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3 years ago

What is the standard deduction for marry filing joint for tax year 2017?

Business

1 answer:

ella [17]3 years ago

6 0

Answer: $12700

Explanation:

Standard deduction refers to the portion of income that's not being subjected to tax which can be used in the reduction of the tax bill. It should be noted that the amount of one's standard deduction will be based on the age, filing status, age, as well as some other criteria.

For taxpayers who don’t itemize, it should be noted that the 2017 standard deduction depends on the filing status and this include:

Single = $6,350

Married Filing Jointly = $12,700

Married Filing Separately = $6,350

Head of Household = $9,350

Qualifying Widow(er) = $12,700

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Kathleen is considering expanding her dress shop. If interest rates rise she is Group of answer choices less likely to expand. T

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Answer:

<u><em>Less likely to expand.</em></u>

Explanation:

When ever interest rates rise in an economy, the soul purpose of that is to control inflation by influencing the people to save more and consume/spend less.

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3 years ago

The following information was drawn from the 2016 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200

solniwko [45]

Explanation:

Sales Discount = (Gross Sales - Sold Price) × Discount percentage

($39,900 - $1,520) × 2%

Net sales = Gross Sales - Sales Returns - Sales Discounts

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= $37,612.40

Ozark Merchandisers Income Statement

Net Sales Revenue $37,612.40

Cost of Goods Sold ($21,200 - $920) $20,280

Gross Profit $17,332.40

Selling and Administrative Expenses $4,200

Income from Operations $13,132.40

Other Income

Gain on sale of land $1,250

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Net Income $14,022.40

Under Finance activities the interest expense is $360 in the statement of cash flow.

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3 years ago

Cardinal Industries purchased a generator that cost $11,000. It has an estimated life of five years and a residual value of $1,0

Nadya [2.5K]

Answer:

$2080

Explanation:

Given: Cost of generator= $11000.

Residual value= $1000.

Estimated life of generator= 5000 hours.

Actual activity performed during the period= 1040 hours.

Now, finding the depreciation expense for the first year using the units-of-activity method.

Formula; $Depreciation\ expense= \frac{(cost- residual\ value)}{Total\ estimated\ life\ time\ activity} \times actual\ activity\ performed$

⇒ Depreciation expense= $\frac{(11000-1000)}{5000} \times 1040$

Opening parenthesis

⇒ Depreciation expense= $\frac{10000}{5000} \times 1040$

⇒ Depreciation expense= $2 \times 1040 = \$ 2080$

Hence, the depreciation expense for the first year using the units-of-activity method of depreciation is $2080.

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