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labwork [276]
3 years ago
7

In 2018, Rachel received a $1,900 refund of state income taxes that she paid in 2017. In 2017, Rachel claimed itemized deduction

s of $6,900 and this total included $2,800 of state income taxes. How much of the refund, if any, must Rachel include in her 2018 gross income if the standard deduction for 2017 was $5,800?
Business
1 answer:
Akimi4 [234]3 years ago
8 0

Answer:

$1,100

Explanation:

The amount which Rachel must include in her 2018 gross income would be computed by applying an equation which is shown below:

= Itemized deductions - standard deductions

= $6,900 - $5,800

= $1,100

The $1,100 would be included in the $1,900 refund which is presented in her 2018 gross income.

The excess amount between itemized deductions and standard deductions would indicate the extra refund amount which is already included in its $1,900 refund amount

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1 year ago
The coupon rate is the rate of interest that the issuer of the bond must pay. (II) The coupon rate is usually fixed for the dura
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Answer:

TRUE

Explanation:

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3 years ago
Give the journal entry (FOR FULL CREDIT ALWAYS GIVE JOURNAL ENTRIES IN PROPER FORM: see Hints/FAQ tab for guidelines) when a bui
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2 years ago
You want to purchase a new car, and you are willing to pay $19,970. If you can invest at 10% per year and you currently have $15
andrezito [222]

Answer:

It will take 3 years to have enough money to purchase the car.

Explanation:

We can use either Compounding or Discounting Formula to determine the time it will take to make $19,970 from $15,000 when the investment rate is 10%. Lets go with the Compounding Formula:

                           Future Value = Present Value * (1 + i) ^ n

<u>Re-arrange equation for "n" which is the Time Period:</u>

⇒ FV / PV = (1 + i) ^ n

Taking log on both sides;

⇒ log (FV / PV) = log (1 + i) ^ n

OR log (FV / PV) = n log (1 + i)

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Simply put values now;

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