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2 years ago

Why is tax accounting important?

Business

1 answer:

nika2105 [10]2 years ago

7 0

Answer:

Tax accountants ensure that companies and individuals comply with tax laws by filing their federal and state income tax returns. Some tax accountants also offer tax planning advice to help businesses and individuals save money in taxes.

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Sarah has investments in four passive activity partnerships purchased several years ago. Last year the income and losses were as

Scorpion4ik [409]

Answer:

Ist B

Explanation:

Ist b

8 0

2 years ago

A government began 2013 with a budget deficit and a trade deficit. During the year, the government changed its policy and is now

ddd [48]

Answer:

the exchange rate and the trade deficit to decrease.

Explanation:

A deficit can be defined as an amount by which money, falls short of its expected or required value.

Generally, deficit in financial accounting is usually as a result of expense exceeding revenue or revenue falling below expenses at a specific period of time.

For instance, when liabilities exceeds assets or import exceeds export there would be a deficit in the financial account.

Generally, a deficit on the current account ultimately implies that the value of goods and services exported is lower than the value of goods and services being imported in a particular country.

In 2013, government began with a budget deficit and a trade deficit. During the year, the government changed its policy and is now running a budget surplus.

Hence, this change in policy will cause the exchange rate and the trade deficit to decrease if all other factors hold constant

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3 years ago

Joan is a manager with Steel Works, Inc. Joan would love to beat the budget this year. She believes that revenues for the coming

vredina [299]

The amount of $130,000 in Expenses will be the least likely to be budgeted for while building a budgetary slack.

<h3>What is a budgetary slack?</h3>

This is a special consideration in a budget that seeks to increase the chances of the actual performance being better than the budget.

Joan will likely budget for $110,000 of expenses, $210,000 of revenue and $80,000 of income.

Therefore, the amount of $130,000 in Expenses will be the least likely to be budgeted for

Read more about budgetary slack

<em>brainly.com/question/15327518</em>

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2 years ago

Bill and Brenda bought their home for $150,000. They made $50,000 of improvements. They sold the home for $450,000 and paid $30,

adell [148]

Answer:

Explanation:

Capital gains tax is a tax that is levied on the profit made from the sale of a non-inventory asset. The most common sources of capital gains are through the sale of bonds, precious metals, stocks, property, and real estate.

The IRS typically allows an exclusion of up to: $250,000 of capital gains on real estate for a single person and $500,000 of capital gains on real estate for a married couple who are filing jointly.

To find the amount on which they pay capital gains:

The adjusted basis is $200,000 which is:

Initial cost of buying the house for $150,000, plus cost of improvements $50,000.

The sales price of $450,000 minus the selling expenses which cost $30,000.

The amount realized is therefore:

$450,000 - $30,000 = $420,000.

Note: They will receive an exclusion of $500,000 because they are filing jointly. So Bill and Brenda will not pay any capital gains tax.

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2 years ago

Read 2 more answers

In the out line above which sub topic is incorrectly placed under a topic heading

DerKrebs [107]

i think its computer assembly and repair.

5 0

3 years ago