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3 years ago

What are tax credits?

Business

1 answer:

stepladder [879]3 years ago

7 0

Answer: Refundable Tax Credit

Explanation:

When a tax credit is able to reduce your tax liability to below zero and then the remainder is returned to you, that is a Refundable Tax Credit. For Instance, if you get a Refundable tax credit from the IRS of $300 and your Tax Liability is $250 then not only do you not have to pay the liability but the IRS will give you $50 which is the remainder after the tax credit reduced the liability to $0.

If you have $0 in Liability, you can still apply for a Refundable Tax Credit which means that you will be paid the whole thing.

Some people therefore first calculate their taxes and then remove the deductions and apply for Non-refundable tax credits and then when their liability is at the lowest, they apply for a Refundable Tax Credit which then means that they can stand a chance to get something from the IRS.

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The Cash account of Gate City Security Systems reported a balance of 2400 at December 31, 2018. There were outstanding checks t

olasank [31]

Answer:

Explanation:

gate City bank reconciliation statement as at December 31, 2018

Balance as per cash book 2400

Direct payment to the bank (loan) 520

Less bank charges (30)

Add bank interest 20

Adjustment 510

Adjusted cash book balance 2910

Balance as per bank statement 3,810

Less outstanding check (1300)

Add deposit in transit 400

Adjustment (900)

Adjusted bank statement balance 2,910

8 0

3 years ago

Pedro, not a dealer, sold real property that he owned with an adjusted basis of $120,000 and encumbered by a mortgage for $56,00

igomit [66]

Answer:

$64,000

Explanation:

Calculation for the recognized gain to Pedro in 2020

First step is to calculate the Realized gain

Realized gain=($120,000+$12,000+$28,000+$56,000-$120,000)

Realized gain=$96,000

Second step is to calculate the Contract Price

Contract Price=$216,000-$56,000

Contract Price=$160,000

Now let calculate the recognized gain to Pedro in 2020

Recognized gain=$160,000-$96,000

Recognized gain=$64,000

Therefore the recognized gain to Pedro in 2020 is $64,000

7 0

3 years ago

A company has been complaining about costs and wants to increase the number of burgers its employees can wrap in an hour. You've

garri49 [273]

Answer:

c. Face validity

Explanation:

Since in the question it is mentioned that the company complaints with respect to the cost, also dont want to add other tests that leads to an ncrease in budget

Also, it the other assessment instrument would be added so this scenario represents the face validity that deals in the study or not for particular measures

Therefore the correct option is c. Face validity

3 0

3 years ago

What would be a barrier to a child’s mental development?

kirill [66]

Not having experiences that help them make good choices though out the rest of their lives. Also someone to guide them through times good and bad to help them make the right choices.

5 0

4 years ago

Do you think the interest on payday loans is too high or just right? should christians charge poor people interest on loans

gayaneshka [121]

The average interest on a payday loan is high, roughly 350-450% is added on to the price of the original loan. These loans are typically two week loans, so a person can expect to have around $25 in interest added to every $100 they borrow. These loans are expense to be using on a continuous basis.

6 0

4 years ago