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Vikentia [17]
3 years ago
10

Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on Iowa residence $3,800 State inc

ome tax 1,700 Real estate taxes on a vacation home 2,100 Gift tax paid on gift to daughter 1,200 State sales taxes 1,750 State occupational license fee 300 Property tax on value of his automobile (used 100% for business) 475 What is the maximum amount Hugh can claim as taxes in itemizing deductions from AGI
Business
1 answer:
allochka39001 [22]3 years ago
4 0

Answer:

$7,650

Explanation:

Calculation to determine the maximum amount Hugh can claim as taxes in itemizing deductions from AGI

Real estate tax on lowa residence $ 3,800

Add Greater of sale tax or state income tax $ 1,750

Add Real estate tax on a vacation home $ 2,100

Itemized deduction allowable $ 7,650

($3,800+$1,750+$2,100)

Therefore the maximum amount Hugh can claim as taxes in itemizing deductions from AGI is $7,650

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Amy has opened a new startup company in web design. Within the first month of business, the startup agrees to maintain an accoun
lara31 [8.8K]

Answer:

<em>a) Trade can make everyone better off </em>

Explanation:

In business, it is common to see trades. If the startup agrees to maintain an accounting firm's website in EXCHANGE for the tax returns, that is called trading since you are giving one thing for another.

Hope this helps! :)

3 0
4 years ago
Coachlight Inc. has a periodic inventory system. The company purchased 205 units of inventory at $9.50 per unit and 310 units at
lukranit [14]

Answer:

Weighted average cost per unit = $10.10

Explanation:

We know,

Under weighted average unit cost, the cost for purchased inventory = Total inventory costs ÷ total inventory in units

Given,

Total inventory in units = 205 + 310 = 515 units

Total inventory costs = (205 units × $9.50) + (310 units × $10.50)

= $1,947.50 + $3,255 = $5,202.50

Therefore,

Weighted average cost per unit = $5,202.50 ÷ 515 units

Weighted average cost per unit = $10.10

Therefore, the company will use this cost per unit to determine cost of goods sold and ending inventory.

5 0
3 years ago
A contract with a mistake that results from failure to understand the contract’s meaning or significance or from failure to read
Olegator [25]
A.............................
4 0
3 years ago
which account option features a note issued by a bank to a depositor for funds placed for a set period? certificate of deposit c
SashulF [63]

An account option which features a note that is issued by a bank to a depositor for funds placed for a set period of time is; A. certificate of deposit.

<h3>What is a certificate of deposit (CD)?</h3>

A certificate of deposit (CD) can be defined as a secured form of time-bound deposit and a special low-risk savings account that is typically issued by a financial institution (bank) to its customers, wherein an amount of money (lump-sum) are left with the bank for a specific period of time, in exchange for an interest rate premium.

This ultimately implies that, a certificate of deposit (CD) pays a higher interest rate to its holder than other regular savings account because banks usually invest this money (lump-sum) in a business, so as to make profit.

Additionally, a bank's certificate of deposit (CD) is protected and insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000, so it's somewhat safer than other investment options.

In this context, we can reasonably infer and logically deduce that a savings account option which features a note that is issued by a financial institution (bank) to a depositor for funds that are placed for a set period of time is referred to as a certificate of deposit.

Read more on certificate of deposit here: brainly.com/question/28190396

#SPJ1

6 0
1 year ago
Morgan Company issues 9%, 20-year bonds with a par value of $750,000 that pay interest semiannually. The amount paid to the bond
Digiron [165]

Answer: $33750

Explanation:

First and foremost, we have to calculate the interest paid for the year which will be:

= $750000 X 9%

= $750000 × 0.09

= $ 67500

Therefore, the semi annual payment will them be calculated as:

= $67500 / 2

= $33750

7 0
3 years ago
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