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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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How does Lincoln honor the battle of Gettysburg in his address? What did the soldiers fight for in his opinion?

Pani-rosa [81]

Answer:

a. He honors the battle in his address using the following words, ''Now we are engaged in a great civil war, testing whether that nation or any nation so conceived and so dedicated, can long endure. We are met on a great battle-field of that war.''

b. In his opinion the soldiers fought for freedom, equality and human rights.

Explanation:

The Gettysburg address was a short speech made by Abraham Lincoln on November 19, 1863 at the official dedication ceremony in Pennsylvania at the site of the battle field after the civil war. It was a declaration of freedom and independence and further cemented the soldiers sacrifice for equality and human rights.

He honored the battles by reiterating that the sacrifice made by the soldiers will not be in vain. This he does by saying that the soldiers themselves whether alive or dead have already consecrated the ground of battle and no further addition or detraction is needed. This meant that the battles itself was proof enough that the nation was ready for independence and justice.

Additionally, he also stated that the soldiers fought for freedom and the government for the people, by the people and of the people. This in other words means that the soldiers fought for democracy, where everyone is equal under the law. That equality and justice is the foundation upon which this newly independent nation has been built.

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3 years ago

The fees for investor services and newsletters generally range from ____________ per year.

quester [9]

They range from $30 to $750 a year. Investor services assist people with transactions, safekeeping for assets, manage collateral, and help with financial investment activities. These services can help a person or business reduce the costs that they are paying out and assess their financial risks.

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3 years ago

Castillo Company has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginn

Luda [366]

Answer:

$23,000

Explanation:

Before recording the journal entry, first we have to determine the pension expense amount which is shown below:

Pension expense = service cost + interest cost - expected return on plan assets

= $18,000 + $5,000 - $10,000

= $13,000

Now the journal entry would be

Pension expense A/c Dr $13,000

Plan asset A/c Dr $10,000

To PBO A/c $23,000

(Being the annual pension cost is recorded)

All other information which is given is not relevant. Hence, ignored it

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3 years ago

If scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, what would happen to the equilib

Tatiana [17]

Answer:

a. Both the equilibrium price and quantity would increase.

Explanation:

The point on a demand-supply graph where the demand curve and the supply curve intersects is known as the point of equilibrium.

If scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, what would happen to the equilibrium price and quantity of lattés is that, both the equilibrium price and quantity would increase.

This simply means that, whatever makes the factors of production such as, land, labor, entrepreneurship, capital, or efficiency to either go up or down would certainly result in fluctuations in the economy of a particular country.

Aggregate supply (AS) refers to the total quantity of output (goods and services) that firms are willing to produce and sell at a given price in an economy at a particular period of time.

Aggregate demand (AD) can be defined as the total quantity of output (final goods and services) that is demanded by consumers at all possible price levels in an economy at a particular time.

On a standard Aggregate demand (AD)-Aggregate supply (AS) curve, the y axis denotes the Price (P) of goods and services while the x axis typically denotes the Output (Q) of final goods and services.

In the short-run, a rightward shift in the aggregate supply (AS) curve causes output to increase and result in a price fall (lower price) while a rightward shift in the aggregate demand (AD) curve also cause output to increase and rise in prices.

The short-run nominal fluctuations basically cause a change in the level of production. In the short-run, as a result of a shift in the aggregate supply; an increase in money consequently to result in increase the level of production (output).

Hence, more goods are produced as a result of the increased output (supply) and more goods would be purchased as a result of their lower prices.

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3 years ago

The following information pertains to Lessor Company: Total assets $150,000 Total current liabilities 110,000 Total expenses 160

ipn [44]

Answer:

Achieved. The ROI currently is 13.33% So the prohect earning a ROI of 12% was accomplished

Explanation:

Return on Investment will be Income/ Investment Capital

Which in this case is defined as total assets.

So it would be Income / Total Assets

The last is a given figure: 150,000

Now let's first find out the income:

180,000 revenues - 160,000 expenses = 20,000 net income

Finally calculate the ROI 20,000/ 150,000 = 13.33%

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4 years ago