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trasher [3.6K]
3 years ago
5

Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2020 and 2021), Trev

or expects to report AGI of $80,000, contribute $8,000 to charity, and pay $2,800 in state income taxes.
Required:
a. Estimate Trevor’s taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction for both years.
b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2020. Estimate Trevor’s taxable income for each of the next two years using the 2020 amounts for the standard deduction.
c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Estimate Trevor’s taxable income for each of the next two years (2020 and 2021) using the 2020 amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $8,000 and state tax payments of $2,800 in each year.
d. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the real estate taxes for 2021 in December of 2020. Estimate Trevor’s taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction.

Business
1 answer:
labwork [276]3 years ago
7 0

Answer and Explanation:

Please find answer and explanation attached

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The daily sales of a peanut butter at Power's Grocery are normally distributed, with a mean of 12 jars and a standard deviation
Alenkasestr [34]

Answer:

d. 81

Explanation:

E(number of order) = E(X1) + E(X2) + 21 -4

                                = 12 + 12 + 17

                                = 41

Therefore, The store should order 81 .

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3 years ago
All of the following are associated with reporting controllable costs except:a. At lower levels, management have fewer controlla
stira [4]

Answer:

a. At lower levels, management have fewer controllable costs

Explanation:

The opposite is true, lower-level management have more controllabe costs than higher level management because top management focuses on the general strategy of the firm, while lower management focuses on the specific production processes.

It is in these specific production processes that many controllable costs arise. A production line supervisor (part of lower-level management) can directly control some variable costs such as energy used, amount of input, or even work hours.

3 0
3 years ago
Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ______
Alex

Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be _<u>higher</u><u>_</u>and real GDP to be <u>higher.</u>

<h3>
What is Expansionary fiscal policy ?</h3>

Expansionary fiscal policy can be defined as the type of fiscal policy in which government intend to increase the aggregate money supply while on the other hand cut or reduce the tax rate for the purpose of economy growth.

In a situation were real GDP fall below potential real GDP this tend to lead to increase in both inflation rate and real GDP.

Inconclusion the inflation rate will be _<u>higher</u><u>_</u>and real GDP will be <u>higher.</u>

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Learn more about Expansionary fiscal policy here:brainly.com/question/546292?source=archive

3 0
1 year ago
Center Chemical Company's Industrial Division makes 400,000 gallons of rubbing alcohol each year and has enough capacity to manu
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Answer:

cost-based transfer pricing

Explanation:

If the firm uses negociated rtansfer pricing they will stablish the transfer price based on manager bargain skill and leverage of each division. The CEO will not a grip on controlling cost across all dvisions, the managers will.

Therefore the best option is to go with a cost-based transfer pricing. The CEO can determinatethe method to determinate the cost and indriectly the cost across all divisions.

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3 years ago
You currently have a​ one-year-old loan outstanding on your car. you make monthly payments of $ 400$400. you have just made a pa
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<span>If I have a one year loan outstanding on my car and make monthly $400 payments, my timeline would include twelve equal payments of $400 starting now. The bank's timeline would be the same twelve equal installments of $400 but they would be cash inflows since I am paying the money to the bank. I would consider the $400 a cash outflow.</span>
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2 years ago
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