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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According to the given statement in 10 years you will make $247.53
<h3>What precisely is compound interest?</h3>
Compounding is when you earn a return on both your savings and your interest. Assume you put $1,000 (your principal) into an account that earns 5% (rate of interest or earnings) once per year (the compounding frequency).
<h3>How does interest get compounded?</h3>
Compound interest is calculated by dividing the initial loan balance, or principal, by one plus the yearly interest rate multiplied by the number of compound periods divided by one. This will give you the total loan amount plus compound interest.
<h3>According to the given information:</h3>
Calculating Compound Interest:
FV = PV(1 + r)ⁿ
To find FV.
= 75(1.01)¹²⁰
= $247.53
in 10 years you will make $247.53.
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Answer:
A) Net assets without donor restrictions.
Explanation:
According to my research on IRS requirements, I can say that based on the information provided within the question this should be reported as part of Net assets without donor restrictions. Net Assets are defined as the value of an entity's assets minus the value of its liabilities.
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Hmm Idk I'm just answering to boost my points
Answer:
A direct response sales
Explanation:
From the statement, it can be seen that G bought the life policy alone and made his decision to replace that coverage with a policy that was purchased firsthand through the insurer and delivered. This shows that an agent was not used in the sale or delivery of the policy and hence this depicts a direct response transaction between the insurer and the client G.