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Finger [1]
2 years ago
8

Chuck has AGI of $70,000 and has made the following payments State income tax $1,900 Federal income tax $7,100 Social Security t

ax $4,800 State excise tax on liquor $ 400 Real estate tax $ 790 Calculate the amount of taxes that Chuck can deduct on his itemized deductions: A. $1,900 B. $2,690 C. $3,090 D. $9,000 E. $13,800
Business
1 answer:
zlopas [31]2 years ago
5 0

Answer:

B. $2,690

Explanation:

Calculation for the amount of taxes that Chuck can deduct on his itemized deductions

State income tax $1,900

Add Real estate tax $ 790

Itemized Deduction $2,690

($1,900+$ 790)

Therefore the amount of taxes that Chuck can deduct on his itemized deductions is $2,690

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There are four functions of management: planning, leading, organizing and controlling. The controlling function of management is
Fantom [35]

Answer: True

Explanation:

Proper planning without control is futile, this is because a blue print may have been put in place in the planning process but it becomes imperative for management to set up institutions or machineries to ensure that plans are executed as expected and there are remedial actions or plans in place in the event when unexpected events come up to distort achievement of the goal.

Proper control leads to achievement of organizational goals.

6 0
3 years ago
Indicate what components of GDP (if any) each of the following transactions would affect. a. Your parents buy a new house from a
Ira Lisetskai [31]

Answer:

a. Consumption spending

b. consumption spending

c. government spending

d. investment

e. consumption and investment

f. consumption spending

g. not included in GDP

Purchase of a Toshiba laptop is consumption spending

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

When exports exceeds import there is a trade deficit and when import exceeds import, there is a trade surplus.  

Items not included in the calculation off GDP includes:  

1. services not rendered to oneself

2. Activities not reported to the government  

3. illegal activities

4. sale or purchase of used or old products

5. sale or purchase of intermediate products

Consumption spending includes expenditures by households on durable and non durable goods and services

the following are durable consumption by households and are included in the calculation of GDP :

Purchase of a house

Purchase of a mustang

Purchase of an air conditioner

purchase of a  computer

the purchase of the old Victorian house isn't included in the calculation of GDP because it is old. Only items produced in the current year are included in the GDP. if the old home is counted, it would be double counting

hiring an accountant is an example of purchase of services by households and it is consumption spending.

Spending by businesses are included in investment spending.

expenditure by the government or state are included in government spending

4 0
3 years ago
7. Identifying costs of inflation Bob manages a grocery store in a country experiencing a high rate of inflation. He is paid in
stiks02 [169]

Answer:

Shoe-leather Costs.

Explanation:

In this scenario, Bob manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash twice per month. On payday, he immediately goes out and buys all the goods he will need over the next two weeks in order to prevent the money in his wallet from losing value.

What he can't spend, he converts into a more stable foreign currency for a steep fee. This is an example of the Shoes-leather costs of inflation.

A Shoe-leather costs refers to the costs of time, energy and effort people expend to mitigate the effect of high inflation on the depreciative purchasing power of money by frequently visiting depository financial institutions in order to minimize inflation tax they pay on holding cash.

Metaphorically, it ultimately implies that in order to protect the value of money or assets, some people wear out the sole of their shoes by going to financial institutions more frequently to make deposits.

Hence, Bob is practicing a shoe-leather cost of inflation so as to reduce the nominal interest rates.

5 0
3 years ago
A broker is an agent who: A. Trades on the floor of an exchange for himself or herself. B. Offers new securities for sale to dea
Annette [7]

Answer:

Specializes in bringing buyers and sellers together.

Explanation:

A broker can be defined as an individual or a firm that acts as a middleman between the buyers and the sellers. A broker is a licensed agent that is permitted to purchase or sell stocks and other investments.

A broker carries out the role of a trusted intermediary in various financial transactions. Brokers receive their commissions through a percentage gotten from the purchase or sale of an asset or stock.

3 0
3 years ago
A process cost accounting system is most appropriate when
mixer [17]

Answer:

When Manufacturing of a Product involves several processes.

Explanation:

When several processes are involved in manufacturing a product, costs need to be accumulated in these processing departments. Thus, A process cost accounting system is most appropriate

4 0
3 years ago
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