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3 years ago

All of the following are deductible as medical expenses except:

Business

1 answer:

MAVERICK [17]3 years ago

5 0

Answer:

The correct answer is letter "D": vitamins and health foods that improve a taxpayer's general health.

Explanation:

The Internal Revenue Service (IRS) set deductions of medical expenses that exceed 10% of taxpayers' Adjusted Gross Income (AGI) for 2020. Preventive care, surgeries, dental and vision assistance, psychologists and psychiatrists visits are considered for deductions.

Prescription medications, glasses, false teeth, and hearing aids are also included but non-prescription drugs -but insulin- are not deductible. Thus, vitamins and healthy food prescriptions are not deductible.

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A legal arrangement where two or more people share ownership of a business is called a ______. A. Corporation b. Sole proprietor

liubo4ka [24]

The correct statement is that a legal arrangement where two or more people share ownership of a business is called a partnership. So, the correct option is C.

A partnership may be started by two individuals with an intention to share the profits and losses of such business in a predetermined proportion.

<h3>Partnership Firm </h3>

A partnership firm is a form of business organization where at least two individuals put their resources and carry a legal business.

The individuals of a partnership firm are collectively known as partners, where they tend to share the profits and losses proportionately to their capital invested.

There exists vicarious liability among the partners, which means that all the partners are liable for the acts of one or more partner as per the legal contract.

A partnership firm may be terminated by lapse of time, dispute between the partners, dissolution, insolvency, but has a perpetual succession.

Hence, the correct option is C that legal arrangement where two or more people share ownership of a business is called a partnership.

Learn more about partnership firm here:

brainly.com/question/6346527

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2 years ago

How is the dual credit program different from the AP program?

olga55 [171]

AP courses are part of the College Board organization that requires students to take a rigorous test at the end of the course to potentially earn college credit. A dual credit course on the other hand is an official course at Loyola University Chicago.

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4 years ago

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Tan Company acquires a new machine (ten-year property) on January 15, 2017, at a cost of $200,000. Tan also acquires another new

IgorLugansk [536]

Answer:

b. $25,716

Explanation:

The total cost recovery Deduction is:

10-year property

MACRS cost recovery ($200,000×0.10) $20,000

7-year property

MACRS cost recovery ($40,000×0.1429) $5,716

Total cost recovery $25,716

Therefore, The total deductions in calculating taxable income related to the machines for 2017 is $25,716.

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4 years ago

You own three stocks: 600 shares of Apple Computer, 10 comma 000 shares of Cisco Systems, and 5 comma 000 shares of Colgate-

Nina [5.8K]

Answer:

Explanation:

Finding Weights

Apple => 600 * 500 = 300,000

Cisco => 10,000 * 20 = 200,000

CP => 5,000 * 100 = 500,000

Total = 1,000,000

Each Weight

Apple => 300,000 / 1,000,000 = 30%

Cisco => 200,000 / 1,000,000 = 20%

CP => 500,000 / 1,000,000 = 50%

Using

(Rate*Weight)

(0.3 * .12) + (0.2 * .10) + (0.5 * .08) = 0.096 = 9.6%

New Weights

Apple => 600 * 525 = 315,000

Cisco => 10,000 * 25 = 250,000

CP => 5,000 * 87 = 435,000

Total = 1,000,000

Each Weight

Apple => 315,000 / 1,000,000 = 31.5%

Cisco => 250,000 / 1,000,000 = 25%

CP => 435,000 / 1,000,000 = 43.5%

7 0

3 years ago

I need help! It’s for a test.

Vilka [71]

I think is D

Is the most obvious out of the others

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3 years ago

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