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3 years ago

What is the present value of the benefits of owning that car, i.e., saving on rental expenses and selling the car

Business

1 answer:

Delvig [45]3 years ago

6 0

Answer:

Saving

Explanation:

Just saving because you mudt save before boying a car

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Jon is a cash-basis taxpayer and has adjusted gross income of $40,000 in 2018. During the year he incurred and paid the followin

fiasKO [112]

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.

7 0

3 years ago

What is wrong with Brainly? People (or maybe even bots) keep posting a link to download a file to get the description/answer. I

lukranit [14]

Answer:

exactly!! i asked a question and one person responded with some link saying they put the answer on there. i think people just want points or something:

7 0

3 years ago

Read 2 more answers

When a firm adopts new technology, it is customary for firms':

Anna35 [415]

I believe the answer is:

a. cost curves to shift upward

6 0

3 years ago

Read 2 more answers

Explain five reasons that may cause a company to redeem its own shares

pochemuha

- Companies buyback shares for a variety of reasons, including firm consolidation, increased equity value, and to appear more financially appealing.

-The disadvantage of buybacks is that they are frequently financed with debt, putting a burden on cash flow.

-Stock repurchases can have a modestly favorable impact on the economy as a whole.

4 0

2 years ago

Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 14,000 Selling price per un

timama [110]

Answer:

Results are below.

Explanation:

Traditional format income statement:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 10,000 + 86,000 - 23,000

COGS= $73,000

Sales= 14,000*17= 238,000

COGS= (73,000)

Gross profit= 165,000

Total selling expense= (2*14,000 + 19,000)= (47,000)

Total administrative expense= (3*14,000 + 15,000)= (57,000)

Net operating income= 61,000

Contribution margin income statement:

Total variable cost= 73,000 + 14,000*2 + 14,000*3= 143,000

Sales= 14,000*17= 238,000

COGS= (143,000)

Gross profit= 95,000

Total fixed selling expense= (19,000)

Total fixed administrative expense= (15,000)

Net operating income= 61,000

3 0

3 years ago