Ask question

Ask question

All categories

2 years ago

11

Which of the following taxes is not deductible as an itemized deduction?a. Property tax on second residenceb. Sales tax in a sta

te with no income taxc. Federal income taxd. State income tax

1 answer:

Rudiy272 years ago

3 0

Answer:

<u>b. Sales tax in a state with no income tax</u>

Explanation:

Under the laws of the united states, itemized deductions are eligible expenses that an individual taxpayer can claim on federal income if available.

Based on there taxable incomes the taxes can be deduced and the sales taxes with no income tax do not come under the deductible tax.

The list of expenses can also be itemized by there are limited to the tax year.

You might be interested in

On July 15, 2016, you convert 650,000 U.S. dollars to Japanese yen in the spot foreign exchange market and purchase a six-month

Mice21 [21]

Answer:

The question is not complete:

On July 15, 2016, you convert 650,000 U.S. dollars to Japanese yen in the spot foreign exchange market (¥104.91/$) and purchase a six-month forward contract ($0.0095320/¥1) to convert yen into dollars. How much will you receive in U.S. dollars at the end of six months? (Round your answer to 2 decimal places. (e.g., 32.16))

The sum of $650,001.38 would be received in six months

Explanation:

In the first place by buying the yen in the spot market on July 15 ,2016, the amount of yen is computed thus:

$650,000 was at (¥104.91/$) ,which implies that each $ was exchanged for ¥104.91

yen received =$650,000*104.91/1

= ¥ 68,191,500.00

The six month forward contract outcome is as follows:

($0.0095320/¥1)

each Yen was exchanged $0.0095320

dollars received= ¥ 68,191,500.00 *0.0095320/1

=$650,001.38

3 0

3 years ago

Motivation consists of being enthusiastic, energized, and engaged to achieve a goal or objective. The three basic elements of mo

Vlad1618 [11]

Answer:

The statement is: True.

Explanation:

Motivation is what drives individuals or organizations to achieve their objectives. Leaders must find ways to keep their subordinates constantly incentivized so their productivity level remains at their highest level possible. In some other cases, reaching personal goals is what drives people. In such scenarios <em>pride, self-interest, </em>and <em>success</em> boost individuals' morale pushing them to their limits.

6 0

3 years ago

Read 2 more answers

Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college c

blsea [12.9K]

Answer:

All of these options is true

Explanation:

Statement of revenue and expenses is a comprehensive report showing the amount of profit earned minus the amount of operating expenses.

It provides information regarding the organization's operation as well as the revenue generated.

Revenue earned is collated as receipts and included in the statement of revenue and expenses.

Regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college choosing to report as a special-purpose entity engaged in business-type activities, the following apply:

State appropriations should be reported as non-operating income
Both contributions for plant and for endowment purposes must be reported separately after both operating and non-operating revenues and expenses
An operating income figure must be displayed

4 0

2 years ago

. Zoe Corporation has the following information for the month of March: Purchases $ 92,000 Materials inventory, March 1 6,000 Ma

rodikova [14]

Answer:

1. Cost of goods manufactured = $150,500

2. Net income = $36,500

3. Total Inventory = $61,500

Explanation:

Requirement 1

Zoe Corporation

Schedule of cost of goods manufactured

For the month ended March 31

Direct Materials:

Beginning Materials inventory $6,000

Add: Raw materials purchases <u> 92,000</u>

Raw materials available for use $98,000

<u>Less: Ending Raw Materials 8,000</u>

Direct materials used $90,000

<u>Direct Labor 25,000</u>

Prime Cost $115,000

<u>Factory overhead 37,000</u>

Total manufacturing cost $152,000

Add: Work in process, March 1 22,000

<u>Less: Work in process, March 31 (23,500)</u>

Cost of goods manufactured $150,500

Requirement 2

Zoe Corporation

Income Statement for manufacturing company

For the month ended March 31

Sales revenue $257,000

<em>Less: Cost of goods sold</em>

Beginning finished goods inventory $ 21,000

Add: Cost of goods manufactured (Req.1) <u> 150,500</u>

<em>Finished goods available for sale 171,500</em>

Less: Ending finished goods inventory <u> (30,000)</u>

<u>Cost of goods sold 141,500</u>

Gross Profit $115,500

<u>Less: Sales and administrative expenses 79,000</u>

Net operating Income $36,500

Requirement 3

Zoe Corporation

Balance Sheet

As at March 31

Inventory:

Materials $8,000

Work-in-process 23,500

<u>Finished goods 30,000</u>

Total Inventory $61,500

Inventory consists of all the ending materials, ending work-in-process, and ending finished goods. All the ending items need to be shown in the balance sheet because those inventories will remain at hand at the end of the period.

5 0

3 years ago

Santoyo Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below:

GrogVix [38]

Answer:

Santoyo Corporation

Tracking Time to Fill Orders:

The delivery cycle time was 25 hours.

Explanation:

The delivery cycle time sums the time occasioned by the supply delay and the reordering delay before the goods reach the customer. As an order is received by Santoyo Corporation there is usually a wait time of half a day or 12.5 hours. The processing of the order consumes 1.6 hours. Before delivery is made, the inspectors spend 0.8 hours or 48 minutes doing what they know best. Then, freight takes 4.2 hours for the delivery van to reach the customer's warehouse. At that point, another 5.9 hours are spent queueing for the receipt of the goods by the customer.

8 0

3 years ago