (TR<TC or AR <AC)

In economics, a market is a system, institution, process, social relationship, or infrastructure configuration in which parties exchange ideas. Although parties can exchange goods and services through barter, most markets rely on sellers offering goods and services (including labor) to buyers in exchange for money.

A market can be described as the process by which prices for goods and services are determined. Markets facilitate trade and enable the distribution and allocation of resources in society. Marketplaces allow the valuation and pricing of any tradeable item. Markets can arise more or less spontaneously or be consciously constructed by people

Learn more about the market here

brainly.com/question/25309906

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7 0
1 year ago
Rudolf, a Polish manager in a company based in China, is admired by his colleagues for the way he interacts with people, his con
zimovet [89]

Answer: Respect

Explanation:

Respect is something that human beings are taught from birth. It is an attitude and way of being that someone has where they show appreciation for others. A person who has respect treats everyone equally, does not seek humiliation but good treatment.

Respect leads to good integration, where regardless of the differences that a person may have, they can live harmoniously since there is a good deal above all else. Respect allows people to live quietly, where good treatment is one of its main characteristics.

In Rudolf's case, he is a person who maintains respect. He is someone who respects the culture of others and treats everyone equally. He does not seek conflict but a healthy environment where everyone can work harmoniously and this type of behavior lead others to have a good concept and admiration for it.

3 0
2 years ago
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