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
jasenka [17]
3 years ago
8

Three weeks after Abed died, his brother Tony properly received Abed’s last paycheck from his employer. The gross amount of the

check was $4,000, and a $300 deduction for state income taxes was subtracted in computing the net amount of the payment. Which of the following statements is true? a.It is deductible on both Tony's income tax return and on Abed's estate tax return.b.It is deductible on neither Tony's income tax return nor on Abed's estate tax return.c.It is deductible only on the income tax return of Abed's estate.d.It is deductible only in computing Abed's taxable estate.
Business
2 answers:
KIM [24]3 years ago
8 0

Answer:

The best answer is "A"

It is deductible both on Tony's income tax return and on Abe's estate tax return

Damm [24]3 years ago
5 0

Answer:

C) It is deductible only on the income tax return of Abed's estate.

Explanation:

Even after you die, the IRS will still require that the income taxes from the deceased person are filed (until the date of his/her death).

In this case, Abed's estate must file income taxes including this last check. Tony received the check, but he didn't work, the company is paying for Abed's work.

If Abed was actually rich and left over $11.2 million, then this last salary will also be taxed by the estate tax.

You might be interested in
Identify the following as a fixed asset (FA), or intangible asset (IA), natural resource (NR), or none of these (N). a. Computer
julsineya [31]

Answer:

a. Computer - fixed asset

b. Patent - intangible asset

c. Oil reserve - natural resource

d. Goodwill - intangible asset

e. U. S. Treasury note - none of these (N)

f. Land used for employee parking - fixed asset

g. Gold mine - natural resource

Explanation:

Intangible assets are the assets of a company that cannot be seen or they are not physical in nature. They are usually difficult to evaluate. They include:

  1. Goodwill
  2. Patent
  3. Trademarks
  4. copyrights

a fixed asset is a long term tangible piece of property or equipment that a company has and uses it to generate income. they include plant, property and equipment.

A natural resource is a substance that occurs in nature that can be used to generate economic profit.

5 0
2 years ago
Charles has decided to open a​ lawn-mowing company. To do​ so, he purchases mowing equipment for ​$​, buys gasoline ​($ in gas i
Masja [62]

Answer: $8,600

Explanation:

Implicit cost is also known as the opportunity cost which means that it is the benefit of the next best alternative that was foregone when the current decision was made.

The implicit cost here is therefore:

The $8,000 that Charles could have been making as a lifeguard.

The interest per year he could have been earning on the $5,000 he used to buy mowing equipment.

The depreciation on the mowing equipment because depreciation is not an explicit cost but an implicit one.

= 8,000 + (2% * 5,000) + (10% * 5,000)

= 8,000 + 100 + 500

= $8,600

6 0
3 years ago
What are brokerage firms? 2. what are depository and nondepository financial institutions? how do they differ? 3. what are credi
pogonyaev
1:  Brokerage firms:  a type of non-depository financial institution that manages and facilitates the purchase of bonds, stocks, and other types of investments. 
2.  Depository and non-depository financial institutions:  Depository tends to be things such as banks and non-depository are life insurance companies; differences between both is that non-depository are not insured by FDIC.
3.  Credit Unions:  non-profit, member owned institutions and another type of depository institution.
4.  Demand deposit accounts:  accounts that individuals and business can use to pay their bills.
5.  Bonds:  investments that promise to pay a certain amount of interest on the principle amount after a given time.
Critical Thinking.  1.  What are some considerations in choosing a financial institution? Which one do you think would be the most important consideration for you in choosing a financial institution? --When a choosing financial institutions, you want to consider location of the institution and the availability of services in your area.  Important factors in choosing for the location and services provided; convenience and how often you go.

2. What are the pros and cons of U.S. savings bonds? --Saving Bonds offer a secure investment; does not cost you state or local tax.  The con would be figuring when to cash them in or the maturity of the bond can be confusing.

3. What are some of the problems that individuals might face if they use one of the "problematic" financial institutions?-- If something happens that results in the person going to the institution for help; institution can charge a high interest or the loan could be short.  This can result to the person being in debt or have a mark on their financial record for late payments.

4. What are some of the consumer protections available? What can individuals do to protect themselves? --Many accounts in the United States have FDIC insurance that covers $100,000 of the money in the indiviudal's account.  The government has set regulations that can and can't be practiced with consumers; such as regulations required for banks to disclose all aspects of the agreements with their clients.

5. What are some of the advantages and disadvantages of choosing a federally-insured account?--Advantage:  federally insured for up to $100,000.--Disadvantage:  interest at which account pays is well below the inflation rate


5 0
3 years ago
Taylor needs a natural resources in his venture to make his enterprise possible. Which of the following isn't considered a capit
Rina8888 [55]

<u>Answer:</u>

<em>The factors of production typically include land, labor, capital, entrepreneurship, and the state of technological progress.</em>

<u>Explanation:</u>

In economics, capital typically refers to money. But money is not a factor of production because it is not directly involved in producing a good or service.

Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or pay wages. For modern mainstream economists, capital is the primary driver of value.

8 0
3 years ago
Understanding the _____ begins with analysis of market share.
Nana76 [90]
<span>Understanding the trend begins with analysis of market share. Trend analysis plays an very important part in market share analysis. With the help of trend analysis, one can have the idea, if the market is going to be bullish or bearish.</span>
3 0
3 years ago
Other questions:
  • Income elasticity measures how a good's quantity demanded responds to change in the goods price. producers' incomes. change in t
    6·1 answer
  • A company is usually unable to take advantage of economies of scale during the ? Stage of the product life cycle?
    9·1 answer
  • Marigold Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $371,700. The estimated fair
    7·1 answer
  • A nightclub has several types of employees, each with a specialized task. Bartenders make drinks, bouncers check identification,
    10·1 answer
  • Your bank account pays an interest rate of 9 percent. You are considering buying a share of stock in XYZ Corporation for $90. Af
    13·1 answer
  • Read the following excerpt from a health record:
    8·1 answer
  • If real GDP grew by 6 percent and population grew by 2 percent, then real GDP per person grew by approximately ______ percent.
    10·1 answer
  • List three advantages of buying an existing business
    13·1 answer
  • The price of a good rises from $4.00 to $4.50, and as a result, total revenue falls from
    8·1 answer
  • If country x is expected to grow by 19 percent between the years 2017 and 2018, what is the expected gdp per capita for the year
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!