Answer: they should claim a deduction for foreign taxes on their Schedule A?
Explanation: An itemized deduction is an expenditure on eligible products, services, or contributions that can be subtracted from adjusted gross income (AGI) to reduce your tax bill.
Most taxpayers have the option to either itemize deductions or claim the standard deduction that applies to their filing status.
Answer:
Final Value= $51,312.68
Explanation:
Giving the following information:
Monthly deposit= $150
Interest rate= 0.06/12= 0.005
Number of months= 9*12= 108
First, we need to calculate the future value of the first investment. We will use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {150*[(1.005^108)-1]} / 0.005
FV= $21,410.99
The second part of the investment:
Number of years= 15
Annual interest rate= 6%
<u>I will assume that the interest rate is annually compounded now. </u>If this is not the case, just change the interest rate (0.005) and "n" (15*12=180)
We need to use the following formula:
FV= PV*(1+i)^n
FV=21,410.99* (1.06^15)
FV= $51,312.68
It is a true statement that people receive an unemployment insurance benefit payment for more than 21 weeks.
<h3>What is an
unemployment insurance benefit payment?</h3>
This is a benefit that provide a temporary financial assistance to the unemployed workers who meet the requirements of State law.
In most states, the workers are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program.
Therefore, It is a true statement that people receive an unemployment insurance benefit payment for more than 21 weeks.
Read more about insurance benefit
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Answer:
a. verify that the debits and credits are in balance
Explanation:
A periodic system of inventory can be defined as a method of financial accounting, that typically involves updating informations about an inventory on a periodic basis (at specific intervals) as the sales or purchases are being made by the customers, through the use of either an enterprise management software applications or a digitized point-of-sale equipment.
On the other hand, a perpetual inventory system is a type of inventory management that continuously records in real-time the amount of inventory sold or purchased through the use of enterprise software or technological software applications such as a point of sale (POS).
A journal entry involves the process of keeping the records of business transactions made by an organization.
The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.
In Accounting, most businesses use a double-entry account system and as such, the total amount debited must equal the total amount credited in a journal entry.
Once the adjusting entries are posted, the adjusted trial balance is prepared to verify that the debits and credits are in balance.
