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slega [8]
3 years ago
12

Margo has $2,100 withheld from her wages for state income taxes during 2014. In March of 2014, she paid $400 in additional taxes

for her 2013 state tax return. Her state income tax liability for 2014 is $2,600 and she pays the additional $500 when she files her 2014 state tax return in April of 2015. What amount should Margo deduct as an itemized deduction for state income taxes on her 2014 federal income tax return, assuming she elects to deduct state and local income taxes?a. $2,100b. $2,500c. $2,600d. $3,000e. None of the above
Business
1 answer:
inn [45]3 years ago
5 0

Answer:

b. $2,500

Explanation:

amount that Margo should deduct as an itemized deduction for state income taxes on her 2014 federal income tax return, assuming she elects to deduct state and local income taxes$2100 + $400 = $2500

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Answer:

Break Even Point

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Break even Point = \frac{Fixed\ Cost}{Contribution}

When we use contribution per unit, we get the break even point in units sales.

When we use the contribution margin as a percentage of sales we get break even sales in value.

Contribution per unit = $20

Contribution margin in percentage = $20/$40 = 50%

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Break even units = 2,000

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3 years ago
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3 years ago
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