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BaLLatris [955]
3 years ago
13

Zahra, a self-employed, single taxpayer, reports all her income on Schedule C. During the tax interview, her Tax Professional de

termines that Zahra may qualify for the Earned Income Credit. To confirm her eligibility for this credit, the Tax Professional should__________.
(A) Accept Zahra's statement of expenses with no additional questions asked.
(B) Explain to Zahra that she must report all her business income and expenses.
(C) Ignore items that might reduce Zahra's refund.
(D) Provide amounts for Zahra's business expenses typical for her line of work.
Business
1 answer:
marusya05 [52]3 years ago
4 0

Answer:

B

Explanation:

Explain to Zahra that she must report all her business income and expenses. 

To qualify for the Earned Income Credit  you must have earned income from working for someone or from running or owning a business and meet basic rules.This is a reason for Zahra to report all her business income and expenses.

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Explanation:

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On May 3, 2020, Concord Company consigned 80 freezers, costing $540 each, to Remmers Company. The cost of shipping the freezers
NeX [460]

Answer:

a) $22,010

b) $3,780

c) $25,790

Explanation:

a) In calculating the value of inventory still left, the total value needs to be calculated first,

= (80 freezers * $540) + $820 ( transport fees)

= 43,200 + 820

= $44,020

40 out of 80 freezers have not been sold so,

= 40/80 * 44,020

= $22,010

b) In calculating the profit, subtract the expenses from the sales

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