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tangare [24]
2 years ago
10

Kelly is 28 years old and lives in California. This year 2019 tax year, Kelly bought a new auto for $20,000 plus 1,650 in state

and local sales taxes. Besides this sales tax, Kelly also paid $8,260 in state income taxes mortgage interest of $5,500 (400,000 acquisition indebtedness on her residence). If Kelly files single with AGI of $56,000, what amount of itemized deductions will she be eligible to claim
Business
1 answer:
Trava [24]2 years ago
7 0

$8260 + $5500= 13,760 State income taxes, but not sales taxes,

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The subject property has a total value of $280,000 by the sales comparison approach. A competitive neighborhood nearby has home
True [87]

The value of the subject land is $84,000.

Given,

75,000 / 250,000 = 0.30

280,000 * 0.30 = 84,000

Land value is the measure of the way lots a plot of land is worth, now not counting any buildings but including improvements inclusive of better drainage. when a landowner can pay taxes on her actual property, a part of what is taxed is the fee of the land, in addition to whatever structures sit down atop it.

To measure the price of land use the traditional value approach: Use RS means statistics on prices to calculate the fee of the belongings as though it has been new. Subtract depreciation. The result is an estimate of the fee of the modern structure. Subtract from sale fee to get land cost.

<em />

<em>Your question is incomplete. Please read below to find the missing content.</em>

The subject property has a total value of $280,000 by the sales comparison approach. A competitive neighborhood nearby has home sales with a median value of $250,000, and recent lot sales at $75,000. By allocation, what would be the value of the subject land?

$68,000

$76,000

$84,000

$92,500

Learn more about statistics here: brainly.com/question/4219149

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5 0
2 years ago
in 2021, kiana's house boat was destroyed by a storm in a region that was declared a federal disaster area by the president. she
luda_lava [24]

Kiana will report under the head of natural disaster and its compensation amount is also exempt.

  • In income tax, there are a total of five heads of income viz
  1. income from salary
  2. Income from house property
  3. Income from profits and gain of business or profession
  4. Income from capital gains
  5. Income from other sources
  • Each head of income describes different features of income that are taxable.
  • Income tax is a tax levied on income or profits received by an individual or entity. Income tax is usually calculated as the product of tax rate and taxable income.
  • Tax rates vary depending on the type and characteristics of the taxpayer and the type of income.

Thus, Kiana's loss results from a natural disaster that is exempt under section 10(10BC).

To know more about income tax refer : brainly.com/question/26316390

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5 0
1 year ago
MasterCom Corporation corporation produces a semiconductor chip used on communications. the direct materials are added at hte st
Mariana [72]

Answer:

a. The equivalent units of work done in​ June=   450,000

b. The total manufacturing cost per chip= $ 12.199= $ 12.2

Explanation:

a. The equivalent units of work done in​ June

Units Started                                                                  475,000

Units Completed                                                             425,000

Units still in Process completed 50% =  (50,000 * 50%) 25,000

The equivalent units of work done in​ June  =        450,000

b. The total manufacturing cost per chip

Direct material cost                 $935,750

Conversion costs                 $4,554,000

The total manufacturing     $ 5489750

The total manufacturing cost per chip =   $ 5489750/450,000

  The total manufacturing cost per chip       = $ 12.199= $ 12.2

3 0
3 years ago
After Xavier and Alyssa deposited nearly $55,000 in a savings account at Bigbux Bank, the bank failed and filed for bankruptcy.
aleksandr82 [10.1K]

Answer: should be protected due to the fact that their account is insured by FDIC.

Explanation:

From the question, we are informed that after Xavier and Alyssa deposited nearly $55,000 in a savings account at Bigbux Bank, the bank failed and filed for bankruptcy but that the Bigbux was an FDIC member bank.

Based on the above scenario, Xavier and Alyssa should be protected due to the fact that their account is insured by FDIC. Since the bank is insured, their money is safe.

4 0
3 years ago
Read 2 more answers
Suppose first main street bank, second republic bank, and third fidelity bank all have zero excess reserves. the required reserv
lbvjy [14]
<span>he deposits the money into his checking account at first main street bank is the answer</span>
4 0
3 years ago
Read 2 more answers
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