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Black_prince [1.1K]
2 years ago
10

Jennifer received $6,000 interest; $4,800 was tax-exempt and $1,200 was taxable. In earning this income, she had $500 of expense

s. Jennifer cannot specifically identify the amount of each expense item that is for each income item. What amount of interest expenses can Jennifer deduct from her tax return for tax year 2019
Business
1 answer:
Marat540 [252]2 years ago
3 0

Answer:

The amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 is $100.

Explanation:

The amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 can be calculated using the following formula:

Interest expenses deductible = (Taxable interest / Total interest) * Interest expenses .................... (1)

Where;

Taxable interest = $1,200

Total interest = $6,000

Interest expenses = $500

Substituting the values into equation (1), we have:

Interest expenses deductible = ($1,200 / $6,000) * $500

Interest expenses deductible = 0.20 * $500

Interest expenses deductible =$100

Therefore, the amount of interest expenses that Jennifer can deduct from her tax return for tax year 2019 is $100.

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Allocation of service departments costs, using the step method:

Personnel      -13,800      1,725          3,450         6,900       1,725       13,800

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The Reciprocal method, which is the last method, is the most accurate and complicated method.  This method first establishes the relationship among the service departments in equation form and uses the established equations to allocate the costs of service departments.  We may not discuss it further than this.

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