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Mkey [24]
3 years ago
11

Taxpayers have a choice of deducting the standard deduction or their itemized deductions. Therefore, ________ AGI deductions are

considered to be beneficial to more taxpayers because:________
a. For; these deductions increase the amount of the standard deduction
b. From; they result in a lower AGI which reduces the limitations based on AGI that decrease some tax benefits
c. For; they are available to all eligible taxpayers, not just those that itemize deductions
d. From; these deductions reduce a taxpayer's tax liability dollar for dollar
Business
1 answer:
Luba_88 [7]3 years ago
4 0

Answer:

C) For; they are available to all eligible taxpayers, not just those that itemize deductions

Explanation:

Any individual's adjusted gross income is equal to the individual's total gross income minus certain specific deductions, e.g. health savings account, contributions to retirement accounts, student loan interest, etc.

An individual's taxes are calculated using the adjusted gross income as basis, not simply the gross income.  

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CrossCountry Trucking & Transport enters into a contract with Discount Outlet Stores to load, transport, deliver, and unload
Mila [183]

Answer:

C) tender.

Explanation:

In contract law, a tender offer to perform is conditioned to the moment when the other party is willing and ready to perform as well. In this case, CrossCountry signed a contract, but the contract will be valid when the other party (Discount Outlet Stores) needs their services. If the other party does not require their services, CrossCountry is not able to perform nor demand performance.

6 0
3 years ago
On october 4, 2017, terry corporation had credit sales transactions of $2,500 from merchandising having a cost of $1,900. the en
Arturiano [62]

I believe that this problem has the following choices:

 

> a debit of $2,500 to Merchandise Inventory.

> a credit of $2,500 to Sales.

> a debit of $1,900 to Merchandise Inventory.

> a credit of $1,900 to Cost of Goods Sold.

 

The correct answer from the choices is:

<span>> a credit of $2,500 to Sales
</span>

 

<span> </span>

8 0
3 years ago
Carl is a self-employed real estate agent. For the current year, his self-employment net earnings (revenues minus expenses) are
lisov135 [29]

Answer:

$12,240

Explanation:

Social security Tax = $80,000 x 12.4%

Social security Tax = $9,920

Medicare Tax = $80,0000 x 2.9%

Medicare Tax =  $2,320

Total tax = $9,920 + $2,320

Total tax = $12,240

3 0
3 years ago
Mercury Inc. purchased equipment in 2019 at a cost of $400,000. The equipment was expected to produce 700,000 units over the nex
Wittaler [7]

Answer:

See explanation section

Explanation:

We know,

Annual depreciation rate under Units-of-production = Depreciable amount/Overall (expected) production

Given,

Purchase value = $400,000

Residual value = $50,000

Expected production = 700,000 units

Depreciable Amount = $(400,000 - 50,000) = $350,000

Annual depreciation rate = $350,000/700,000

Depreciation rate = $0.50

Thrrefore, Accumulated depreciation from 2019 to 2021 = (100,000 + 160,000 + 80,000)*$0.50

= $170,000

We know, Book value of asset = Cost price - Accumulated depreciation

Book value = $400,000 - $170,000 = $230,000

Again, Loss on sale of equipment = Book value - Sales price

Loss on sale of equipment = $230,000 - $210,000

Loss on sale of equipment = $20,000

The journal entry to record the sale =

Debit Cash $210,000

Debit Accumulated Depreciation $170,000

Debit Loss on sale $20,000

Credit Equipment $400,000

7 0
3 years ago
Read 2 more answers
A ______ is a division of the firm itself that can be managed and operated independently from other divisions. Multiple choice q
grandymaker [24]

Strategic business unit (SBU) is a division of the firm itself that can be managed and operated independently from other divisions.

<h3>What is strategic business unit (SBU)?</h3>

It is a business unit that runs independently and it is focused on a target or particular market.

  • It is a big market that has its own various support functions that include training departments, hiring department.

Therefore, Strategic business unit (SBU) is a division of the firm itself that can be managed and operated independently from other divisions.

For more details on strategic business unit kindly check

brainly.com/question/24684801

6 0
2 years ago
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