The federal income tax is described as a progressive tax system because: <span>individuals who make more money, pay more taxes.
With this taxation income, the government are planning to spread the wealth in the country and used the excess of money from the upper income bracket to support those in the lower bracket</span>
Answer:
A. $850
Explanation:
The answer is net investment income of $850. This is because the investment interest expense to the extent of net investment income is deductible. The others listed are not deducted. The net investment income can either be capital gains, interest or dividends. When the expenses is less than net investment income, all investment interest expense is deductible and when interest expense is more than investment income, only expenses up to net investment income amount is deducted.
Answer:
i dont get the question, can you please make it clear?
Answer:
a prior period adjustment
Explanation:
A prior period adjustment -
It is the correction of the accounting error which took place in the past and was written in the prior year of financial statement , net of the income taxes , is known as a prior period adjustment .
It is the method to fix the previous problem of past during the reporting .
hence , the correct term fro the given statement is a prior period adjustment .
