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Kaylis [27]
3 years ago
13

How much can Jeff claim as an itemized deduction for taxes paid if he paid the following in 2019: (state income tax withheld of

$5000; real estate taxes of $3500; personal property taxes based on value of his car of $1000, state income tax owned for 2016 of $450; and gas tax of $675)
Choose one answer.
a. None of these
b. $10,625
c. $10,000
d. $9,625
e. $9,950
Business
1 answer:
Vilka [71]3 years ago
4 0

Answer: $10,000

Explanation:

First and foremost, we need to calculate the total amount of itemized deductions which will be:

= $5,000 + $3,500 + $1,000 + $450 + $675

= $10625

We should note that taxpayers can deduct taxes for up to $10,000. Therefore, in this scenario, the amount that Jeff can claim as an itemized deduction for taxes paid will be $10000

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Answer:

C. Debt to Income Ratio

Explanation:

The debt to income ratio (DTI)provides a picture of the level of debts of a borrower. The DTI is usually expressed as a percentage of gross income. A high debt to income ratio indicates a person spends a high percentage of income on paying debts.

Lenders use the debt to income ratio to assess a borrower's ability to repay debts. Individuals with low DTI are preferred to those with a high one.

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Which of the following sample planning factors would influence the sample size for a substantive test of details for a specific
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Option "A" is correct. Expected amount of misstatements

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An agreement to purchase goods and services with a specified percentage of proceeds from an original sale in that country from a
gizmo_the_mogwai [7]

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B)an offset.

Explanation:

4 0
3 years ago
Gomez runs a small pottery firm. He hires one helper at $14,500 per year, pays annual rent of $7,500 for his shop, and spends $1
uysha [10]

Answer:

a). Accounting profits=$6,000

b). Economic profit=-$6,000

Explanation:

a). The accounting profits for Gomez's pottery firm can be expressed in the form;

Accounting profits-Total monetary revenue-Total monetary expenses

where;

Total monetary revenue=$86,000

Total monetary expenses=excludes opportunity cost=wages+rent+materials+equipment=(14,500+7,500+18,000+40,000)=$80,000

replacing;

Accounting profits=(86,000-80,000)=$6,000

Accounting profits=$6,000

b). Gomez's economic profit

Economic profit=Total revenue-total costs

where;

Total revenue=(86,000+5,000+6,000)=97,000

Total costs includes opportunity cost=(80,000+23,000)=103,000

replacing;

Economic profit=(97,000-103,000)=-$6,000

Economic profit=-$6,000

6 0
3 years ago
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