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Tema [17]
2 years ago
12

Jayden, a calendar year taxpayer, paid $16,000 in medical expenses and sustained a $20,000 casualty loss in 2019 (the loss occur

red in a Federally declared disaster area). He expects $12,000 of the medical expenses and $14,000 of the casualty loss to be reimbursed by insurance companies in 2020. Before considering any limitations on these deductions, how much can Jayden include in determining his itemized deductions for 2019?
Business
1 answer:
omeli [17]2 years ago
6 0

Answer: Before considering any limitations on deduction, Jayden can include $16000 of the medical expenses and also $6000 of casualty loss when the itemized deduction in 2019 is determined.

Explanation:

When taxes are filed, the person filing the tax can either choose to itemize their deductions or take the standard deduction.

While the standard deduction is already known, the itemized deductions is being calculated. Itemized deductions are made from medical expenses, donations, mortgage interest etc. and are usually preferred by those that have high incomes.

Before considering any limitations on these deductions, it should be noted that Jayden can include $16,000 which is the medical expenses given in the question and a casualty loss of ($20000 - $14000) = $6000 in determining his itemized deductions for 2019?

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Since​ 1969, economic growth in​ ______ has been greater than in​ ______ because​ ______.
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Since 1969, the economic growth in Hongkong has been greater than in the United States. Although both have been showing improvement and development when it comes to economic growth, Hongkong gave their best by devoting a bigger fraction of its resources to accumulating capital. Hongkong's production possibilities then have expanded more quickly. By 2009, the performance of Hongkong's economy has been promising for statistics states that the production possibilities of per person in the said country had reached 94 percent than in the United States. Another proof that Hongkong has been doing good is, it is considered as one of the world's leading financial centers. It boasts of its low taxation, almost free port trade and well established international financial market through its service-oriented economy. ‬
5 0
2 years ago
Which of the following is not one of the competitive forces included in the competitive forces​ model?
photoshop1234 [79]

Answer:

C) the firms ability to differentiate its product

Explanation:

Porter five forces of the model comprise rivalry among competitors, bargaining power of suppliers, bargaining power of buyers, the threat of new entrants, the threat of substitution.

The rivalry among competitors deals with the strength and weaknesses of the competitors so that the business does the planning accordingly.  

The bargaining power of suppliers stated the change in the price of the product made by the supplier's offer plus the customer are attracted towards the product as the product is unique which impact the overall profit

The bargaining power of buyers deals with the number of buyers and how much orders are given by a single buyer.  

The threat of new entrants impacts the overall position of the business if the competitor enters the market.  

The threat of substitution is an alternative way to produce the goods and services which can also drop your position and also it directly impact profitability.  

4 0
2 years ago
Sheffield Corp. uses the composite method and its composite rate is 7.5% per year, what entry should it make when plant assets t
muminat

Answer:

$ 142 375

Explanation:

Thinking process:

Let the composite rate be given by the formula:

A = P (1+\frac{r}{n})^{nt}

where

A = amount after interest

\frac{r}{n} = interest rate

t = time

n = number of times (per year)

Therefore, this gives:

A =134 000 (1+\frac{0.75}{12})^{1}\\   = $ 142 375

8 0
3 years ago
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<span>profit-and-loss statement</span>
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About ____ percent of worldwide stocks of tuna, cod, and other large ocean fishes have disappeared in the last 50 years.
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About ninety percent of worldwide stocks of tuna, cod, and other large ocean fishes have disappeared in the last 50 years.

Despite being present in every ocean in the world, tuna and other fishes have started disappearing. The North Atlantic, South Atlantic, as well as the Mediterranean Sea, have the worst conditions for the majority of fish species.

Bluefin, albacore, and yellowfin tuna stocks have drastically decreased as a result of years of overfishing for American and European markets. Although the Atlantic fisheries is heavily regulated, illegal fishing off the shore of coastal seas persists, particularly close to Africa, where impoverished nations cannot afford the patrols required to execute the law.

However, tuna populations cod and other large fish oceans  are declining even in the world's largest oceans, and some face extinction due to the continuous pressure of intensive commercial fishing.

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