Answer:
$4,850
Explanation:
The free passes are customer discounts and does not qualifies for taxable in kind benefits. The $850 is an in-kind benefits and thus must be included in the gross income. Furthermore, the $4,000 fee reduction is all because of the university employment and thus must be included in the gross income.
The $30 worth of personal typing done by Richard's administrative assistant is a third party favor and this favor was not from the employer so it has nothing to do with tax.
The increase in taxable gross income will be as under:
Increase in Taxable Gross Income = $850 + $4,000 = $4,850
Answer:
Price Level is B. The average level of prices
Explanation:
Price level is the average of current prices across the entire spectrum of goods and services produced in the economy.
Price level refers to the price or cost of a good, service, or security in the economy.
Reference: Kenton, Will. “Reading Into Price Levels.” Investopedia, Investopedia, 27 Sept. 2019
It is Globalization. It refers to the unrestricted movement of goods, capital, services, people, technology, and information. It is the act or procedure of global integration of countries arising from the union of world views, products, ideas, and other aspects of culture. Improvements in transportation and telecommunications structure have been the key factors in globalization, making further interdependence of trade & industry and cultural activities.
Answer:
True, through a multiple support agreement signed between 2 or more taxpayers that provide financial support to the same dependent.
Explanation:
Form 2120 allows taxpayers to claim deductions for a relative as a dependent on their tax returns, but since they do not pay at least 50% of their expenses, they cannot claim them under normal rules. Certain conditions must be met, the most important are:
- the taxpayer must pay for at least 10% of the dependent financial needs
- they must have signed a multiple support agreement (the other taxpayers waive their right to claim the person as a dependent).