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mario62 [17]
3 years ago
7

Simon lost $4,300 gambling this year on a trip to Las Vegas. In addition, he paid $2,650 to his broker for managing his $265,000

portfolio, and $1,030 to his accountant for preparing his tax return. In addition, Simon incurred $3,160 in transportation costs commuting back and forth from his home to his employer's office, which were not reimbursed. Calculate the amount of these expenses that Simon is able to deduct (assuming he itemizes his deductions).
Business
2 answers:
shusha [124]3 years ago
7 0

Answer:

$3680

Explanation:

Simon's expenses can be grouped into two classes namely:

- tax deductible expenses.

- non-tax deductible expenses

From the question, his tax deductible expenses are

Broker fees : $2650

Accountant fees : $1030

(for preparing tax returns)

                           =  $3680

His transportation expense is not tax-deductible as it is seen as a personal expense while his gambling loss of $4300 is only deductible to the extent of gambling wins itemized. Since he didn't itemize any gambling wins, his gambling loss is not tax-deductible.

Ostrovityanka [42]3 years ago
6 0

Answer:

Assuming Simon’s AGI is $40,000.

Gambling losses are only deductible to the extent of gambling winnings. Thus,Simon cannot deduct any of the $4,300 gambling losses. The $3,160 transportation expenses are also nondeductible as they are deemed to be personal expenses. The $2,650 broker management fees are deductible as investment fees (miscellaneous itemized deductions subject to the 2% AGI floor), and the $1,030 tax return fees are also deductible as miscellaneous itemized deductions subject to the 2% AGI floor.

Thus, $2,650 + $1,030 – (2% x $40,000 AGI) = $2,880 deduction

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Anvisha [2.4K]

Explanation:

Marketing can be understood as the strategic development of action plans capable of building a strong relationship between the client and the company, and generating value for a brand.

Therefore, a young person shopping at a local mall that incorporates all the benefits of marketing will be responsible for bringing these advantages to a company and putting it in a successful position.

Suppose the young man had a need to buy running shoes, so he went to the mall to look for options to meet his set of needs including benefits and price. As he strolled through the mall he noticed a store whose sports shoes ads he had seen on TV, so he felt confident when he entered the store, saw images of an advertising campaign that a famous sportsman wore branded sneakers, felt identification with the brand and then was well attended by the sales team, who explained all the benefits of the product and even gave a discount to buy through the online store.

Satisfied with the purchase and service, the customer started to follow the social media of the brand in question, bought another sneaker through the online store and started to recommend the brand in their social media.

We can see that through marketing efforts, the brand is able to create a favorable shopping experience that helps to retain customers and attract new ones, so it positions itself in the market in a competitive and profitable way.

6 0
3 years ago
Yojayna works for a manufacturing company. She meets with her boss once a week to review how well the company is meeting the tac
anygoal [31]

Answer:

She is a middle manager

Explanation:

As for the details provided,

Yojayna has a senior manager, to whom she meets once in every week to discuss the plan, and the achievements so far.

Thus, she is not the top most manager.

Further, she coordinates with supervisors who regulate the operations of employees on daily basis.

Thus, she is a manager to them.

Therefore, she is a middle level manager. Who works according to senior management, and then regulates the work of supervisors also.

8 0
3 years ago
At the end of the current year, $12,040 of fees have been earned but have not been billed to clients.
PSYCHO15rus [73]

Answer:

a.

Date                  Account Title                                          Debit                   Credit

XX-XX-XXX      Accounts Receivable                         $12,040

                         Fees earned                                                                    $12,040

b. No it would not have been.

If using the cash basis, the revenue would only be recognized when the cash is paid to the company. As the cash has not been paid, there would be no need to adjust for the revenue in the present period.

4 0
3 years ago
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Answer:

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7 0
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Answer:

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Explanation:

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Pricing constraints can be regarded as

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