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xxTIMURxx [149]
2 years ago
15

Hilda and Hyatt paid $7,875 last year in mortgage interest, $4,200 in principal payments, $1,850 in property tax, $840 in mortga

ge insurance, $1,200 in property insurance, and $1,500 in maintenance. Which expenses are deductible from their federal taxes?
Business
1 answer:
olga55 [171]2 years ago
3 0

Answer:

Mortgage interest of $7,875 and property taxes of $1,850.

Explanation:

A tax deduction can be defined as the total amount of money that one can deduct to lower their tax liability. More tax deductions always implies a reduced tax liability. In dealing with mortgage payments, tax deductions should be considered carefully to determine how much one tax one needs to pay. The following mortgage expenses are considered for deductions;

1. Mortgage interest

A mortgage interest deduction is a deduction that allows homeowners to subtract the interest on the loan they used to pay for the purchase, improvements or building of a home. In our case, Hilda and Hyatt are liable to a deduction of $7,875.

2. Property tax

In general, state and local property taxes are eligible to be deducted from the federal income taxes of a property owner. The only taxes that are deductible are state, local and foreign taxes levied for public welfare. They do not include services like home renovation and trash collection. The federal tax as of 2018 for property tax was capped at a total of $10,000. This means that any property tax value below $10,000 was eligible to a property tax deduction of that amount.

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Dafna1 [17]

The unadjusted cost of goods sold is $395,000

<h3>What is cost of goods sold?</h3>

Cost of Goods Sold (COGS) is what measure the direct cost incurred in the production of any goods or services.

The unadjusted cost of goods is computed as:

= Cost of goods manufactured - ( Ending finished goods -Beginning finished goods inventory )

= $410,000 - ( $125,000 - $110,000)

= $410,000 - $15,000

= $395,000

Hence, the unadjusted cost of goods sold is $395,000

Learn more about cost of goods sold here: brainly.com/question/18648409

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5 0
1 year ago
on september 1, best company began a contract to provide services to dilwood company for 6 months, with the total of $10800 paym
Lelu [443]

Answer:

Fee Receivable$7,200

             To Service Fees Earned $7,200

(Being the service fess earned is recorded)

Explanation:

Th adjusting entry is shown below:

Fee Receivable$7,200

             To Service Fees Earned $7,200

(Being the service fess earned is recorded)

For recording this we debited the fees receivable as it increased the assets and credited the services fees earned as it increase the revenues

Since the payment is made for 6 months but we have to recorded for 4 months i.e computed from September 1 to December 31

= $10,800 × 4 months ÷ 6 months

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3 years ago
Rather than purchase new equipment, the marketing manager argues that the company's marketing strategy should be changed. Rather
Kitty [74]

Answer:

Break-even point (dollars)= $1,104,000

Explanation:

Giving the following information:

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Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 331,200/ (7.2/24)= $1,104,000

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