Answer: Most tax breaks reduce taxable income, but reducing taxable income below zero does not reduce the tax bill.
Explanation:
Tax breaks can be used to reduce your taxable income sometimes all the way to zero. This however simply means that you don't have to pay income tax but does not mean that there won't be other taxes to pay.
Because of these additional taxes left to pay, a person will still pay certain taxes even if their taxable income is below zero. Tax expenditures therefore do not help much with a federal tax bill of zero.
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Answer:
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abc should reports the liability on the balance sheet as a: $1 million current liability and a $4 million long-term liability.
<h3>Liability</h3>
The liability will appear in the balance sheet as:
Current liability (Payable)= $1 million
Long term liability=$5 million-$1 million
Long term liability=$4 million
Therefore abc should reports the liability on the balance sheet as a: $1 million current liability and a $4 million long-term liability.
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0.0466 It should be negative 0.0466. Calculation of annual holiday.
A holiday is a day established by custom or law on which normal activities, especially work, including business or school, are suspended or restricted. In general, holidays are for individuals to celebrate or celebrate an event or tradition of cultural or religious significance.
Holidays may be determined by governments, religious organizations or other groups and organizations. The extent to which the normal operation of the holiday is restricted may vary depending on local laws, customs, the type of work performed, or personal choice.
The term holiday is commonly used in connection with religious customs and traditions.
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