All categories

3 years ago

1. What are some strategies that you can use to prepare to file taxes each year? What would

Business

1 answer:

levacccp [35]3 years ago

4 0

Answer:

1. Some strategies used to prepare filing taxes each year could include keeping each receipt knowing exactly what you spend, along with a filing system to sort out each piece of information needed for filing taxes with creating new folders and subfolders within.

2.They help pay for roads and other government projects.

3.Personal financial planning method of planning, financing, and investing activities, the taxes help us in meeting our goals and desires. Taxation affects the planning as it created a need and demand for money at the time of retirement. As proper planning is influenced by the taxes and they help to decide more clearly the person's finances and things you want. Hence they help in planning cautiously and adequately.

4. Four types of taxes that you can pay are the State Withholding Tax, a Federal Withholding Tax, a Property Tax, and a Sales Tax. Both withholding taxes are withheld from your paycheck going into state officials and federal officials. Property Taxes are charged against any personal property that you own, and Sales Tax is what you pay on any purchases that you buy, each price varying depending on what state or country you're in.

5. Challenges Faced By people When Filing Their Income Tax Returns:

Failure to enter the correct details.

Incorrect computation income.

Mismatch of important details.

When the employer does not give HRA benefits.

Failure to calculate some deductions which can be claimed.

You might be interested in

Eliza has just opened a new business near campus that is a combination of a laundromat, a nail salon, and a tanning studio. Ther

White raven [17]

Answer:

c. the balance sheet

Explanation:

In the income statement, the total revenues and the total expenses are recorded.

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.

In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:

Total assets = Total liabilities + stockholder equity

The debit and credit side of the balance sheet should always be equal and balanced.

Moreover, it always is prepared on the specified date.

The statement of stockholder's equity comprises common stock and retained earnings.

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

And, the ending balance of the common stock = Beginning balance of common stock + issued shares

7 0

3 years ago

As a business student, identify any service business of your choice. Use your knowledge of each of the elements of the seven pie

Effectus [21]

Answer:

soft and I don't know what you think about ITYSUFJDDHSHDH I don't know what you think you think you think about to be part

Explanation:

of the old girl I don't know what you think about it is not going to be part of the old girl I don't know what you think about it is your favorite song is your favorite song is your favorite song is your favorite song is your favorite song is your favorite song is your favorite song is your favorite song is your favorite

3 0

3 years ago

Which of the following is included in the normal journal entry to record the collection of accounts receivable previously writte

dlinn [17]

Answer:

Debit Accounts Receivable, credit Allowance for Doubtful Accounts.

Explanation:

To record the collection of accounts receivable previously written off when using the allowance method, the first step is to debit Accounts Receivable, and then credit Allowance for Doubtful Accounts. This purpose of this to reverse the already written off amount.

The next step after that is to complete the entries by debiting Cash, and crediting the Accounts Receivable to record the cash collection in respect of previously written off accounts receivable.

8 0

3 years ago

Nonfinancial performance measures in the balanced scorecard such as customer satisfaction are often _____ of future financial pe

Allisa [31]

Answer:

leading indicators

Explanation:

In the balance scorecard, the non-financial measures of performance could be done like customer satisfaction would able to anticipate the performance in the future as it can be an indicator in terms of the customer loyalty that can easily anticipate the revenue occur in the future

Hence, as per the given situation, this is a leading indicators

hence, the same is to be considered

3 0

3 years ago

Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2019, its second year of operati

Vanyuwa [196]

<u>Solution and Explanation:</u>

Taxable income $330,000

Federal income tax liability paid (69,300 )

Tax-exempt interest income 5,000

Disallowed portion of meals and entertainment expenses (1,500)

Life insurance premiums paid, net of increase

In cash surrender value (3,500 minus 700) = (2,800)

Proceeds from life insurance policy, net cash

Surrender value (130,000 minus 20,000) 110,000

Excess capital losses (13,000)

Expenses (26,000 minus 16,000) 10,000

Allowable portion of 2013 SS 179

Expenses (20% multiply with 25,000) (5,000)

Dividends received deduction (70% multiply with $35,000) 24,500

LIFO recapture adjustment 10,000

Installment sale gain $(40,000-32,000) / 40,000 * 15,000)$ (3,000)

$394,900

6 0

4 years ago