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
xxTIMURxx [149]
3 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]3 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.

You might be interested in
A factory wishes to maximize its profit by choosing how many of each of its products to produce every week. The factory cannot p
yKpoI14uk [10]
Ask Siri to help you and there is the answer
7 0
3 years ago
Which of the following is the phenomenon where social users are concerned about privacy but their behaviors contradict theses co
PIT_PIT [208]

Answer: Privacy paradox.

Explanation:

Privacy paradox is a situation where an internet user say they are concerned about their online privacy but their action contradicts privacy. An example of privacy paradox is a social media user that is concerned about privacy, but that individual still put so much about their personal life on social media.

4 0
3 years ago
Marvin and maria start selling handmade jewelry to distributors nationwide, and intend to form an llc. marvin and maria enter in
slamgirl [31]
<span> once the LLC is formed and adopts the contracts, it can then enforce the contract terms. Which means that up to the point from the contract working process until it's finished, both Marvin and Maria are not legally bound to fulfill everything that written on the purchase (for example, the expense that maid by Marvin during this period shall not be acquainted to MAria's)
</span>
6 0
3 years ago
Which of the following statements is (are) TRUE?
Ede4ka [16]

Answer:

III. If a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.

Explanation:

A perfect competition is characterised by many buyers who sell homogenous products.

All firms in a perfect competition earn zero economic profit in the long run because there are no barriers to entry or exit.

In the long run, equilibrium occurs at: P = LMC = LATC

If demand falls, prices would fall below average total cost and the firm would earn negative profit .

4 0
3 years ago
The following data apply to the provision of psychological testing services: Sales price per unit (1 unit = 1 test plus feedback
Phoenix [80]

Answer:

2,000 test

Revenues 2,000*$320=$640,000

Variable costs 2000*$205 ($160+$21+$6+$8+$10)=$410,000

Fixed costs=$37,000 ($22,000+$15,000)

Income =$193,000

1,250 test

Revenues 1,250*$320=$400,000

Variable costs 1,250*$205 ($160+$21+$6+$8+$10)=$256,250

Fixed costs=$37,000 ($22,000+$15,000)

Income =$106,750

Explanation:

6 0
3 years ago
Other questions:
  • A cost system determines the cost of a cost object by ________. assigning and then accumulating costs assigning costs accumulati
    12·1 answer
  • Which of the following is still primarily a bricks-and-mortar industry?
    5·1 answer
  • There is an old American adage (saying): If you owe the bank a small amount of money, the bank controls you. If you owe the bank
    5·1 answer
  • Dailies is a large retail chain in New Jersey. Apart from selling to customers, Dailies supplies bread and vegetables to a large
    7·1 answer
  • On April 1, 2017, La Presa Company sells some equipment for $18,000. The original cost was $50,000, the estimated salvage value
    13·2 answers
  • Identify five HRM criteria or components that can be used to measure organizational effectiveness or ineffectiveness. "Grievance
    9·1 answer
  • A department using the FIFO method for process costing begins the month with 10,000 units which were 70% complete at the end of
    15·1 answer
  • If a loan has a nominal annual rate of 8%, then the effective rate can never be greater than 8%. b. If a loan or investment has
    5·1 answer
  • 1.
    15·2 answers
  • Raleigh BBQ has $48,000 in current assets and $39,000 in current liabilities. Decisions related to these accounts are referred t
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!