When we use the IRS rule which states the standard deduction amount should be greater than $900 or the income earned by the taxpayer for the year in addition with $300 (should not be exceeding the regular standard deduction). Income earned by Toby is $2,897, then add
$300 into it.
The correct standard deduction amount would then be $3,197 ($2,897 +300)=$3197.
Standard deduction is the deduction given by the income tax authorities to the tax payer.
Internal revenue bulletin is the instrument used by the IRS for announcing all the rules.
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Answer:
A sunk cost is the correct answer to this question.
Explanation:
Sunk cost:- Sunk costs are those expenses that have been accumulated in the past and are thus in some way unrelated to judgment-making.
In the question referred to above, the company has already made $14 to produce. This cost will be inconsequential even if the company makes the units as it is or procedures them further.
As a result, $14 is a sunk expense.
Other options are incorrect because they are not related to the given scenario.
Answer: the U.S. dollar was the only currency that was fully convertible to gold; other currencies were not directly convertible to gold
Explanation:
The Bretton Woods system was a system that was based on dollar, being used as a standard for other currencies from other parts of the world which in turn was pegged to the good price.
Under this system, the U.S. dollar was the only currency that was fully convertible to gold; other currencies were not directly convertible to gold.
I think the principle that under the market economy, people have to be ready to take advantage of employment and opportunities when the price of commodities like metals is up and be prepared to work extra hard at those times to save up for lean times when there is a recession or depression because the market economy is cyclical - boom or bust. The economic principle involved in these examples is that people take advantage of opportunities that come up involving things to purchase say during sales and when trade brings cheaper but still good items into the local economy.