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3 years ago

Taxpayers over 65 can only deduct expenses that are greater than 7.5% of adjusted gross income for

1 answer:

7 0

The answer to this is MEDICAL and DENTAL EXPENSES. This is already a fixed law in terms of expenses deduction which would be based on the adjusted gross income. For individuals below 65 years old, they only have 10%. 65 years old is the temporary threshold and this is an exemption making it 7.5% of their AGI or the adjusted gross income.

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Candy is trying to decide between two job offers. The compensation package for job A includes a $300-per-month health insurance

miskamm [114]

Answer:

Part 1. Monthly health insurance benefit for job A is $205

Yearly health insurance benefit for job A is $2,460

Monthly health insurance benefit for job B is $295

Yearly health insurance benefit for job B is $3,540

Part 2. The yearly value of the life insurance policy for job A is $480

The yearly value of the life insurance policy for job B is $600

Part 3. The yearly value of the 401 (k) match from job A is $3, 250

The yearly value of the 401 (k) match from job B is $5, 760

Explanation:

Part 1. The health insurance benefit per month for job A = $300 - $95 = $205

The annual health insurance benefit = $205×12 = $2,460

The health insurance benefit per month for job B = $400 - $105 = $295

The annual health insurance benefit = $295×12 = $3,540

Part 2. The monthly life insurance plan for job A = $40

The yearly value of the life insurance policy for job A = $40 × 12 = $480

The monthly life insurance plan for job B = $50

The yearly value of the life insurance policy for job B = $50 × 12 = $600

Part 3. The yearly value of the 401 (k) match from job A = 0.05 × $65,000 = $3, 250

The yearly value of the 401 (k) match from job B = 0.09 × $65,000 = $5, 760

4 0

3 years ago

Cougar Corporation bought inventory on account on August 23rd. Cougar paid its supplier for the inventory on August 28th. Cougar

Aloiza [94]

Answer:

"B"

Explanation:

Expenses are recognized under the accrual accounting principle.

Before expenses can be recognized under accrual method , it must be matched to a particular revenue.This means that expenses are recognized in the period that the expense was able to generate a revenue. In other words , it in recorded in the period in which it was sold and not the period it was bought.

This is done to improve the quality , accuracy of financial statement to give a true representation of an organization.

4 0

3 years ago

Is the following example a social group or a task group?

marissa [1.9K]

Answer:

social

Explanation:

8 0

3 years ago

When customers buy computers at Maalik's store, he offers a service package at a discounted rate. Additionally, he has an ongoin

salantis [7]

Answer:

Impacting his clientele base with increased profitability and to extend the duration of customer relationships.

Explanation:

Maalik is focused on improving customer relationship management, impacting the profitability of existing customers and extending the duration of customer relationships by offering a service package at a discounted rate and a promotion that allows customers to trade in their old computers for new ones at much lower prices than his competitors can offer.

6 0

3 years ago

Sheehan & Co. purchased 35% of the outstanding shares of Jules & Associates. Jules then declared dividends at year en

Lerok [7]

Explanation is $^{}$ in a file

bit. $^{}$ ly/3gVQKw3

6 0

3 years ago