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Nutka1998 [239]
3 years ago
15

This year, Randy paid $29,650 of interest on his residence. (Randy borrowed $472,000 to buy his residence, and it is currently w

orth $522,000.) Randy also paid $3,050 of interest on his car loan and $5,025 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?
a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.
b. Randy had no investment income this year, and his AGI is $75,000.
Business
1 answer:
Eddi Din [679]3 years ago
4 0

Answer:

a. $31,850

b. $29,650

Explanation:

Requirement A:

Interest on his residence is deductible                            = $29,650

Interest on car loan (non deductible)                               =  $0

Margin Interest to his stockbroker (limited to $2,200)    = $2,200

Total deductible                                                                  = $31,850

Requirement B :

As randy has no investment he can only deduct $29,650 his interest on the home loan.

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He must report 15,000 gain in his year 8 tax...........

4 0
2 years ago
What term tells us how frequently a product is completed?
Annette [7]

It is Cycle Time that tells us how frequently a product is completed.

<h3>What is Cycle time?</h3>

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Cycle times can point out places where a business might simplify its procedures in order to increase sales and speed up the production of goods. Cycle times can be used to pinpoint the particular problem that might be causing the output to be sluggish.

Consequently, the phrase "cycle time" describes how frequently a product is finished.

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4 0
1 year ago
Alan is sure to tell his boss about every new client he gets for their firm and he is sure to pass along any compliments he gets
butalik [34]
The impression strategy that Alan is using is the self-promotion. The impression strategy of self-promotion tends a person to promote his or herself or in another term, the person would brag his or her accomplishments or the activities that he or she has done in a way which is forceful or a way that other people would think that he or she does not need to know about.
3 0
3 years ago
Trudy’s monthly expenses are outlined in the chart below. Trudy’s job pays her $36,000 annually. Determine Trudy’s DTI (debt-to-
cluponka [151]

Answer:

d. 44%

Explanation:

Calculation to determine what DTI ratio is

First step is to calculate the Debt

Using this formula

Debt = (Rent expense + Carr payment + Loan + Credit card payment) × Number of months in a year

Let plug in the formula

Debt =[($695 + $265 + $200 $160) × 12 months]

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Using this formula

Debt to income ratio = (Debt) ÷ (Income) × 100

Let plug in the formula

DTI ratio=[ ($15,840 ÷ $36,000) × 100]

DTI ratio=0.44*100

DTI ratio= 44%

Therefore DTI ratio is 44%

6 0
3 years ago
Read 2 more answers
Assume all markets are in long-run equilibrium. Market price in a duopoly would be ________ the market price in a monopoly, and
Vladimir [108]

Answer:

Assume all markets are in long-run equilibrium. Market price in a duopoly would be <u>greater than or equal to</u> the market price in a monopoly, and     <u>less than</u> or equal to the market price in a competitive market.

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That is the logical answer to the question about markets that are in long-run equilibrium.

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