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guapka [62]
2 years ago
5

During 2021, Jasmine, a self-employed individual, paid the following amounts: State income tax $2,400 State sales taxes 2,950 St

ate occupational license fee 450 Personal property tax on value of automobile 400 What amount can Jasmine claim as taxes in itemizing deductions from AGI
Business
1 answer:
dsp732 years ago
8 0

Answer:

3350

Explanation:

Since state sales tax is larger than state income you will lose that and add your personal property tax of 400 to your deduction.

2950+400= 3350

You might be interested in
In 2018, Ryan Management collected rent revenue for 2019 tenant occupancy. For financial reporting, the rent is recorded as defe
Tema [17]

Answer:

The Journal entries are as follows:

(i) In 2018,

Income Tax Expense A/c                      Dr. $24

Deferred Tax Assets A/c ($40 × 30%)  Dr. $12

To Income Tax Payable ($120 × 30%)                        $36

(Being income tax and deferred tax recorded for 2018)

(ii) In 2019,

Income Tax Expense A/c                         Dr.  $45

To Income Tax Payable ($140 × 30%)                          $42

To Deferred Tax Assets ($10 × 30%)                          $3

(Being income tax and deferred tax recorded for 2019)

6 0
3 years ago
Sidewinder, Inc., has sales of $634,000, costs of $328,000, depreciation expense of $73,000, interest expense of $38,000, and a
Mazyrski [523]

Answer:

$154,050

Explanation:

The computation of the net income for the firm is shown below:

Sales               $634,000

Less: costs      -$328,000

Less: depreciation -$73,000

EBIT                   -$233,000

Less: interest      -$38,000

EBT                      195,000

Less: tax(195,000 × 21%) -$40,950

Net income    $154,050

We simply deduct all expenses ,interest and taxes from the sales revenue so that the net income could come and the same is to be considered

5 0
3 years ago
Shout Magazine focuses its marketing efforts on reaching teen-aged girls interested in fashion and celebrity culture. The firm b
Lelechka [254]

Considering the situation described above, Shout utilizes the strategy of <u>Concentrated Marketing.</u>

<u>Concentrated Marketing</u> is a type of Marketing strategy whereby firms or companies direct all endeavors and resources to develop and market a product for a particular target group segment.

Thus, when Shout Magazine focuses its marketing efforts on reaching teenaged girls interested in fashion and celebrity culture, this is a form of <u>Concentrated Marketing.</u>

Concentrated Marketing is often referred to as Niche Marketing, and it is considered more effective in small businesses.

Hence, in this case, it is concluded that the correct answer is "<u>Concentrated Marketing."</u>

Learn more here: brainly.com/question/15418516

4 0
3 years ago
Suppose apples come in two quality​ levels, low quality and high quality. At a store in the​ apple-growing region, the price of​
dedylja [7]

Answer:

Yes.

Explanation:

Given that,

Price of​ low-quality apples = ​$1 per pound

Price of high-quality apples = $4 per pound

Marginal utility of low-quality apples = 3 utils

Marginal utility of high-quality apples = 12 utils

Equimarginal:

(Marginal utility of low quality apples ÷ Price per apple) = (Marginal utility of high quality apples ÷ Price per apples)

(3 utils ÷ $1) = (12 utils ÷ $4)

3 = 3

Yes, Timmy is maximizing his utility as his equimarginal utility is same for both the goods as shown above.

5 0
3 years ago
The continuing cycle of erratic demand causing forecasts to include safety stock which in turn magnify supplier forecasts and ca
balandron [24]

Answer:

The Bullwhip Effect

Explanation:

Bullwhip effect is a phenomenon that occurs in an organisation's channel of distribution due to swings or erratic demands for products by customers. This erratic nature of demands will usually lead to forecasting inefficiencies especially in meeting the demands through the supply chain.

A sudden increase in demand could lead to production planning problems because there might not be enough inventory of materials on ground to meet the demand. Also, a sudden decrease in demand can bring the challenge of excess inventory of materials which may not be needed for production for a while.

One of the measures taken to manage this erratic nature of demands is to ensure that whatever the forecasts for demands is, safety stock must be included to the forecast level of demand so as to ensure that production planning is adequate and the demands are met as well.

6 0
3 years ago
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