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Svet_ta [14]
3 years ago
9

Tom Lewis, an individual taxpayer, performs services for the Red Cross at an out-of-town location for three weekends during the

year. There was no significant element of personal pleasure for Tom on these weekend trips. He incurred the following expenses in relation to these trips: Special uniform worn while performing services $100 Meals and lodging while on weekend trips 300 How much of the expenses may Tom deduct as a charitable donation on his Schedule A (itemized deduction) form (assuming that he can fully itemize and deduct all such expenses)
Business
1 answer:
lawyer [7]3 years ago
5 0

Answer:

The amount of the expenses that Tom may deduct as a charitable donation on his Schedule A is $400.

Explanation:

Since Tom's weekend trips were devoid of any significant element of personal pleasure and assuming that he can fully itemize and deduct all expenses incurred, the total amount of the expenses incurred in relation to the trips may be deducted by Tom as a charitable donation.

Therefore, we have:

Amount deductible as a charitable donation = Special uniform worn while performing services + Meals and lodging while on weekend trips = $100 + $300 = $400

Therefore, the amount of the expenses that Tom may deduct as a charitable donation on his Schedule A is $400.

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PLEASE HELP!!! ONLY GOOD ANSWERS,
Helga [31]

The sooner you need the money, the less risk you will be willing to take on.

If you have until you retire, you may be more willing to gamble on riskier investments for the potential of bigger returns because if it doesn't work out you will still have plenty of time to make up the loss. However, if you need the money sooner for a car you should only take on a minimal amount of risk.

7 0
4 years ago
A company purchased $270,000 in supplies during the year. The supplies account increased by $10,000 during the year to an ending
LuckyWell [14K]

Answer:

$260,000

Explanation:

Opening balance = Ending balance - Increase in ending balance

=$66,000 - $10,000

=$56,000

Supplies Expenses = Opening balance + Purchases - Closing balance

=$56,000 + $270,000 - $66,000

=$336,000 - $66,000

=$260,000

Therefore, the amount that will be the adjusting entry to supplies expenses is $260,000

7 0
3 years ago
The Fabricating Department started the current month with a beginning Work in Process inventory of $10,000. During the month, it
Natalka [10]

Answer:

$13,000

Explanation:

Calculation for what The ending balance of the Work in Process Inventory account for the Fabricating Department is:

Beginning Balance 10,000

Add Direct Materials 76,000

Add Direct Labor 24,000

Add Factory Overheads 12,000

(50% *24,000)

Less Work Transferred (109,000)

Ending Balance $13,000

Therefore The ending balance of the Work in Process Inventory account for the Fabricating Department is:$13,000

6 0
3 years ago
Amounts withheld from each employee for social security and medicare vary by state.
satela [25.4K]

It is False.

No matter which states the employee lives, the amounts withheld from each employee for social security and medicare do not vary by state. The present tax rate for social security for employers and employees is 6.2% and the present current rate of medicare is 1.45% for both the employer and employee.

Employers are typically required to withhold Social Security and Medicare taxes from an employee's paycheck and pay the employer's share of those taxes.

The Social Security Tax and the Medicare Tax have different rates, and only the Social Security tax has a salary cap. The base salary ceiling is the maximum taxable salary in the year. Determine the withholding amount for Social Security and Medicare contributions by multiplying each payment by the employee's tax rate.

To learn more about social security and medicare from given link

brainly.com/question/19277833

#SPJ4

3 0
2 years ago
What type of debt has the highest consumer debt balance?.
Zinaida [17]

The student loan debt has the highest consumer debt balance.

Below is an explanation about student loan debt.

<h3>What is Student Loan debt</h3>

Student debt is a type of debt that is owed by a current student, a formerly withdrawn student or graduated student to a lending institution, or to a financial institution

This type of loan has the highest consumer debt balance.

Lean more about types of debt at brainly.com/question/2754850

4 0
2 years ago
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