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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).

You might be interested in
A health club currently charges its 1700 clients monthly membership dues of $ 45. The board of directors decides to increase the
Sedaia [141]

Answer:

$135

Explanation:

Given:

Total clients = 1700

Membership dues = $45

Increase in monthly dues = $1

Loss of clients per dollar increase = 7 clients

Thus,

let x be the number of dollar increases

therefore,

clients lost will be 7x

so the revenue function will be

f(x) =  charges × Number of clients

or

f(x) = ( 45 + x ) × ( 1700 - 7x )

or

f(x) = 90000 - 315x + 1700x - 7x²

or

f(x) = 90000 + 1385x - 7x²

now,

for point of maxima or minima

differentiating with respect to x, we get

f'(x) = 0 + 1385 - 14x = 0

or

14x = 1385

or

x = 98.92 ≈ 98

thus,

to optimize the revenue from monthly dues the club should charge

( $45 + $90 ) = $135

5 0
3 years ago
The first activity in test preparation is to determine what the test will be about.
natka813 [3]

Answer:

T

Explanation:

<em>When preparing for a test, the most important first step is to determine what the test is all about. Thereafter, individuals can then design the mode of preparation that suits them in order to be successful in the test.</em>

Mode of preparation varies from individual to individual because intellectual ability also varies. While some absorb information quickly, others might require a considerable time before they can come to terms with information.

<u>The best answer from the choices is T, which means true.</u>

3 0
4 years ago
Read 2 more answers
imagine that you are a promoter of concerts and pop-up events. you need to know how well last month's events did in order to mak
anygoal [31]

Assume you are a concert and pop-up event promoter; the best measurement method would be audience analysis.

A promoter is a marketing professional who is in charge of demonstrating a product's features to an audience or client. The promoter demonstrates how the product works, answers questions, and attempts to persuade customers or clients to purchase the product.

A corporate promoter is a company or individual who does the preliminary work associated with the formation of a company, such as its promotion, incorporation, and flotation, and solicits people to invest money in the company, typically when it is in the process of being formed.

To know more about promoters, click here.

brainly.com/question/16067527

#SPJ4

5 0
2 years ago
Robert is writing a report about ty cobb, a famous baseball player, and needs to gather information. he types "ty cobb" into his
Mkey [24]
Had to look for the missing options and here is my answer.

Based on the given scenario above about Robert who did an internet search about TY Cobb, he is most likely using a SEARCH-RESULTS PAGE or the Search Engine Result Page (SERP). This is the first page that you will see when you enter something as a query. Hope this answers your question.
8 0
4 years ago
A company had $5,000,000 in total revenues for its fiscal year. Its expenses for the year were $3,500,000. Its total assets were
mamaluj [8]

Answer:

ROA = 0.12

so correct option is d

Explanation:

Given data:

total revenue = $5,000,000

Expenses = $3,500,000

Total assets = $12,500,000

Rate on assets (ROA) is calculated as

ROA = \frac{Net\ income}{Total\ assets}

Net income = total revenue - expenses

Net income = $5,000,000 - 3,500,000

So,ROA = \frac{1500000}{12500000}

ROA = 0.12

so correct option is d

4 0
4 years ago
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