Complete Question:
Jon is a cash-basis taxpayer and has adjusted gross income of $40,000 in 2018. During the year he incurred and paid the following medical expenses.
Drugs and medicines prescribed by doctors $300
Health insurance premiums $750
Doctors' fees $2,250
Eyeglasses $75
How much medical expense can he deduct as itemized deduction?
Answer:
Jon
Medical expense that Jon can deduct as itemized deduction:
= $375
Explanation:
a) Data and Calculations:
Adjusted gross income = $40,000
Incurred medical expenses:
Drugs and medicines prescribed by doctors $300
Health insurance premiums $750
Doctors' fees $2,250
Eyeglasses $75
Total = $3,375
Under Tax Cuts and Jobs Act (TCJA), the medical expenses which can be deducted as an itemized deduction on the federal income tax return are only to the extent that they exceed 7.5% of adjusted gross income (AGI).
7.5% of $40,000 = $3,000
Therefore, Jon can itemize deduction of $375 in medical expense.
Answer:
BPA
Explanation:
I just took the test and that is the answer.
Answer:
39 months
Explanation:
loan balance $5,000
APR = 17.3% compounded monthly / 12 = 1.44167% monthly interest rate
monthly payment = $170
if we use the present value of annuity formula:
PV = payment x ({1 - [1/(1 + r)ⁿ]} / r)
5,000 = 170 x ({1 - [1/(1 + 0.0144167)ⁿ]} / 0.0144167)
29.4118 = {1 - [1/(1.0144167)ⁿ]} / 0.0144167
0.42402 = 1 - [1/(1.0144167)ⁿ
1/(1.0144167)ⁿ = 0.57598
1.0144167ⁿ = 1 / 0.57598 = 1.73617
n log1.0144167 = log1.73617
n 0.00621639 = 0.2395926
n = 0.2395926 / 0.00621639 = 38.54 ≈ since the payments must be made in full months, we have to round up to 39 months
to check our answer:
PV = payment x ({1 - [1/(1 + r)ⁿ]} / r)
PV = 170 x ({1 - [1/(1 + 0.0144167)³⁹]} / 0.0144167)
PV = $5,044.36
In the <span>1920s, many rural banks failed because of the failure of the farms to produce the bumper crops they were producing previously. The farmers had invested heavily in machinery and storage facilities. They drop in production meant that the investment did not recover and they failed to pay their loans back. </span>
The answer to this question would be option B: FALSE. When we say medium, this is the mode of how the message would be transmitted from the source to the receiver. This is also known as the channel. An example of this would be television or radio. This statement becomes false because the medium does not have anything to do with how the receiver deciphers or decodes the message that is being sent. The medium only serves as a channel and does not affect on how the receiver would interpret such information.
