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anastassius [24]
2 years ago
6

Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses durin

g the year: Rent $43,500 Bribes 65,250 Travel expenses 4,350 Utilities 26,100 Wages 274,250 Payroll taxes 21,750 Property insurance 2,175 Illegal kickbacks 39,150 What are Vella's total deductible expenses for tax purposes
Business
1 answer:
Katarina [22]2 years ago
7 0

Answer:

$372,125

Explanation:

Calculation to determine Vella's total deductible expenses for tax purposes

Rent $43,500

AddTravel expenses 4,350

Add Utilities 26,100

Add Wages 274,250

Add Payroll taxes 21,750

Add Property insurance 2,175

Total deductible expenses $372,125

Therefore total deductible expenses for tax purposes will be $372,125

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Andre45 [30]

When a firm can depreciate its capital equipment over a shorter period, it cuts its taxes now.

A capital asset's value dropping is referred to as capital depreciation. To determine the recovery cost incurred on fixed assets over the course of their useful lives, assets are depreciated. When the asset reaches the end of its useful life or you need to sell it, this is used as a sinking fund to replace it. Depreciation lowers the taxable income, which lowers the tax burden. Capital assets are listed as an asset on the balance sheet and are depreciated over the course of their useful lives. Businesses typically have to spread out the costs of capital investments over a number of years in accordance with predetermined depreciation schedules.

More about depreciation brainly.com/question/15178885

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8 0
1 year ago
TRUE/FALSE?
horrorfan [7]

Answer:

true, defiantily true

Explanation:

if this helps can i have brainliest when u get the chance...thnx

5 0
2 years ago
Read 2 more answers
Suppose that the government decides to charge cola consumers an excise tax. Before the tax, the market is in equilibrium, where
Hitman42 [59]

Answer:

The answer is: The excise tax on cola beverages is $2 per case.

Explanation:

Excise taxes are taxes levied on certain goods or services.

In this case the price of cola beverages is $4 per case, since excise taxes are included in the price of the product, then the excise tax on cola beverages = price paid by consumers - price received by producers = $4 - $2 = $2

8 0
3 years ago
GRZ Inc. purchased a customized delivery truck in January 2018 for $70,000. They plan to use this truck for 7 years, and the com
asambeis [7]

Answer:

The correct answer is A) $2.800

Explanation:

Using the straight-line method to depreciate, the calculation to find the depreciation tax shield is the following:

  1. Finding the depreciable cost: Depreciable cost = purchase price ($70,000) - salvage value ($14,000) = $56,000
  2. Finding the depreciation per year: Depreciation/year = \frac{Depreciable cost (56,000)}{Asset useful life (7 years)} = $8000
  3. Finally, the depreciation tax shield for 2018: Depreciation tax shield = Dep/year ($8,000) * tax rate (0,35) = $2,800
7 0
2 years ago
The concept that consists of the distinct phases that a family progresses through from formation to retirement, each phase bring
suter [353]

Answer:

The correct answer is: family life cycle.

Explanation:

The family life cycle refers to the natural stages families go through over time. There is no set path these stages follow but the most common steps in the life cycle of a family are <em>leaving home -single young adults, joining families through partnership, families with young children, families with adolescents, launching children and moving on, </em>and <em>families in later life</em>.

5 0
3 years ago
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