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Dennis_Churaev [7]
2 years ago
14

John has a gross income of $60,000. He is single and is choosing to take a deduction for all single people amounting to $6,300.

What does this $6,300 represent? a standard deduction an itemized deduction an earned income credit an adjusted gross income
Business
1 answer:
olasank [31]2 years ago
6 0

Answer:

A standard deduction

Explanation:

John is taking a standard deduction. A standard deduction is deduction on taxable income that the IRS allows for individuals that are not making use of itemized deductions to reduce their income tax. Standard deduction may apply to people based on status, age, disability or other criteria listed.

Standard deduction is different from itemized deduction and both cannot be used together. Itemized deduction applies by listing allowable expenses that are deducted from taxable income such as charity donations, property, medical expenses etc.

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At Mattress Store, Nate signs a contract to buy bedroom furniture. The contract sets a schedule of $500 monthly payments, subjec
earnstyle [38]

Answer:

procedural unconscionability

Explanation:

Since Nate is finding the language of the contract difficult to understand. This is most likely a case of procedural unconscionability.

In contract law, procedural unconscionability refers to a situation where the unconscionability results from <u>inequalities between the parties in respect of age, intelligence,</u> and relative bargaining power.

Furthermore, procedural unconscionability projects an indication that both parties did not freely consent to all terms proposed.

7 0
3 years ago
Norred Corporation has provided the following information: Cost per Unit Cost per Period $ 121,500 $ 44,500 Direct materials Dir
svetoff [14.1K]

Answer:

$134,300

Explanation:

The computation of total manufacturing  overhead is shown below:-

Variable manufacturing overhead = Variable manufacturing overhead cost per unit × Units produced

= $1.60 × 8,000

= $12,800

Total Manufacturing overhead = Variable manufacturing overhead + Fixed manufacturing overhead

= $12,800 + $121,500

= $134,300

So, for computing the total manufacturing overhead we simply applied the above formula.

5 0
3 years ago
for the past twenty years, curtis purchased its jewelry-cleaning kit components from evans’ suppliers, a local company that rece
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8 0
3 years ago
Tom’s Tax Services is a small accounting firm that offers tax services to small businesses and individuals. A local store owner
SCORPION-xisa [38]

Answer:

It would need to charge at least 66,960 to break even.

But it should offer his normal fee

Explanation:

Sales revenue 736,000

Cost Labor      (466,000)

Lease                 (49,300)

Rent                   (42,400)

Supplies            (32,300)

Tom salary     <u>    (73,500)  </u>

Operating profit 50,500

increase in labor cost 58,800

increase in lease           4,930

supplies increase          3,230

the rent is a fixed cost, it would not change.

Total incremental cost: 66,960‬

It would need to charge at least 66,960 to break even.

Anyway, Tom should offer their normal fee as this job takes responsabilities and use Tom capacity to attend other client as it would invest time on this store rather than other projects

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3 years ago
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