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
Which of the following people is functioning as a producer?
Natalija [7]

Answer:

D. Simon, who is baking a cake that will be sold in a bakery

Explanation:

Simon is the producer here because he is producing a product to sell on the market.

3 0
3 years ago
Adjusts the accounts at the end of each month. cruella's adjusting entry at the end of february should include a debit to rent e
Sauron [17]

After each month, adjust the accounts. Cruella's adjusting entry at the end of February should include a debit to rent expense for $100.

<h3>What is an adjusting entry?</h3>

Adjusting entries refer to a set of journal entries recorded at the end of the accounting period to have updated and accurate balances of all the accounts. The main purpose of adjusting entries is to communicate an accurate picture of the company’s finances. The management can have a proper look into the financial statements knowing that Everything that occurred during the month is reported, even if the financial part of the transaction would have been warranted to have occurred at a later stage.

To learn more about adjusting entries, visit;

brainly.com/question/4035835

#SPJ4

8 0
2 years ago
If you calculate the cost of attendance (COA) at an institute of higher
lutik1710 [3]
The answer is tuition fees, room and board, books, supplies and other expenses.
6 0
2 years ago
Since a cell phone is a private good, if Neha chooses to spend $300 on a cell phone, Neha would get $300 of benefit from the cel
stiks02 [169]

Answer:

In other words, if Neha decides to keep the $300 for a cell phone and Teresa decides to contribute the $300 to the public project, then Neha would receive a total benefit of:

$570.

Explanation:

Neha has, in this situation, maximized his benefits to the detriment of the public good.  This is an illustration of the tragedy of the commons.  The tragedy of the common is an economic problem that explains the loss that the society incurs when some persons like Neha neglect to contribute to the common good because they are solely concentrated on pursuing their individual goals for personal gains.

4 0
3 years ago
To retain its edge in the organic health food market, Natura has established a high-priority team comprised of senior executives
polet [3.4K]

Answer:

Cross-functional

Explanation:

It is a team composed of people with different skills necessary to complete the work.

A cross-functional device is one that:

   As a whole it is self-sufficient.

   He has the knowledge and skills necessary to build the part of the product that corresponds to him.

   Each member's specialty can be complemented by some other team member.

In a multifunctional development team, speed and productivity are triggered because, not depending so much on other people to do the job, request information, resources or requests from different managers, much time is saved in the process.

5 0
3 years ago
Other questions:
  • Customer complaints communicated directly to the company and no one else are important because Group of answer choices they can
    11·1 answer
  • You work for a leveraged buyout firm and are evaluating a potential buyout of UnderWater Company.​ UnderWater's stock price is $
    5·1 answer
  • For jacobs company, the predetermined overhead rate is 70% of direct labor cost. during the month, $600,000 of factory labor cos
    10·1 answer
  • What minimum value of ma will keep the system from starting to move?
    14·1 answer
  • When writing a research–based literary analysis, what is the most important step after reading the poem or novel very carefully?
    15·1 answer
  • Which costs are correlated with the firm’s sales and include the costs of labor, raw materials, and sales commissions?
    7·1 answer
  • Which of the following is correct about employment relationships?
    11·1 answer
  • If a gain of $5,278 is realized in selling (for cash) office equipment having a book value of $50,852, find the total amount rep
    15·1 answer
  • Aaron Company uses the periodic inventory cost flow method. If Aaron's ending inventory is understated due to an accounting erro
    6·1 answer
  • Which person argued that a corporate manager's primary responsibility is to the shareholders of the organization and that manage
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!