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omeli [17]
3 years ago
15

Joe and Nancy are married and file a joint return. They claim Nancy’s father (Walter) and Nancy’s son (Jordan, who is blind) as

dependents. During the current year, they pay the following expenses: Tuition to send Jordan to a special school for the blind $10,000 Medical equipment for Jordan 3,000 How much qualifies as a medical expense with regard to Jordan?
Business
1 answer:
telo118 [61]3 years ago
4 0

Answer:

$13,000

Explanation:

The computation of the amount that qualifies as a medical expense with respect to Jordan is given below;

= Special school for the blind + medical equipment

= $10,000 + $3,000

= $13,000

The whole amount should be qualified for the medical expense and out of which the 7.5% of the parents would be for the adjusted AGI could be available for the deduction

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Identify each action listed here as a federal, state, or shared power.
Korvikt [17]

Answer:

Appropriate funds for social programs  <u>SHARED POWER</u> ⇒ THERE ARE BOTH FEDERAL AND STATE SOCIAL PROGRAMS, AND EACH ONE GATHERS FUNDS FOR THEM

Construct a new highway  <u>SHARED POWER</u> ⇒ BOTH STATES AND THE FEDERAL GOVERNMENT CAN BUILD HIGHWAYS

Redesign and print the hundred-dollar bill  <u>FEDERAL POWER</u> ⇒ ONLY THE FEDERAL GOVERNMENT CAN PRINT MONEY

Determine the requirements to receive a driver's license  <u>STATE POWER</u> ⇒ STATE GOVERNMENTS DETERMINE THE REQUIREMENTS FOR ISSUING DRIVING LICENCES, E.G. AGE

Raise taxes  <u>SHARED POWERS</u> ⇒THERE ARE FEDERAL, STATE AND MUNICIPAL TAXES, AND EVERY GOVERNMENT LEVEL DETERMINES THEIR OWN TAX RATES.

Negotiate a trade agreement with the European Union <u>FEDERAL POWERS</u> ⇒ THE COMMERCE CLAUSE ESTABLISHES THAT ONLY CONGRESS CAN REGULATE INTERSTATE COMMERCE. THE EXECUTIVE BRANCH MAY NEGOTIATE A DEAL BUT CONGRESS MUST APPROVE IT.

Explanation:

5 0
3 years ago
Elisa was involved in three auto accidents this year. Even though none was her fault, her insurance company increased her rates.
Ket [755]

Your insurance carrier might have to raise your rates to pay for the vehicle's damage or medical if a person involved needs it.

5 0
3 years ago
Suppose a negative externality exists in a market. if transactions costs are low and parties are willing to bargain then, accord
soldier1979 [14.2K]

Under these conditions an efficient solution can be reached regardless of the initial assignment of property rights.

3 0
3 years ago
If one-year nominal interest rate in the U.S. is 3%, while the one-year nominal interest rate in Australia is 5%. The spot rate
Mariana [72]

Answer:

to get 5,00,000 australian dollar at the forward rate we are goign to need 4,704,000 US dollars

Explanation:

spot x (1 + (US rate - Australia rate) x time)

0.96 x (1+(0.03-0.05)x1 year) =

0.96 x 0.98 = 0.9408 forward exchange rate

$5,000,000 Australian Dollar * 0.9408 = 4,704,000 US dollars

3 0
3 years ago
Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the board of directors on Dec
DaniilM [7]

Answer:

See the journal entry below

Explanation:

Retained earnings A/c Dr $500,000

Dividends payable A/c Cr $500,000

Here, cash dividend is being declared by the board on 100,000 shares hence the account of retained earnings is debited and account of dividends payable is credited.

NB.

Amount = Share × Price per share

Given that;

Share = 100,000

Price per share = $5

Amount

= 100,000 × $5

= $500,000

4 0
3 years ago
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