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ICE Princess25 [194]
3 years ago
12

Myrna and Geoffrey filed a joint tax return in 2015. Their AGI was $85,000, and itemized deductions were $13,700, which included

$4,000 in state income tax. In 2016, they received a $1,800 refund of the state income taxes they paid in 2015. The standard deduction for married filing jointly in 2015 was $12,600. Under the tax benefit rule, what amount of these state income tax refund is included in gross income in 2016?
Business
1 answer:
GalinKa [24]3 years ago
4 0

Answer:

The amount of these state income tax refund is included in gross income in 2016 is $1,100

Explanation:

The computation of the income tax refund is shown below:

= Itemized deductions - standard deduction

= $13,700 - $12,600

= $1,100

Since we have to find out the refund amount which would be included in the gross income so we consider the amount of the deductions which is given in the question. The other information which is given in the question is not relevant. Hence, ignored it

The amount recovered would be adjusted to that particular year only it would not be carried forward.

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Another name for nondisclosure is
ladessa [460]

Answer: confidentiality agreement (CA)

5 0
2 years ago
The appropriate section in the statement of cash flows for reporting the purchase of equipment for cash is:_______.
VikaD [51]

Answer: Investing activities

Explanation:

The appropriate section in the statement of cash flows for reporting the purchase of equipment for cash is referred to as the investing activities.

The operating activities has to do with the reporting of cash payment for wages. The financing activities has to do with reporting issuance cash for the common stock.

3 0
3 years ago
In September, Year 1, West Corp. made a dividend distribution of one right for each of its 120,000 shares ofoutstanding common s
Sphinxa [80]

Answer:

The correct answer is option C.

Explanation:

Dividend distribution in the first year = 120,000 shares of outstanding common stock

Each right was exercisable.

Though none of the rights have been exercised.

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Reduction in the West's stockholder's equity

=Number of shares*amount paid for redemption

=120,000*$.10

=$12,000

So, option C is the right answer.

8 0
2 years ago
If total liabilities decreased by $27,275 during a period of time and stockholders' equity increased by $34,366 during the same
Lilit [14]

Answer:

d.$7,091 increase

Explanation:

From the accounting equation, assets = liabilities + equity.  If the total liabilities decrease by $27,275, the assets will also decrease by $27,275.  Similarly, when stockholders' equity increased by $34,366, the amount of assets will increase by the same amount.  The net increase in assets will be $7,091, which is the difference between the increase in stockholders' equity and the decrease in liabilities ($34,366 - $27,275).

5 0
2 years ago
Robert and Jenny are coworkers who enjoy flirting with each other while at work. They both view their actions as harmless fun, a
WINSTONCH [101]

Answer:

The correct answer is letter "A": True.

Explanation:

Sexual harassment in the work field does not only involve the fact of one individual chasing another for sexual purposes. It also implies any other set of intimacy activities that can bother others at work such as couples flirting. Most jobs, do not allow sentimental relationships within the work-frame. Some even fire employees found in relationships at work.

Thus, if one of Jenny and Robert's coworkers feel uncomfortable for their flirting,<em> they can be guilty of sexual harassment</em>.

4 0
3 years ago
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