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
goldenfox [79]
2 years ago
15

Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute grade school teacher. Determine

the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances:
a. Clem is self-employed and this year he incurred $1,005 for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $4,570 to provide coverage for herself and Clem (not through an exchange).
b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred $1,750 in utilities and depreciation of $1,225.
c. Clem paid self-employment tax of $15,200 (the employer portion is $7,600), and Wanda had $5,700 of Social Security taxes withheld from her pay.
d. Clem paid $131 to rent a safe deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires.
Business
1 answer:
natulia [17]2 years ago
7 0

Answer:

a) Clem can deduct the $1,005 that he spent on tools and supplies. If they file their taxes jointly, they can also deduct the $4,570 spent on health insurance.

b) Both utilities and depreciation are deductible from their rental income = $1,750 + $1,225 = $2,975

c) The employer portion of self-employment taxes is deductible = $7,600. Wanda's social security payments are not deductible.

d) This a personal expense and it is not deductible.

You might be interested in
Bert's Car Sales is a new firm that is still in a period of rapid growth. The company plans on retaining all of its earnings for
DaniilM [7]

Answer:

The correct choice is C)

The most logical thing to do would be to calculate the value of the stock in 5 years time.

Explanation:

This speaks to ones understanding of dividend growth stock valuation models. These tools are used to establish a fair value for a stock by discounting the present value of its future dividends. A commonly used model is the constant growth dividend discount model.

The formula for the DDM, which assumes constant growth in dividends, is provided below.

P0 = D1/(r-g)

Where,

P0 = intrinsic value of stock

D1 = dividend payment one year from today

r = discount rate

g = growth rate

Identifying the correct answer entails establishing a timeline of the expected cash flows. We are given the following information:

t0 = $0

t1 = $0

t2 = $0

t3 = $0

t4 = $0

t5 = $0.20

t6 = $0.20 * 1.035

Given a rate of return, we could use the constant growth dividend discount model to establish the fair value of the firm at t5 (five years from today). Incidentally, to determine today's value, we'd discount it back another five years.

Based on the information above,  we are able to prove that the answer is '5'.

Cheers!

3 0
3 years ago
While a mechanic works on his car, a taxi driver takes Robert to his job as a warehouse laborer. At the end of his shift, he mak
Orlov [11]

They have high school degrees with some or no college experience.

Explanation:

  • The workers in Transportation and Logistics careers usually have high school degrees with some or no college experience.
  • Although they do not need a degree or diploma, they usually have a high school degree.
  • Students in transportation, distribution and logistics learn and practice skills  for various post-high school education and training opportunities.
  • Career and technical education programs provides career oriented hands on learning pathways

7 0
3 years ago
Read 2 more answers
Two types of cars (Deluxe and Limited) were produced by a car manufacturer last year. Quantities sold, price per unit, and labor
frez [133]

Answer and Explanation:

Labor Productivity in Units per hour

Labor Hours Productivity(In units) =  Total Output / Input hours

For Deluxe Cars =  5,000 units / 21,250 hours = 0.24 units per hour (approx)

For Limited Cars =  6,250 units / 29,950 hours = 0.21  units per hour (approx)

Labor Productivity in dollars

Labor Hours Productivity(In dollars) =  Total Output in dollar / (Input hours x rates)

For Deluxe Cars =  (5,000 units x $8,500) / (21,250 hours x $13) = $42,500,000 / $276,250 = $153.84 per unit

For Limited Cars =  (6,250 units x $10,100) / (29,950 hours x $15) = $63,125,000 / $499,250 = $126.44 per unit

7 0
3 years ago
Suppose the country of Stan has fixed its exchange rate to the dollar. The official exchange rate is 0.50 U.S. dollars per rupee
In-s [12.5K]

Answer and Explanation:

1. At 0fficial exchange rate:

100 * 0.5 = $50

what I want to buy would be purchased at $50

at market exchange rate:

0.25 x 100 = $25

products bought from this place are not a good deal as I am paying more than the market exchange rate.

2. at equilibrium exchange rate:

100 x 0.25% = $25

the price is $25

3. from answers 1 and 2, I will not want demand Stan's rupees. the products are costly to get.

4. Stan's currency is obviously overvalued. the people from this country now has increased purchasing power so they can purchase goods in dollars, therefore they would be supplying their currency.

5. They will have to buy up the surplus of rupees so that they can easily keep up with maintaining the rupee at half a dollar.

8 0
3 years ago
How did the economic policies of the republican controlled congress redefine the character of the federal government?
leva [86]
Economic policies of the Republican controlled congress redefined the character of the federal government by changing <span> the way it was viewed as by implementing Clay's program and creating an integrated national banking system that won support by farmers, workers and entrepreneurs that bolstered the Union's ability to fight a long war. Hope this answer helps.</span>
7 0
3 years ago
Other questions:
  • You dream of endowing a chair in finance at the local university that will provide a salary of $250,000 per year forever, with t
    10·1 answer
  • Harcourt Manufacturing (HM) has the capacity to produce 10,000 fax machines per year. HM currently produces and sells 7,000 unit
    13·1 answer
  • Rios Corporation reports costs for the year as​ follows: Direct Materials Used $ 795 comma 000 Wages to Line Workers 270 comma 0
    11·1 answer
  • On June 30, Collins Management Company purchased land for $460,000 and a building for $520,000, paying $360,000 cash and issuing
    8·1 answer
  • The Sarbanes-Oxley Act of 2002 holds a public company's ________ responsible for the accuracy of thr firm's financial statements
    5·1 answer
  • What are the three components of a basic accounting equation? Should a basic accounting formula balance at all times ? If yes ex
    6·1 answer
  • You have just made your first $4,400 contribution to your retirement account. Assume you earn a return of 13 percent per year an
    9·1 answer
  • The main goals of an engineering ethics class if to memorize the professional codes of ethics as formulated by professional orga
    8·1 answer
  • What is the MAIN reason why some stores want to close on Thanksgiving?
    7·2 answers
  • Leadership as a behavior is different from viewing leadership as traits, abilities, and skills because behaviors can be ______.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!