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
Tema [17]
3 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]3 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?

You might be interested in
Which of the following is an example of an external source of recruitment? a. A salon moves from Boston to New York and employs
Sav [38]

Answer:

A. A salon shifts from Boston to New York and employs a new cashier through internet recruitment.

Explanation:

External source of recruitment is the process that involves hiring people or workers from outside the organization. The other options listed in the question are examples of internal recruitment. In the case of the Salon, they hire a person through the internet that has no affiliation or previous work status with the salon. External source of recruitment seeks applicants who are external or outside to the organization. This is usually done when suitable candidates for a position are not found internally or when the organization is expanding. It encompasses hiring workers who has never been associated with the organization.

8 0
3 years ago
Which information would most likely cause a company's stock price to go up?
Andrei [34K]

Answer:

A

Explanation:

consumers reduce spending because of a recession

8 0
3 years ago
Given: Cost of goods manufactured of $410,000; beginning finished goods inventory of $110,000 and ending finished goods inventor
hammer [34]

$395k is the unadjusted cost of goods sold.

The direct costs incurred in the production of any goods or services are measured by the term "cost of goods sold" (COGS).

How is the unadjusted cost of goods determined?

= Cost of producing the goods - ( Ending finished goods -Beginning finished goods inventory )

= $410,000 - ($125,000 - $110,000)

= $410,000 - $15,000

= $395,000

Consequently, $395,000 represents the unadjusted cost of goods sold.

<h3>What is Unadjusted cost?</h3>

Unadjusted basis is the asset's original acquisition price. This sum includes the asset's initial purchase price as well as any additional costs, such as expenses and liabilities taken on during the transaction.

To know more about Unadjusted cost check this out:brainly.com/question/23774073

#SPJ4

4 0
2 years ago
If a licensee joins a company as an independent contractor, which of these will he probably have to pay for on his own?
Firdavs [7]

Answer:

Health insurance

Explanation:

Health insurance is a sort of protection inclusion that takes care of the expense of a safeguarded person's therapeutic and careful costs.  

Contingent upon the sort of medical coverage inclusion, either the guaranteed pays costs out of pocket and gets repayment, or the back up plan makes installments legitimately to the supplier.

5 0
3 years ago
The principal underwriter of an open-end investment company decides to offer a trip to south america to the registered represent
natta225 [31]
The answer is C a violation of the conduct rules
8 0
4 years ago
Other questions:
  • What term describes work done by non professionals?
    11·1 answer
  • True or False: Credit card pull money directly from your checking account
    8·1 answer
  • Outdoor Adventures, Inc. operates a chain of very large stores that offer an incredible selection of sporting goods at very comp
    13·1 answer
  • Using the indirect method, the deduction from net income in calculating net cash flow from operating activities is...
    6·1 answer
  • Magna Corporation has an issue of commercial paper with a face value of $ 1 comma 000 comma 000 and a maturity of six months. Ma
    13·1 answer
  • A bank determines from an analysis on its deposits that account processing and other operating expenses cost the bank $5.45 per
    10·1 answer
  • A stock is expected to pay a dividend of $0.50 at the end of the year (i.e., D1 = $0.50), and it should continue to grow at a co
    10·1 answer
  • The role of management in the success of a business?
    12·1 answer
  • _____________segmentation differentiates among heavy users, medium users, light users, and nonusers of a specific product, servi
    13·1 answer
  • If a country wants the economy to be able to produce increasing quantities of goods and services, what economic goal does the co
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!