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3 years ago

The following information applies to Caroline, who is single, for 2017:

Business

1 answer:

Aliun [14]3 years ago

3 0

Answer:

1. Child support received ⇒ NOT TAXABLE

2. Life insurance proceeds received as a result of the death of her mother ⇒ NOT TAXABLE, ONLY INTERESTS RECEIVED FROM A LIFE INSURANCE POLICY ARE TAXABLE, THE PRINCIPAL IS NOT TAXABLE.

3. Alimony received ⇒ TAXABLE IN 2017. THE TC&JA ESTABLISHED THAT ALL ALIMONY RECEIVED STARTING 2019 WOULD BE TREATED AS CHILD SUPPORT, BUT ANY ALIMONY PAYMENTS ESTABLISHED AND ALREADY PAID UNTIL 2018 ARE CONSIDERED INCOME FOR THE RECEIVING PARTY AND ARE TAX DEDUCTIBLE FOR THE GIVING PARTY.

4. Salary ⇒ TAXABLE INCOME

5. Jury duty fees ⇒ TAXABLE INCOME

Identify which items Caroline can deduct (fully or partially).

6. Penalty for early withdrawal from savings ⇒ YOU CANNOT DEDUCT ANY PENALTIES FROM EARLY WITHDRAWALS FROM IRA ACCOUNTS, YOU CAN DEDUCT PENALTIES FROM CASHING A CASH DEPOSIT EARLY, BUT I DON'T THINK THIS IS THE CASE.

7. Contributions to Health Savings Account ⇒ 100% TAX DEDUCTIBLE

8. Caroline's taxable income in 2017 is $.

Salary $44,000

Alimony received $9,600

Jury duty fees $75

Contributions to Health Savings Account ($3,600)

Standard deduction for single filer 2017 ($6,350)

Personal exemption ($4,050)

Her mother cannot be claimed as a dependent because her income was higher than the gross income limit. Since we are not given the number of children, or if they continued to be minors during more than half of 2017, we cannot include them in our calculations. That is also why I considered Caroline a single filer and not a head of household.

total taxable income = $39,675

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The asymmetric information problem in the market for healthcare services is _______.

Vinil7 [7]

Answer:

Explanation:

Asymmetric information is an instance of market failure.

It is when one party to a transaction possesses greater information or knowledge than the other party. e.g. when a seller possesses greater information than the buyer or when a buyer possesses greater information than the seller.

Individuals know when they have a more healthy lifestyle while their insurers might not be privy to such information due to privacy laws

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3 years ago

On January 15, 2019, Dillon purchased the rights to a mineral interest for $3,500,000. At that time, it was estimated that the r

lutik1710 [3]

Answer:

$175,000

Explanation:

Depletion per Unit =$3500000 / 500000 = $7 per unit

25,000 units were sold during the year.

There are two ways of figuring depletion on mineral property.

1. Cost Depletion

2. Percentage Depletion

Generally, we must use the method that gives you the larger deduction.

Calculation of Cost Depletion:

Cost Depletion = Units Sold * Depletion Rate = 25,000 units * $7 per unit = 175,000

Calculation of Percentage Depletion:

Percentage Depletion = Gross Income from Property During the Year * Depletion Rate = 800,000 * 22% = 176,000

Percentage Depletion cannot be more than 50% of net taxable income from the property.

Percentage Limit = (Sales - Expenses ) * 50% = (800,000 - 500,000) * 50% = 300000*50% = 150,000

Thus Percentage Depletion is limited to $150,000

Thus, the deduction is $175,000 (Higher to Cost or Percentage Depletion)

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3 years ago

A new product made from recycled bio-plastics needs 25 labor hours to complete the build for the first unit. If production opera

Zigmanuir [339]

Answer:

166.25 hours

Explanation:

It take 25 hours if the production is going at 100% capacity, but the production is only going at 67%, therefore, 33% of the capacity is under utilized. It takes 8.25 more hours to finish the unit since the capacity is only at 67%. Finally, it takes 25+8.25 hours to finish a single product, hence taking 166.25 hours for 5 units.

We do this like this:

--> 25 ------ 100

--> X ------ 33

--> 33*25 = 100*X

--> 825/100

--> X=8.25

Hope this clears everything. Thankyou.

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3 years ago

Budd, the purchasing agent for Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for har

Anon25 [30]

Answer:

D. Purchase orders

Explanation:

A purchase order is a document legally binding a buyer and a sellerr. It is the official confirmation of an order.

It entails the details of the items the buyer agrees to buy at a certain price, the delivery date and terms of payment for the buyer.

Purchase orders includes details such as purchase order number, the shipping date, billing address, shipping address, quantities and price.

Purchase orders are used when buyers want to purchase goods from a seller, and helps sellers to track payment. It is prepared by the buyers.

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3 years ago

Should eyewitness testimony be allowed in the courtroom? Write at least three paragraphs discussing your position.

Andrews [41]

(Paragraph 1) Should eyewitness testimony be allowed in the courtroom? No but at the same time yes. There are many reasons why they should but shouldn't. It is a risk to their safety, some eyewitnesses are not liable, they could be paid off but at the same time their testimony could help win a case. (Paragraph 2) Depending on a crime, the eyewitness safety could be in danger. If the case was against a member of a gang or mafia. They could send someone after that witness. This is reason why we have the Witness Protection Program. If they testify they put their lives at risk. (Paragraph 3) Having a witness is a key thing to have. If you have a witness you are the one who most likely the one to win the case. In some cases you could have problems with the witness not being liable, getting paid off to not say anything or to lie. Or in most cases if they are confused they will not have them testify. Or they aren't straight on the details and keep changing the story that usually means they are lying on what they saw. Note: This is a summary. Add more and edit it to make it sound like something you would type.

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3 years ago