1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Inga [223]
3 years ago
7

Simon lost $5,000 gambling this year on a trip to Las Vegas. In addition, he paid $2,000 to his broker for managing his $200,000

portfolio and $1,500 to his accountant for preparing his tax return. In addition, Simon incurred $2,500 in transportation costs commuting back and forth from his home to his employer's office, which were not reimbursed. Calculate the amount of these expenses that Simon is able to deduct, assuming he itemizes his deductions, in each of the following situations: a. Simon's AGI is $40,000. b. Simon’s AGI is $200,000.
Business
1 answer:
garik1379 [7]3 years ago
3 0

Answer:

a. $2,700

b. $0

Explanation:

a. $2,700

The $5,000 gambling losses will not be deducted.

The transportation costs will not be deducted because it is his personal expenses.

Deductibles will include his investment fees  of $2,000 and tax return fees of $1,500 and the total  sum of fees must fall below 2% of his Adjusted Gross Income before any deduction can be computed.

=(2% x $40,000) = $800

=$2,000 + $1,500 – $800 = $2,700

b. $0

The $5,000 gambling losses will not be deducted.

The transportation costs will not be deducted because it is his personal expenses.

Deductibles will include his investment fees  of $2,000 and tax return fees of $1,500 and the total  sum of fees must fall below 2% of his  Adjusted Gross Income.

=(2% x $200,000) = $4,000

=$2,000 + $1,500 = $3,500

Note - The However, because the 2% AGI (2% x $200,000 AGI = $4,000) exceeds the sum of the broker management fees ($2,000) and the tax return fees ($1,500). He won't deduct anything

You might be interested in
Before it can be used, a 12-ounce container of liquid fertilizer must be mixed with 96 ounces of water. What fraction of fertili
VashaNatasha [74]

The fraction of fertilizer in the final mixture is 1/9.

A natural or synthetic material called fertilizer that contains chemical ingredients that help plants grow and produce more. Fertilizers may restore chemical elements that previous crops removed from the soil or increase the land's inherent fertility.

Most of the time, fertilizers' contribution to food production is overlooked. For plants, fertilizers are food. The nutrients that crops remove from the soil and replace with fertilizers. Crop yields and agricultural output would be much lower without the addition of fertilizers.

12 oz fertilizer to 96 oz water will make 12+96 = 108 oz of liquid

=12/108

=1/9

1/9 is the fraction of fertilizer in the final mixture.

To know more about fertilizer refer to:  brainly.com/question/14012927

#SPJ4

5 0
2 years ago
In calculating earnings per share, companies deduct preferred dividends from net income if:
Savatey [412]

Answer: Option B

Explanation: Earnings per share is calculated by dividing net income available to common shareholders with the weighted average number of shares.

Deduction of preferred dividends from net income is done only when dividends are declared by the entity, otherwise not. Preference shareholders have priority over common shareholders in case of dividends, so it will result in reduction of earnings to common shareholders but only when the dividends are declared and distributed.

7 0
3 years ago
Business Manager HeatherGuite expects her employees to be displeased or even hostile when she announces a new work schedule that
anzhelika [568]

Answer:

explain all background information first

Explanation:

Imagine how bad the work schedule is for a manager to be worried about their employees' reaction. When you have to deal with very bad solutions and their consequences, you must do it in a proper manner so things don't get worse. By explaining the background information first, Heather will be able to explain why she is making that decision and has a better chance of her employees understanding that it is something necessary. We are not told what the changes are or shy the changes are being made, but we know that they are very serious.

Heather must deal with her employees' tolerance levels, and their is a difference between absolute and relative tolerance. Absolute tolerance refers to tolerating other people's behavior just because you are polite and you don't want to cause more trouble, and relative tolerance refers to tolerating a bad situation because you know that there is valid cause for it. Heather must rely on her employees' relative tolerance.

8 0
3 years ago
If maria gets 80 utils from consuming five​ cookies, 100 utils from consuming six​ cookies, and 120 utils from consuming seven​
Klio2033 [76]

Answer:

The correct answer is 20 Utils

Explanation:

Marginal utility is the change in the utility from an increase in the consumption of a good or service.

Example of Maria

Maria gets 80 utils from consuming 5 cookies

If Maria consumes 6 cookies, The Utils change from 80 to 100. <u>This difference of 20 is called marginal utility.</u>  (100-80=20)

3 0
3 years ago
Luis is an accountant whose company recently switched from process costing to job order costing. He is preparing to total manufa
Ann [662]

Answer:

The correct answer is Assign costs of work process.

Explanation:

Among the main changes to be able to allocate costs, Julio must take the costs of work in process in a single account, instead of directly to different department accounts. This will ensure better control of the information, avoiding mistakes in the planning process.

4 0
3 years ago
Other questions:
  • A high-definition tv costs a company $3,300 to manufacture. if it sells for $6,732, what is the percent markup based on cost? (r
    15·1 answer
  • Nabisco used a free-standing rack in the shape of a bus to promote its Ritz and other cracker products. The goal of the sales pr
    10·1 answer
  • A company's Inventory balance at the end of the year was $188,000 and $200,000 at the beginning of the year. Its Accounts Payabl
    15·1 answer
  • Compute net income for 2019 by comparing total equity amounts for these two years and using the following information: During 20
    5·1 answer
  • Joe spends $20,000 during his two semesters in college on rent, food, books, tuition, and entertainment. Joe’s opportunity cost
    10·1 answer
  • The government regulates financial markets for two main reasons:
    8·1 answer
  • When the relationship between government and interest groups becomes entangled and tight with some groups having formal governme
    6·1 answer
  • Selected accounts with a credit amount omitted are as follows: Work in Process Apr. 1 Balance 7,500 Apr. 30 Goods finished X 30
    5·1 answer
  • Reasons why biden/trump would make a good president WITHOUT mentioning the opposing canidate.
    5·2 answers
  • Colin listed his assets and liabilities on a personal balance sheet.
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!