Answer:
No amount is deductible.
Explanation:
In taxation, gambling losses are only tax deductible to the extent of winnings from the gambling. This implies that gambling losses is not deductible from other income. For a person to deduct gambling losses, he is required to itemize and report all his winnings from gambling as taxable income before deducting the gambling losses. Since no gambling winning is reported by Simon, the $5,000 gambling losses cannot be deducted.
Investment expenses such as a payment to a broker for managing investment have been eliminated and no more tax deductible since 2019.
Tax return fees are part of the miscellaneous fees under Schedule A of Form 1040, is no longer tax deductible because they have been eliminated for the period between 2018 and 2025 tax years.
Commuting expenses are never tax deductible when it has to do with a regular back and forth movement from home to place of employment. It is only deductible when it has to do with a regular movement from one place of employment to another place of employment when the tax payer has more than one job. Since there is no evidence that Simon has more than one job, the commuting expenses is not tax deductible.
Therefore, Simon has no amount that is deductible.
Answer:
$50,000
Explanation:
<em>Manufacturing cost is sum of direct material plus direct labour and manufacturing overhead</em>
Direct material is the cost of all materials directly consumed for production purpose.
Direct labour is the cost of labour hours used for directly for production purpose
Manufacturing cost = 15,000+30,000 + 5000
=$50,000
Monopolistically competitive firms are unlikely to:
A. produce where price equals average total cost.
B. charge a higher price than firms in perfect competition.
C. produce a smaller quantity than firms in perfect competition.
<u>D. operate where price equals marginal cost.</u>
E. exit the industry when demand falls below long-run average costs.
The Correct answer is <u><em>OPTION D</em></u><em>.</em>
<em />
When several firms provide similar but not identical replacement goods or services, we have<em> </em>monopolistic competition.
An industry with low barriers to entry and little impact from any one company's actions is said to be monopolistically competitive. Companies separate themselves from one another in the market by using price and advertising strategies.
It is called monopolistic competition when multiple businesses sell nearly identical goods. In monopolistic competition, businesses use price and marketing tactics to set themselves apart from rivals. In monopolistic competition, there are few barriers to entry in the form of high start-up costs or other difficulties to new entrants.
To know more about monopolistically competitive firm refer to:
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Answer: $1,974.51
Explanation:
FUTA and SUTA taxes are the responsibility of the employer so the amount withheld from Portia's earnings will be;
= Social security tax + Medicare tax + Federal income tax withheld
= (0.062 * 8,488) + ( 0.0145 * 8,488) + 1,325.17
= 526.26 + 123.08 + 1,325.17
= $1,974.51
<em>Option is not given but this is the answer.</em>
Money Market Account: (this is intended to be used on a day-to-day basis and isn't provided by the government)
- Allows ATM withdrawals (A)
- Has a minimum balance requirement (C)
401K: (this is a retirement savings account, so think of typical features)
- Provides tax-deferred savings (B)
- Has penalties for early withdrawal (D)
