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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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Which describes the purpose of minimum-balance fees?
Cerrena [4.2K]

Answer:

make sure customers keep sufficient funds in their account

Explanation:

Minimum balance is the amount that an account holder has to be kept in the account. The minimum amount is to be maintained so as to enjoy the benefits of the account like receiving interests. The minimum balance defers from one bank to another. Maintaining the minimum helps in accessing loans and other facilities.

5 0
2 years ago
In order for earnings from a second or part-time job to be considered as part of a lender’s income evaluation, what must be true
SVETLANKA909090 [29]

In order for earnings from a second or part-time job to be considered as part of a lender’s income evaluation, the applicant must have been employed for at least two years, and the employment must be expected to continue.

The basis for one's pleasure or dissatisfaction with their financial condition can be defined as income evaluation. Additionally, it might engender a sense of fairness or unfairness in how income is distributed, which might bring about societal change or stabilize the situation.

Investors can determine a property's market worth based on the income it is currently producing by using the income approach to appraisal. Investors can assess if a deal fits their aims and requirements by understanding the cash flow property can produce.

Learn more about income evaluation here:

brainly.com/question/20412040

#SPJ4

8 0
1 year ago
Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is
elena-s [515]

Answer: $‭46,950‬

Explanation:

a. All sources of income should be included including illegal ones.

b. Gain = 1,000 (32 - 31)

= $1,000

c. Gain = Amount received - Amount paid apportioned per year

=  25,000 - (210,000/20)

= 25,000 - 10,500

= $14,500

d. Not included as disability benefits are not included.

e. The $300 is deductible but the $200 that went towards car payment is not.

f. Taxation principles require that the person taxed should be the person earning the income so Ken will not be charged on the $1,100

g. The relevant figure here is the tax benefit before the $610 refund.

Ken claimed $6,250 in itemized deduction but the standard deduction is $6,200. Ken gained;

= 6,250 - 6,2000

= $50

h. The $30,000 is included as Ken earned it.

Gross Income = 1,200 + 1,000 + 14,500 + 200 + 50 + 30,000

= $‭46,950‬

3 0
3 years ago
On September 1, 2021, Hiker Shoes issued a $108,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial B
bearhunter [10]

Answer:

effective interest rate = 4.75 %

Explanation:

given data

principal = $108,000

time = 8 months = \frac{8}{12} year

rate = 10%

solution

we get here first interest that is

interest = principal × rate × time .................1

put here value

interest = $108,000  × 10% × \frac{8}{12}

interest = $7200

so here effective interest rate will be here as

effective interest rate = \frac{interest}{principal- interest} × time  ...........2

put here value

effective interest rate = \frac{7200}{108000-7200}  ×  \frac{8}{12}

effective interest rate = 0.04761

effective interest rate = 4.75 %

6 0
3 years ago
Because the world is characterized by scarcity, people must choose between different uses for the resources at their disposal. I
jolli1 [7]

Answer:

Allocating Resources

Explanation:This would be really long winded to explain.

3 0
2 years ago
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