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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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_____ is the part of the total sales held by one seller. For example, a monopolist holds 100 percent of total sales.
Firlakuza [10]
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For example, a monopolist holds 100 percent of total sales. The 100 percent refers to the market share. In a monopoly, only one business has the good or service that is being offered in the market. Thus, consumers have no other choice but to purchase said good or service from the monopolist.
7 0
3 years ago
The+ebit+of+a+firm+is+$300,+the+tax+rate+is+35%,+the+depreciation+is+$20,+capital+expenditures+are+$60+and+the+decrease+in+net+w
-BARSIC- [3]

Answer:

Answer:

$215

Explanation:

Eagles product has an EBIT of $400

Its tax rate is 30%

= 30/100

= 0.3

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Therefore, the free cash flow to the firm can be calculated as follows

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Hence the free cash flow to the firm is $215

4 0
2 years ago
What strategies should a direct response message use? Check all that apply.
sdas [7]

Answer:

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Explanation:

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6 0
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Elodia [21]

Answer:  d. revenues to be understated.

If the services have been rendered but the revenue is not recorded it means that your accounts will show less revenue than you have actually earned as in accounting revenue is recognized as soon as the service is rendered, thus not recognizing the revenue when the service is rendered will understate the revenues.

Explanation:

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A sales forecast based on an estimate of total market potential for a specific market and projecting the market share a business
Anna35 [415]

Answer:

The correct answer is: Build-up approach .

Explanation:

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