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
Mice21 [21]
3 years ago
12

Ben is employed as a carpenter and his wife, Marilyn, is a self-employed consultant. Besides Ben’s salary, Ben and Marilyn own a

condominium that they rent to tourists and do not use personally. This year they paid $2,200 for utilities in the condo. Marilyn also paid self-employment tax of $4,200 and Ben had $3,000 of Social Security taxes withheld from his pay. Which of the following is a true statement?A. one-half of Ben's Social Security tax is deductible for AGI
B. The cost of utilities is deductible for AGI
C. Marilyn's self-employment tax is not deductible
D. Only the $2,200 utility bill is deductible for AGI
E. None of the above is true
Business
1 answer:
Alona [7]3 years ago
3 0

Answer:

B. The cost of utilities is deductible for AGI

Explanation:

The entire cost of the utilities would be for AGI deduction assuming no personal use of the condo. The employer portion of Marilyn's self-employment tax would be deductible as well.

Adjusted gross income (AGI) is a measure of income calculated from your gross income and used to determine how much of your income is taxable. It is the starting point for calculating a filer's tax bill in the United States and, among other things, is the basis for many deductions and credits. When filing your taxes online—as about 80% of filers do—the software you use will calculate your AGI for you.

You might be interested in
What actions can you take to minimize the chances of an accident when operating a personal watercraft (pwc)?
Finger [1]
To minimize chances of accident when operating a personal watercraft, it is best to always monitor and check the pwc's engine to prevent any leakage or damage in a way that would be dangerous if had not check and had bee operated on. It is best to be mindful and cautious when operating the pwc, especially when you are around with other people with boats to prevent crashing. 
8 0
3 years ago
Read 2 more answers
During 2020, Concord Corporation acquired a mineral mine for $3700000 of which $395000 was ascribed to land value after the mine
Ivanshal [37]

Answer:

$429,650

Explanation:

Cost of Mineral Mine             $3,700,000

Less: Ascribed Land Value   <u>$395,000</u>

Depletionable Value             <u>$3,305,000</u>

No of units can be extracted from Mine = 10,000,000 units

No of units Sold = 1,300,000 units

Depletion Value = $3,305,000/10,000,000 * 1,300,000

Depletion Value = $429,650

6 0
3 years ago
Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills in order to open up and run
Sliva [168]

Answer:

The correct answer is letter "C": Partnership.

Explanation:

A Partnership is an organization where two or more owners operate a business. They share the profits in proportion to their percentage partnership interest. There are two types of partnerships: <em>General Partnerships</em> (unlimited liability) and <em>Limited partnerships</em> (liability proportional to the percentage contribution of the partnership).

7 0
3 years ago
Informal logic is __________.
Kobotan [32]
Its the study of formal validity without a focus on everyday usages of critical thinking
5 0
3 years ago
As the chief executive officer of Hayden Corp., Kim found an effective way to reward high-performing employees and boost their m
mixas84 [53]

Answer:

c. Leading

Explanation:

According to my research on the different management functions, I can say that based on the information provided within the question the management function that Kim is engaged in is called Leading. This is the act of a manager influencing or motivating his/her employees so that they perform at optimal capacity in order to achieve the organizational goals. Which is what Kim is doing by looking for a way to reward the best employees.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

8 0
3 years ago
Other questions:
  • June sales were $30,000, while projected sales for July and August were $52,000 and $74,000, respectively. Sales are 60% cash an
    14·1 answer
  • Carlisle Company has been cited and must invest in equipment to reduce stack emissions or face EPA fines of $18,500 per year. An
    14·1 answer
  • A university is trying to determine what price to charge for tickets to football games. at a price of ​$30 per​ ticket, attendan
    10·1 answer
  • The balance sheet data of Corinne Company at the end of 2025 and 2024 follow: 2025 2024 Cash $50 $70 Accounts receivable (net) 3
    12·1 answer
  • what is the term that refers to the functions used to move products through the channel to the consumer?
    9·1 answer
  • The rapid growth of the Chinese economy should benefit U.S. consumers as they have access to less-expensive consumer goods. make
    15·1 answer
  • Pearson Electric Company uses the high-low method to analyze mixed costs. The following information relates to the production da
    9·1 answer
  • You have a handyman services business. You have the following financial information for the month. Initial cash balance: $1,500
    10·2 answers
  • At the end of the current year, Accounts Receivable has a balance of $825,000; Allowance for Doubtful Accounts has a credit bala
    15·1 answer
  • Financial measures alone do not capture all aspects of an organization’s performance. Nonfinancial measures can be either qualit
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!