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garik1379 [7]
3 years ago
7

Mike Hansen has adjusted gross income of $82,000. During the year, Mike decided he needed a larger home. He purchased a home on

a golf course in the same town as his first home. Mike incurred $6,000 in moving expenses. How much of this can he include as an itemized deduction
Business
1 answer:
viktelen [127]3 years ago
6 0

Answer: $0

Explanation: The total amount of an individual's Gross income which is taxed is called the taxable income. An individual's Adjustable Gross Income may include expenses such as charitable contribution, mortgage interest, medical and some other eligible expenditure which are are deducted in other to lessen the taxable income of such individual. Such deductions are called the Itemized deductions.

However, personal expenses DO NOT CONTRIBUTE to an individual's Itemized deduction and as such, MIKE HANSEN'S ITEMIZED DEDUCTION IS ZERO.

The $6000 incurred is classed under personal expenditure and is not deductible.

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3 years ago
Chang Industries has already spent $230,000 to produce tables. Those tables can be sold as is for $442,000. Alternatively, the t
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Incremental revenue is often compared to production costs. The stained tables can be sold for $178,000.

<h3>What is incremental revenue?</h3>

Incremental revenue is the profit that a business earns through rising sales.

It can be used to determine the additional revenue generated by a particular product, investment, or direct sale from a marketing campaign when sales value has grown.

As per the information,

the tables could be sold for $442,000 and after additional processing the tables can be sold for $620,000. The incremental revenue is equal to $620,000 - $442,000 = $178,000

Therefore,The stained tables can be sold for $178,000.

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2 years ago
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5 0
3 years ago
Which of the following is true of both paying with a check and paying with a debit card?
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I hope my answer helps you

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