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bonufazy [111]
3 years ago
13

Samantha Jones had the following itemized deductions. Donations to church and other charities $ 2,150 Medical and dental expense

s exceeding 10 percent of adjusted gross income $ 1,270 State income tax $ 960 Job-related expenses exceeding 2 percent of adjusted gross income $ 1,485 Should she use the itemized deduction or the standard deduction? The standard deduction for her tax situation is $6,350.
Business
1 answer:
vlabodo [156]3 years ago
3 0

Answer:

Samantha should use the standard deduction.

Explanation:

Samantha's total itemized deductions include:

  • donations to church and other charities $2,150
  • medical and dental expenses (exceeding 10%) $1,270
  • State income tax $960
  • Job related expenses (exceeding 2%) $1,485
  • total $5,865

Samantha's standard deduction = $6,350, since it is higher than her itemized deductions, then she should use the standard deduction.

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Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales
melomori [17]

Answer:

The correct answer here is C) an employee .

Explanation:

Even though Patrick has written independent contract agreement with his broker, he will be considered an employee not independent contractor because Patrick is earning 75% of his total income from his broker on a hourly wage and that is paid to him on normal pay date , while the independent contractors are paid when the accounts payable receives the invoice, usually independent contractors are paid after the completion of task or at the end of a period.

7 0
4 years ago
Read 2 more answers
Minor Electric has received a special one-time order for 1,500 light fixtures (units) at $5 per unit. Minor currently produces a
Maslowich
The company should accept the special order because it will get an additional profit of $4,000 ($12,500 - $7,500 - $1,000) for the special order. This additional profit amount can be acquired by separating the effect from the special order on each cost and sales of the company's business. The sales should increase by $12,500 ($5 x 2500 unit) amount if the job is taken and the variable cost should increase by $7,500 ($3 x 2500 unit). Lastly, the fixed cost should increase by $1,000 (the new machine).
3 0
3 years ago
Read 2 more answers
A government deficit occurs when government expenditures are greater than the revenue collected in a given year. A government de
STALIN [3.7K]

Answer:

C

Explanation:

A.private investment decreasesB.it has no immediate effect on the economy.C.the government can stimulate the economy when income is unusually low.D.the public does not voice concern about the national budget

A deficit occurs when government spending exceeds income either because it spends more than it earns or taxes are too low

A balanced budget is when government spending equals income

benefits of a budget deficit

  1. it allows the government to carry out stabilization policies
  2. it allows the government spread discretionary tax overtime
8 0
3 years ago
An investor can design a risky portfolio based on two stocks, A and B. Stock A has an expected return of 11% and a standard devi
OlgaM077 [116]

Answer:

A. 0%

Explanation:

The expected rate of return of A = 11%

Expected rate of return of B = 7%

Risk free rate = rfr = 5%

Sdb = 3%

SDa = 18%

Correlation coefficient = 0.50

The formula used to solve for the required answer is in the attachment.

When computed, we have

0.000054-0.000054/0.000036+0.000216

= 0/0.000252

= 0

Therefore the first option is the correct answer

0% should be invested in stock A.

6 0
3 years ago
Carmel Corporation is considering the purchase of a machine costing $36,000 with a 6-year useful life and no salvage value. Carm
Korolek [52]

Answer: $18,000

Explanation:

From the question, we are told that Carmel Corporation is considering buying a machine that cost $36,000 with a 6-year useful life and no salvage value and the straight-line depreciation was used on the assumption that the annual cash inflow from the machine will be received uniformly throughout each year.

Accounting rate of return will be the average profit divided by the average investment

The average investment is made of up of the cost of the asset, its salvage value and working capital. Average investment will be the machines and cost divided by 2.

= $36000/2

= $18000.

The average investment is $18,000

8 0
4 years ago
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