1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
il63 [147K]
3 years ago
11

For calendar year 2020, Stuart and Pamela Gibson file a joint return reflecting AGI of $357,700. Their itemized deductions are a

s follows:
Note: All expenses are before any applicable limitations, unless otherwise noted.

Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) $53,200
Home mortgage interest (loan qualifies as acquisition indebtedness) 21,280
Credit card interest 1,064
Property taxes on home 16,300
Charitable contributions 28,700
State income tax 18,000
Tax return preparation fees 1,200
Round your intermediate computations to nearest whole dollar.

Required:
The amount of itemized deductions the Gibsons may claim for the year is?
Business
1 answer:
sesenic [268]3 years ago
3 0

Answer:

$56,130

Explanation:

Calculation to determine what the amount of itemized deductions the Gibsons may claim for the year is

Stuart and Pamela Gibson

Casualty loss $17,430

[$53,200 – (10% × $357,700)]

Home mortgage interest 21,280

State tax 10,000

(18,000 income and 16,300 property

Limited to 10,000)

Charitable Contributions 28,700

Total itemized deductions $56,130

Therefore the amount of itemized deductions the Gibsons may claim for the year is $56,130

You might be interested in
Mrs. Park is an elderly retiree. Mrs. Park has a low fixed income. What could you tell Mrs. Park that might be of assistance
natali 33 [55]

Answer: Reach out to her Medicaid for their programs

Explanation:

There are programs that are set up to assist retiree's. Mrs Park should reach out to her state Medicaid agency and enquire if she is qualified for the programs they run which would assist her income.

4 0
3 years ago
Read 2 more answers
Great Skin Inc. is establishing a pricing strategy for a new moisturizer. The total cost to produce each unit is $3.50. The comp
dolphi86 [110]
Break even idk tbh bruh it’s said wrong answer
3 0
3 years ago
Lawn maintenance is an alternative energy source career.<br> A. <br> True<br> B. <br> False
Rainbow [258]

Answer:

False

Explanation:

Lawn maintenance isn't

4 0
3 years ago
FOB ______ is the term used when ownership of the goods transfers to a buyer when the goods arrive at the buyer's place of busin
Over [174]

FOB <u>destination</u> is the term used when ownership of the goods transfers to a buyer when the goods arrive at the buyer's place of business.

<h3>What is FOB destination?</h3>

FOB which full meaning is freight on board is a form of goods or product shipment in which the seller is fully incharge or in possession of the goods until the goods reach the buyer destination in which  the ownership of the goods is then transfers to a buyer.

Once the ownership of the goods transfers to a buyer, this means that the buyer is the owner of the goods and is liable for any damage that occur to the goods.

Inconclusion FOB <u>destination</u> is the term used when ownership of the goods transfers to a buyer when the goods arrive at the buyer's place of business.

Learn more about FOB destination here:brainly.com/question/24976258

7 0
2 years ago
A store has two different coupons that customers can use. One coupon gives the customer $15 off their purchase, and the other co
andrey2020 [161]

Answer:

16.25;

g(f(x)) ;

76 ;

f(g(x))

Explanation:

For 15 off

f(x) = x - 15

For 35% off

g(x) = (1 - 0.35)x = 0.65x

g(x) = 0.65x

A.)

For the $15 off coupon :

f(x) = x - 15

f(x) 40 - 15 = 25

For the 35% coupon :

g(x) = (1-0.35)x

g(x) = 0.65(25)

g(x) = 16.25

B.)

Applying $15 off first, then 35%

Here, g is a function of f(x)

g(f(x))

Here g(x) takes in the result of f(x) ;

For the $140 off coupon :

f(x) = x - 15

f(140) = 140 - 15 = 125

For the 35% coupon :

g(125) = (1-0.35)x

g(124) = 0.65(125) = $81.25

C.)

x = 140

g(x) = 0.65x

g(140) = 0.65(140)

g(140) = 91

f(x) = x - 15

f(91) = 91 - 15

f(91) = 76

D.)

Here, F is a function of g(x)

f(g(x))

f(x) = (0.65*140) - 15

6 0
3 years ago
Other questions:
  • Zingerman's deli operates seven retail stores throughout the city. It plans to develop a new marketing plan to extend its number
    10·1 answer
  • A results-only work environment allows employees to ________.
    12·1 answer
  • In the U.S. political arena, ______________________ may tend to emphasize the virtues of markets and the limitations of governme
    5·1 answer
  • Productive resources are _____.
    12·2 answers
  • Listen to the NPR news piece about Rachel Carson, the author of A Fable for Tomorrow. You will note that the radio article menti
    10·1 answer
  • URGENT!! Describe the attractions of growth stocks and value stocks.
    5·2 answers
  • Garber Company lends Newell Company $20,000 on April 1, accepting a four-month, 6% interest note. Garber Company prepares financ
    5·1 answer
  • Tamika has conducted a series of performance tests on several different prototypes of her company's new product, and wants to pe
    9·1 answer
  • g the three types of unemployment are A. ​voluntary, structural, and cyclical unemployment. B. ​frictional, structural, and cycl
    8·1 answer
  • A small firm builds television antennas. The investment in plan and equipment is $200,000. The variable cost per television ante
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!