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Nat2105 [25]
3 years ago
9

Buddy Slaton has only one itemized deduction item, the $3,000 he gave to his church. His standard deduction this year is $5,450,

and he is in the 15% marginal tax bracket. How much will his contribution to the church save Buddy in taxes this year?
Business
1 answer:
Pepsi [2]3 years ago
5 0

Answer:

$0

Explanation:

Tax payers can elect to use either standard deduction or itemized deduction to reduce their taxable income, for them to pay least amount of tax on their taxable income. Standard deduction is calculated and given in accordance with the provision of the tax law while itemized deduction is a list of items that the tax payer has incurred and expecting to except from tax, examples of this includes donation to charities and interest paid on mortgage.

Taxpayers normally elect the higher of standard deduction and itemized deduction to reduce their tax liability to the lowest.

In the case of Buddy Slaton, electing for itemized deduction of contributing to church($3,000) will save her no tax since the standard deduction is greater ($,5450).

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Earned net income of $65,000 after deducting depreciation of $8,000 and all other expenses. Current assets decreased by $7,000​,
Drupady [299]

Answer:

Cash provided by operating activities is 89.000

Explanation:

The indirect method involves the adjustment of net income with changes in balance sheet accounts to arrive at the amount of cash generated by operating activities.

It depends on the account if it is added or subtracted to net income. Below you will find the added account with a plus (+) and the subtracted ones with a minus (-)

Notice the amounts of any decreases are in parentheses.

Net income 65.000

Adjustment to reconcile the net income to cash  

+ Depreciation expense 8.000

+ Current assets decrease 7.000

+ Current liabilities increase 9.000

Net cash 89.000

7 0
3 years ago
What other inspiring realizations helped Andrew Feld come up with the idea for his startup? List and rank them in order accordin
soldier1979 [14.2K]

The other inspiring realizations that helped Andrew Feld to come up with the idea for his startup, Fresh Patch, were as follows:

  • <u>Idea:</u> His pet gave him some idea that he could build a patch bathroom to enable his dog to ease whenever nature comes calling.  When he tried it out with the dog and saw the success, he engaged his need for income to start marketing the product to others.

  • <u>Necessity:</u>  Since he was unemployed with a pregnant wife, he realized that he could do something with his time.  This made him to try the bathroom for dogs idea that his pet needed.  He needed some income to cater for his family.

  • <u>A Big Vision:</u> The other realization is that the first year could be tough and will-breaking.  Then, he also realized that a big vision could be realized if one works hard at it.

Thus, these realizations greatly helped Andrew Feld for his startup, Fresh Patch.

Read more about inspiring ideas for business startups at brainly.com/question/11671311

6 0
2 years ago
The price of baseballs, a complement to baseball bats, increases at the same time the price of aluminum, an input to baseball ba
Rufina [12.5K]

Answer:

The price of baseball bats (a complementary good) increased

If the price of a complementary good increases, this would result in a decrease in demand for baseballs.

Explanation:

5 0
2 years ago
In the video, Mike Boyle talks about establishing a work environment that motivates employees to do great work. List two or thre
Alex787 [66]

Answer:

Explanation:

the list of specific ways through which Mr. MB can establish the work environment which can motivate the employee in his gym are as follows;

Mr. MB can emphasize on the importance of creating effective work environment that motivate employees to work properly.

Mr. MB can develop strength program for employees.

Mr. MB can also introduce the proper sessions of new training technique and workout program for employees.

Education helps in the employee motivational and job enrichment in an effective way. It helps the employees by giving them opportunity to establish their skills. It also helps in enhancing their knowledge and progress through their position in the company. These knowledge and skills helps the employer gaining effective workforce. Education also provides some effective guideline that the employees or employer should follow.

4 0
2 years ago
The shareholders’ equity of Tru Corporation includes $540,000 of $1 par common stock and $1,140,000 par of 7% cumulative preferr
Dmitry_Shevchenko [17]

Answer:

$12,600

Explanation:

Annual Dividend to preferred stock = $1,140,000 × 7%

                                                           =  $79,800

A schedule of preferred stock dividend in Arrears is as follows :

               Dividend              Paid                Arrears

2016        $79,800           $54,000           $25,800

2017        $79,800           $54,000           $51,600

2018        $79,800           $131,400                 0

Dividends of $131,400 has to be paid in 2018 to cover all the arrears.

Principle : Preference dividends (and their arrears if cumulative) are paid first before dividends distribution to common stock holders.

Common Stock Holders receive the remaining amount of dividends of $12,600 ($144,000 - $131,400)

7 0
3 years ago
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