1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lemur [1.5K]
3 years ago
8

In 2019, Wesley has a fairly simple tax situation with moderate wage income and a modest amount of interest income. Wesley, age

45, wishes to use the easiest possible tax form. He may file his tax or not?
Business
1 answer:
asambeis [7]3 years ago
3 0

He may file Form 1040.

Explanation:

Form 1040 is the IRS standard form which is used by individual taxpayers to file their annual tax reports.

Form 1040 is the IRS tax form used mostly for personal tax returns submitted by US citizens by the federal government. Form 1040 is a form. The method estimates the taxpayer's gross taxable income and specifies how much the government has to pay or repay.

Who can file? If a person passes the Substantial Appearance Test or the Green Card Test, but some cases exist; people who have a taxable earnings in the US, but refuse to meet the obligation to be resident aliens, must register for taxation purposes for non-resident aliens.

You might be interested in
If a firm has retained earnings of $2.7 million, a common shares account of $4.7 million, and additional paid-in capital of $9.4
kodGreya [7K]

Answer:

Change in retained earnings = $1.02 million (Decrease)

Change in common shares account = $5.17 million (Increase)

Change in additional paid-in capital = $10.61 million (Increase)

Explanation:

Given:

Retained earnings = $2.7 million

Common shares account = $4.7 million

Additional paid-in capital = $9.4 million

Stock dividend = 10%

Find:

Changes in account.

Computation:

1. Change in retained earnings

Change in retained earnings = Retained earnings - (Retained earnings - Common shares account - Additional paid-in capital)Stock dividend

Change in retained earnings = $2.7 million - ($2.7 million - $4.7 million - $9.4 million)10%

Change in retained earnings = $2.7 million - 1.68 million

Change in retained earnings = $1.02 million (Decrease)

2. Change in common shares account

Change in common shares account = Common shares account (1+Stock dividend)

Change in common shares account = $4.7 million (1+10%)

Change in common shares account = $5.17 million (Increase)

3. Change in additional paid-in capital

Change in additional paid-in capital = Additional paid-in capital + (Additional paid-in capital + Retained earnings)Stock dividend

Change in additional paid-in capital = $9.4 million + ($9.4 million + $2.7 million)10%

Change in additional paid-in capital = $9.4 million + 1.21 million

Change in additional paid-in capital = $10.61 million (Increase)

3 0
2 years ago
The Keynesian LRAS Curve is composed of three phases. The LRAS Curve is nearly vertical in the third phase. What does this mean?
kogti [31]
C.

This is because all resources are almost being used and to their full potential, therefore there are few idle resources and thus is efficiency.
8 0
3 years ago
Select the correct answer. Which of these is not considered for deduction of federal income tax? A. interest earned from state b
tankabanditka [31]

Answer:

The correct answer is (a)

Explanation:

According to the federal laws earnings from awards or prizes, earning from commission and income form bonus or tips are not exempted from the federal income tax. Likewise, interest earned from state bonds is exempted from federal income tax. IRS the internal revenue service interest in government or federal obligations are not considered for deduction of federal income tax.

6 0
3 years ago
When a parent owns less than 100% of a subsidiary, the noncontrolling interest shareholders are allocated their ownership percen
eduard

Answer: The optional accumulated depreciation elimination entry

Explanation:

A non-controlling interest, is also refered to as a minority interest, and this occurs when a has below 50% of the outstanding shares and in such case doesn't have a control over decisions as well.

It should be noted that when a parent owns less than 100% of a subsidiary, the noncontrolling interest shareholders are allocated their ownership percentage of income or net assets in all of the following eliminating entries except for the optional accumulated depreciation elimination entry.

6 0
3 years ago
Identify which of the following statements are true for the corporate form of organization. (You may select more than one answer
ruslelena [56]

Answer:

Following are the responses to the given question:

Explanation:

  • In point a, it is false because the ownership of a stock owned by shareholders is directly adaptable by sale.
  • In point b, it is false because the corporate bosses have no responsibility. A corporate company is an organization
  • In point c, it is true because This company is going on a broad-based business. Its necessary capital is enormous but is obtained from three sources.
  • In point d, it is true because the company money is calculated twice in normal conditions, except for where tax-deductible is declared for both the dividends in shareholders' hands.
  • In point e, it is true because Its company's legality is distinct from those of its owners. That both companies, as well as the owner, are separate legal entities. Firms have a common seal as well as their titles.
  • In point f, it is false because UNLIMITED was its life of corporates and the foundation of the 'Moving Concern' idea.
  • In point g, it is true because the actual owner isn't a business agent. They're only the owner that gives money.
7 0
2 years ago
Other questions:
  • Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two
    12·1 answer
  • Christine has obtained a job pitching a product at a local state fair. Her job is to demonstrate cookware, highlighting its feat
    8·1 answer
  • On January 1st, 2019, Pizza Company awarded 5 million of its no par common shares to key personal. The award is subject to forfe
    11·1 answer
  • If you damage a house or fence with your car you can cover for the damage under ?
    12·1 answer
  • Compute the continuously compounded interest rate for 228 days where the ACT/365 interest rate is 2.92%. Give your answer to fou
    13·1 answer
  • Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant ra
    10·1 answer
  • Florissa's Flowers jointly produces three varieties of flowers in the same garden: tulips, lilies, and daisies. The flowers are
    15·1 answer
  • When all the terms of a contract are specifically set forth, the resulting
    13·2 answers
  • I need Short Term, Med Term, and Long Term goals for a sports cleat business
    5·1 answer
  • Emmanuel would like to start a business with a popular fast food company. He agrees to pay a fee and royalties. This is an examp
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!