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
Aleonysh [2.5K]
3 years ago
10

Your friend Scotty informs you that in 2019 he received a tax-free reimbursement of some medical expenses he paid in 2018. Which

of the following statements best explains why Scotty is not required to report the reimbursement in gross income? a.Scotty itemized deductions in 2018. b.Scotty itemized deductions in 2019. c.Scotty did not itemize deductions in 2018. d.Scotty did not itemize deductions in 2019. e.Scotty itemized deductions in 2019 but not in 2018.
Business
1 answer:
DanielleElmas [232]3 years ago
3 0

Answer:

c.Scotty did not itemize deductions in 2018

Explanation:

Itemized deductions can be defined as a form of eligible expenses in which individual taxpayers can claim on federal income tax returns which will in turn reduce their taxable income, and this is said to be often claimable in place of a standard deduction, only in a situation where it is available which is why ITEMIZED DEDUCTIONS are expenses that are allowed by the IRS that can decrease your taxable income because when an individual itemize on his or her tax return, such individual can opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction.

Therefore based on the Scotty scenario the statements that best explains why Scotty is not required to report the reimbursement in gross income is :Scotty did not itemize deductions in 2018

You might be interested in
Thane Company is interested in establishing the relationship between electricity costs and machine hours. Data have been collect
dangina [55]

Answer:

The correct option : B. Cost = $ 130.00 + $ 5.90 x Machine - hours

Explanation:

Let's use the following method to solve the given problem

Now applying the high-low method of cost estimation,

High => November, 5,300 machine hours

Low => March, 2,300 machine hours

Arranging it in a simultaneous equations for total cost:

We can let fixed cost per month to be F, and the variable cost per machine -hour be V, and the number of machine-hours be Q.

Therefore

Total cost = F + VQ

High => F + 5,300Q = $ 31,400

Low => F + 2,300Q = $ 13,700

Subtracting Low from High, we have 3,000Q = $ 17,700 or Q = $ 5.90 per machine hour ................equation one

F = $ 13,700 - ( 2,300 x $ 5.90) = $ 130......................................................................equation two

6 0
3 years ago
13. In a market system, how are the terms of exchange established? a. Consumer advocacy groups establish fair prices for items,
yuradex [85]

The forces underlying supply and demand interact to determine the market price.

<h3><u>Explanation:</u></h3>

The persons involving in the activities of trading comprises the market system. It includes sellers, buyers and others involved in trading process. They also includes the buyers, consumers, producers who are the major players of the market system who determines the economic activity in it.

The supply and demand law is the major determinant of the production of goods and services in a market economy. The natural resources, land, capital and labor are the supplies. The purchasing power of the government, consumers and business are the demands. The forces underlying supply and demand interact to determine the market price.

3 0
3 years ago
Which of the following statements about taxes is FALSE?
enot [183]
States dont collect income tax the government does so B
5 0
3 years ago
Read 2 more answers
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials $ 26,400 $ 22,400
BartSMP [9]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Beginning Raw materials $26,400

Ending Raw materials $22,400

Beginning Work in process $ 18,400

Ending Work in process $ 11,400

Beginning Finished Goods $ 49,400

Ending Finished Goods $ 57,400

Additional information:

Raw materials purchases $ 73,400

Direct labor cost $ 93,400

Manufacturing overhead cost incurred $ 43,540

Indirect materials included in manufacturing overhead cost incurred $ 4,140

Manufacturing overhead cost applied to Work in Process $ 42,400

A) Cost of goods manufactured:

Beginning Work in process $ 18,400

Beginning Raw materials $26,400

Raw materials purchases $ 73,400

Ending Raw materials $22,400 (-)

Direct labor cost $ 93,400  

Manufacturing overhead cost applied $ 42,400

Ending Work in process $ 11,400 (-)

Total= $220,200

B) Cost of goods sold:

Beginning Finished Goods $ 49,400

Cost of goods manufactured $220,200

Ending Finished Goods $ 57,400 (-)

Unadjusted COGS= $212,200

Underapplied MOH= 1140

Adjusted COGS= $213,340

6 0
3 years ago
Suppose an economy’s entire output is cars. in year 1, all manufacturers produce cars at $15,000 each; the real gdp is $300,000.
adelina 88 [10]
Formula for the Real GDP:
RGDP = Quantity in the current year x Price of the output in the base year
The base year should be the 1st year:
RGDP 1 = $300,000,  P 1 = $15,000
Q 1st = $300,000 : $15,000 = 20 cars
In the 2nd year we also have: Q 2nd = 20,produced at $16,000 each.
The Nominal GDP = 20 x $16,000 = $320,000 ( market value )
But the Real GDP = 20 x $15,000 = $300,000.
Answer: The real GDP in the year 2 is $300,000.
3 0
3 years ago
Read 2 more answers
Other questions:
  • Authentic Thai rattan chairs are delivered to Gary Schwartz's chain of retail stores, called The Kathmandu Shop, once a year. Th
    14·1 answer
  • May Bakery, Inc. reported a prior-period adjustment in 2016.An accounting error caused net income of prior years to be overstate
    5·1 answer
  • The process of monitoring activities to ensure that objectives are being accomplished as planned and corrections made where sign
    15·1 answer
  • S10-5 (book/static) On February 28​, 2017​, Rural Tech Support purchased a copy machine for $ 53 comma 400. Rural Tech Support e
    12·1 answer
  • Assume there are no prospective investment projects (I) that will yield an expected rate of return (r) of 25 percent or more, bu
    15·1 answer
  • Wendell’s Donut Shoppe is investigating the purchase of a new $33,000 donut-making machine. The new machine would permit the com
    15·1 answer
  • The transactions carried out by BTS Corporation during the year caused an increase in total assets of $150,000 and a decrease in
    10·1 answer
  • If neuron L is repeatedly stimulated very rapidly, what change would you expect in the postsynaptic neuron
    15·1 answer
  • Ked what would you do if one of the customers began making off-color jokes that other customers in the bar could hear? rosario m
    15·1 answer
  • The material wealth of a society is a function of? all financial assets. all real assets. all financial and real assets. all phy
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!