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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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Hardy Inc. has two operating departments (1 and 2) and is considering renting a new machine to help automate the printing proces
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Answer:

$6,900

Explanation:

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Illinois Company is attempting to develop the cost function for repair costs. The following past data are available: Machine Hou
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Answer:

$480

Explanation:

Data provided in the question:

Machine              Hours Repair Costs

2,400                       $6,385

1,200                        $3,480

2,000                       $5,285

3,400                       $8,980

Now,

                       Machine              Hours Repair Costs

Highest             3,400                       $8,980

Lowest              1,200                        $3,480

Difference        2,200                       $5,500

Unit variable cost =  $5,500 ÷ 2,200

= $2.5

Total cost at high level = $8,980

Machine hours highest level = 3,400

Also,

Total cost at high level = Fixed cost + Variable cost at highest level

or

$8,980 = Fixed cost + [ $2.5 × 3,400 ]

or

Fixed cost = $8,980 -  [ $2.5 × 3,400 ]

= $8,980 - $8,500

= $480

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