All categories

3 years ago

Which is the shortest and simplest tax form?

1 answer:

6 0

Filling out a tax form is about as much fun as owing taxes to Uncle Sam. The complexity of the task intensifies as your tax life becomes more complicated.

That's why you should use the simplest tax return form you can, especially if you're still filling out your forms by hand.

But choose carefully. There are three personal income tax forms -- 1040, 1040A and 1040EZ -- with each designed to get the appropriate amount of your money to the IRS. Differences in the forms, however, could cost you if you're not paying attention.

The EZ is the shortest and simplest form, Form 1040A is a bit more complex and the long Form 1040 is the most detailed and potentially difficult. But even if your tax life is simple and straightforward, it might be worthwhile to investigate the other two forms. Why? Generally, the longer the form, the more opportunities for tax breaks.

You might be interested in

The U.S. government decides that the incomes of dairy farmers should be maintained at a level that allows the traditional family

luda_lava [24]

Answer:

$2.8 billion per year

Explanation:

Currently the amount of surplus milk in the US is really high since the demand per capita for milk has decreased by 40% in the last 50 years. Excess milk is turned into cheese since it doesn't last very long, and the current amount of surplus cheese is 1.4 billion pounds.

If yous need on average 4 pints of milk per pound of hard cheese and 2 pints per pound of soft cheese, that means that the total surplus milk production is between 2.8 and 5.6 billion pints.

If the government is going to purchase that excess milk, then it is going to need at least $2.8 billion per year.

5 0

3 years ago

Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, t

valentina_108 [34]

Answer: Please see explanation for answers

Explanation:

Age Group Amount Estimated Percent Estimated Amount

Receivable Uncollectible Uncollectible

Not yet due $ 32,000 4 % $1,280

0-30 days past due 10,200 6 % $612

31–60 days past due 7,200 12 % $864

More than 60 days past due 2,600 30 % $780

Total $ 52,000 $3536

Calculation

1) Estimated Amount Uncollectible = Amount Receivable x Estimated Percent Uncollectible =

4% x 32,000= $1,280

6% x 10,200=$612

12% x 7,200=$864

30% x2600=$780

Total = $3,536

The allowance for uncollectible accounts = $3,536

2) Journal to Record the December 31, 2021, adjustment for a debit of $400

Estimated Amount Uncollectible =$3,536

Adjusted = $3536 + debit $400=$3,936

Date Account Debit Credit

Dec 31, 2021, Bad debts Expense $3,936

Allowance for uncollectible accounts $3,936

3) Journal to Record the write-off of $500

Date Account Debit Credit

April 3, 2022, Allowance for uncollectible

accounts $500

Accounts receivable $500

4a)Journal to reinstate the account previously wrtten off On July 17, 2022

Date Account Debit Credit

July 17, 2022, Accounts receivable $100

Allowance for uncollectible accounts $100

4b)Journal to record collection of cash

Date Account Debit Credit

July 17, 2022, Cash $100

Accounts receivable $100

5 0

4 years ago

Rasmussen Corporation expects to incur indirect overhead costs of $80,000 per month and direct manufacturing costs of $12 per un

vovikov84 [41]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Rasmussen Corporation expects to incur indirect overhead costs of $80,000 per month and direct manufacturing costs of $12 per unit. The expected production activity for the first four months of 2017 is as follows: January February March April Estimated production in units 6,000 7,000 3,000 4,000

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

January:

Estimated manufacturing overhead rate= (80,000/6,000)+12= 25.33 per unit

February:

Estimated manufacturing overhead rate= $23.43

March:

Estimated manufacturing overhead rate= 38.67

April:

Estimated manufacturing overhead rate= $32

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

January= 6,000*25.33= $151,980

February= 7,000*23.43= $164,010

March= 3,000*38.67= 116,010

April= 4,000*32= $128,000

8 0

3 years ago

Caroline Perfumes is a premium, exotic women's fragrance company. The manufacturers of Caroline Perfumes

mash [69]

Answer:

c. To focus on establishing a brand name

Explanation:

Specialty products are products that people want to buy because they are unique and are from a certain brand they prefer. According to this, the answer is that in this case, the objective of the manufacturers of Caroline Perfumes would be to focus on establishing a brand name because that would create customers' loyalty and they would be willing to make an effort to buy the product.

7 0

4 years ago

Ever since the organization began a group incentive program, John has noticed that his team appears more loyal to one another th

777dan777 [17]

Answer:

The correct answer is letter "A": promotes better teamwork.

Explanation:

Group incentives represent all the efforts managers make to keep their subordinates motivated collectively. This is achieved by different methods such as introducing a new bonus to the team that performs better allowing teams to take more decisions on their duties. By doing so, members of a group are likely to improve their engagement with other coworkers in the pursuit of achieving an objective.

<em>Teamwork is highly promoted by incentivizing groups compared to motivating individuals separately.</em>

4 0

3 years ago