Answer:
Zack's adjusted gross income
His adjusted gross income is equal to his gross income minus eligible deductions.
Adjusted gross income (AGI) = gross income - deductions for AGI
= $74,000 - $5,000
= $69,000
Zack's taxable income
His taxable income is equal to his AGI minus itemized deductions minus tax prepayments minus tax credits.
Taxable Income = $69,000 - $2,500 - $8,400
= $58,100
Answer:
$168,900
Explanation:
Basis for the house is the total of the initial cost + Cost of adding a room + Cost of the house paint + Cost of built-in bookshelves
= 155,000 + 11,000 + 1400 + 1500
= $168,900
Answer:
$7,202
Explanation:
Calculation for What should be the balance in Kent's deferred tax liability account as of December 31, 2021?
December 31, 2021 Deferred tax liability=$ 27,700 x 26%
December 31, 2021 Deferred tax liability=
= $7,202
Therefore What should be the balance in Kent's deferred tax liability account as of December 31, 2021 is $7,202
Lease the car as it will not see many miles and is used in a specific time frame. should he need it longer he can buy out the lease at the end to owm the car.
C. They should take advice from experts if they lack knowledge about certain aspects of their business.