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3 years ago

What is the difference between gross income, taxable income, and adjusted gross income?

Business

2 answers:

lukranit [14]3 years ago

8 0

Answer:

Taxable income is a layman's term that refers to your adjusted gross income (AGI) less any itemized deductions you're entitled to claim or your standard deduction. You're not permitted to both itemize deductions and claim the standard deduction. ... The result is your taxable income.

Explanation:

melisa1 [442]3 years ago

6 0

Answer:

Here is what I found, I hope it helps

Explanation:

Gross Income contains all money you earn that is not expressly removed from taxation under the Internal Revenue Code (IRC). The part of your gross income which is currently subjected to taxes is Taxable Income. To arrive at the number of Taxable Income, expenses are deducted from gross income. For a year, your Gross Income applies to all your pre-tax earnings, while your Adjusted Gross Income is mostly smaller and refers to your income after tax deductions. I could not find the difference between Adjusted Gross Income and Taxable Income.

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Marston acquired assets for $100,000. At the end of year 3, the assets had accumulated depreciation of $40,000. An impairment lo

MissTica

Answer:

(b)-Debit to loss on impairment of $12,000

Explanation:

As for the details in question,

The asset purchase price = $100,000

Accumulated depreciation = $40,000

Thus, book value = Purchase price - Accumulated depreciation = $100,000 - $40,000 = $60,000

Now, this has a fair market value = $48,000

Thus, loss of value to be recorded as impairment loss = $60,000 - $48,000 = $12,000

Since loss in value will decrease the value of asset, it will be debited against credit in fixed assets by $12,000

This, will represent book value = $48,000

Therefore, correct option is:

Statement B

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3 years ago

Monetary policy is made by which part of the federal reserve? the board of governors. the federal open market committee. the fed

aliya0001 [1]

<span>Monetary Policies in the United States are regulated by the Federal Open Market Committee (FOMC) which is a sister arm of the Federal Reserve Board and it says which direction the financial bearings and adjustment of the united state financial conditions sway towards A vote to transform the financial outcome of United States by this FOMC through it's monetary policies can either purchasing or offering US government securities in the open market to build up the advancement of the country.</span>

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3 years ago

The decision-making themes covered in Business Analytics: Data Analysis & Decision Making include which of the following?

MatroZZZ [7]

Answer:

B. Optimisation techniques.

Explanation:

You need this techniques because there's gonna be tons of data, and you need to filter, to follow a principal objective to focus in one point at the beginning. You need to optimize your processes.

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3 years ago

"An individual owns a bicycle repair business as a sole proprietorship. He does not make a lot of money, but he does have $5,000

ICE Princess25 [194]

Answer:

Roth IRA

Explanation:

Based on the information provided in this scenario it can be said that the individual's best option would be to make a $5,000 contribution to a Roth IRA fund. This is a retirement fund that can be will provide will continue to grow exponentially throughout the years and the individual can withdraw that money when they turn 60 years old. At this point the money is completely tax free.

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3 years ago

The form of a business organization that is not affected by the withdrawal or death of an owner and can continue forever is

Marina86 [1]

<span>This is a corporation. Corporations usually consist of boards of directors and other groups of people, and can continue to exist even after the founders of the business cease to exist or otherwise leave their founding role.</span>

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4 years ago