Answers
1. Weigh Standard Deductions Against Itemizing
The Tax Cuts and Jobs Act introduced higher standard deduction limits for tax filers. At the same time, it eliminated personal exemptions and reduced or eliminated several key deductions. For some tax filers, the standard deduction may result in a lower tax bill this year but it's still worth it to consider itemizing. Review your tax filing to determine all the possible deductions you can legitimately claim. Then, compare your estimated tax liability with what you might owe (or get back as a refund) if you opt for the standard deduction instead.
. Provide Dependents’ Social Security Numbers
Whether you have children or file as ‘head of household’ with dependents, you’re going to need their Social Security numbers to claim any applicable tax credits, such as the Earned Income Credit or the Child and Dependent Care Credit. If you’re divorced and claiming a child, make sure that your ex-spouse isn’t also claiming the same dependent or your return could be delayed. If you're planning to claim the child care credit, remember to review the IRS guidelines to make sure those expenses and your dependents are eligible.
. Organize Your Records and Documents
Being disorganized could cause you to lose out on significant deductions if you’re scrambling to find receipts and proof of expenses while filing your taxes. One way to avoid that type of headache is by using an expense tracking app to store digital copies of all your receipts. It’s a simple strategy, but incredibly effective. And, if your return is selected for an audit by the IRS you'll have all the documentation you need to verify your deductible expenses.
. Contribute to Your Retirement Accounts
You may be filing for taxes incurred in 2019, but that doesn’t mean you’ve hit the deadline for contributing to your retirement accounts. You have until July 15 of this year to open and fund a traditional or Roth IRA account. Remember, with a traditional IRA your contributions may be 100% tax-deductible. An additional deduction can reduce your taxable income for the year. A Roth IRA wouldn't offer such a deduction but you get the benefit of tax-free withdrawals in retirement. Additionally, you may be able to qualify for the Retirement Saver's Credit when you contribute to an IRA.
Lower Your Taxable Income
Taking above-the-line tax deductions is another way to reduce your taxable income and save you money at tax time. The Tax Cuts and Jobs Act change some of the eligible deductions, however, so the ones you're able to claim may be fewer compared to previous years. The good news is you can still claim an above-the-line deduction for things like student loan interest you've paid and contributions to qualified accounts, including a Health Savings Account if you have an HSA through a high deductible health plan. Be sure to check if certain tax deductions have been extended, too. You may be able to qualify for more than you think.
Talk to Your Financial Advisor
Taxes can be overwhelming, especially if you’re juggling deductions and expenses or if you're self-employed and run a small business. Your financial advisor knows plenty of strategies to maximize your return and is informed about current IRS rules, to help you avoid any future audits or penalties. It’s always worth running your return by your advisor in case any red flags show up.
2.One benefit of paying taxes is funding the government. The government budget in the US heavily relies on taxation for boundaries of how much they have. Taxes also are used to maintain infrastructure, such as roads and utilities, and schools.
3.Taxes influence responsible financial planning can help with reducing tax liabilities. Keeping up with your taxes and making sure they are done correctly and in a timely manner can help individuals. If they do not pay their taxes, they can face fees and cause you more money in the long run.
4. Individual Income Taxes
An individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns.
Corporate Income Taxes
A corporate income tax (CIT) is levied by federal and state governments on business profits, which are revenues (what a business makes in sales) minus costs (the cost of doing business).
Payroll Taxes
Payroll taxes are taxes paid on the wages and salaries of employees to finance social insurance programs. Most taxpayers will be familiar with payroll taxes from looking at their paystub at the end of each pay period, where the amount of payroll tax withheld by their employer from their income is clearly listed.
Capital Gains Taxes
Capital assets generally include everything owned and used for personal purposes, pleasure, or investment, including stocks, bonds, homes, cars, jewelry, and art. Whenever one of those assets increases in value—e.g., when the price of a stock you own goes up—the result is what’s called a “capital gain.”
Related Questions
Cupola awning corporation introduced a new line of commercial awnings in 2018 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 3% of sales. Sales and actual warranty expenditures for the first year of selling the product were:
Answers
Answer and Explanation:
1. Yes, this situation represents a loss contingency.
The occurrence of warranty liability is probable and the amount can be reasonably estimated so it represents a contingent liability.
2.
a. Accounts receivable Dr, $5,780,000
To Sales $5,780,000
(Being the sales is recorded)
b. Warranty expense Dr, $173,400 (5,780,000 × 3%)
To Estimated warranty liability $173,400
(Being the warranty expense is recorded)
c. Estimated warranty liability Dr, $38,500
To Cash, wages payable, parts and supplies, etc. $38,500
(Being cash paid is recorded)
3 .Liability = $173,400 - $38,500
= $134,900
Which of the following are valid reasons to deny someone a job?
-The company is not hiring for new positions.
-This job requires someone with a high school diploma.
-The job requires someone be able to speak French.
Answers
Answer:
The first one and last one.
Explanation:
If this could be 2 answers I think it would be both of these. That is because if the company is not hiring, they most likely won't even look at your resume. Also another one is if you don't speak French, than that job is not for you.
Answer:
you left out an answer.
its a,c,d
Explanation:
explain how to maintain the cleanliness and sanition in your work area
Answers
Answer:
To regularly sanitize with sanitizing wipes and to make sure your hands are clean to whether by washing with soap and water or to sanitize.
Eric and Sharaveen Rush filed a claim alleging violations of the Fair Credit Reporting Act arising out of an allegedly erroneous credit report prepared by a credit bureau from information, in part, from Macy’s, the department store. The error causes the Rushes to be denied credit. Macy’s filed a motion to dismiss. Is Macy’s liable? Discuss.
(Answer in your own words!)
Answers
Answer:
Macy is liable. The Federal Trade Commission states that both the credit rating agency and Macy's are responsible for correcting the erroneous credit report. It is very hard to sue and win a credit rating agency because they will place the blame on the company that made the initial mistake (Macy's), but lately courts have accepted cases against the companies that cause all this mess.
Courts have lately ruled in favor people alleging that a bad credit report damaged them since a good credit rating is considered an intangible asset. The company that cause the mistakes are liable for any possible damages resulting from a poor credit rating.
Yes, Macy is liable under the Fair Credit Reporting Act, which says the credit bureau and reporting agencies must record accuracy.
Fair Credit Reporting Act
The FCRA protects the information collected by consumer reporting agencies. Under this act, Companies and agencies also have specific legal obligations to investigate disputed information, And recently in the Act some more provisions were added which is related to record accuracy and identity theft.
Thus, under the FCRA, the credit bureau and Macy's department store are liable.
Learn More about Fair Credit Reporting Act here:
https://brainly.com/question/4395710
Facial expressions aid in all of the following EXCEPT?
O Setting the tone of the conversation
O Providing feedback
O Providing clues of audience comprehension
Breaking through the stress in the room
Answers
Answer:
Breaking through the stress in the room
If scientists discover that eating bacon reduces cholesterol levels:
a. The demand for bacon will increase.
b. The demand for bacon will decrease.
c. There will be fewer pounds of bacon consumed.
d. There will be no effect on the consumption of bacon.
Answers
Answer:
a. The demand for bacon will increase.
Explanation:
Scientists and other experts are known to influence customer perceptions of consumer products. Many customers make buying decisions based on expert opinions and reviews, which can greatly impact sales.
If scientists say that eating bacon reduced cholesterol, consumers' perceptions of bacon will change. Since this is positive or desired news, customers will increase bacon consumption. Bacon will attract many new customers, which will lead to an increase in its demand.
Which one of the following is not considered a scarce resource? *
Capital Resources
Human Resources
Natural Resources
Intellectual Property Resources
Answers
Answer:
Intellectual Property Resources
Explanation:
Scarce resource refers to a type of reserouces that has limited amount.
Intellectual property resources are generated from a person's mind. It counted the economic value of ideas, innovation, design, or creativity that people have. Since all people can generate these things without any limit, we don't consider Intellectual property as a Scarce resource.
In two or three sentences, explain why real GDP per capita does not reflect the actual distribution of wealth.
Answers
Answer:
Real GDP per capita shows the level of output in a country divided equally by the number of people living in a country. But, in reality, output may not be distributed equally among everyone in the country.
Explanation:
PLEASE HELP!
If a company reported total sales of $59,919, cost of goods sold of $21,112, gross income of $38,807, operating expenses of $18,005 and a gross profit ratio of 65%, what was the company's operating income? (Round to the nearest dollar)
a) -$18,005
b) $20,802
c) $25,225
d) $38,807
Answers
Answer:
b) $20,802
Explanation:
Operating income, also called operating profit, is the income after deducting the operating expenses. In other words, it is gross profit minus operating expenses.
Operating expenses exclude taxes and interest.
Operating income will be calculated using the formula.
Gross profit -operating expenses = operating income
i.e,. Revenue- Costs of goods sold -operating expenses = operating income
=$59,919 - $21,112, -$18,005 =operating income
Operating income = $20, 802
what kind of sugar is primarily used in preparing icing?
Answers
Answer:
granulated sugar
Explanation:
powdered sugar or confectioner's sugar is finely ground granulated sugar that is mixed with a small amount of cornstarch to prevent caking.
Materials derived from natural resources clearly defines which of the following?
A.Processed goods
B.Raw goods
C.Finished goods
D.Intangible goods
Answers
Answer:
B.Raw goods
Explanation:
Natural resources are useful materials extracted from the earth for use in the production of other goods. The extracted materials are refined into final products or used as raw materials to make other goods. For example, gold and oil are extracted and refined into marketable products. Water and wood are raw materials used in producing paper.
Natural resources come from nature. They are extracted raw and processed into other products or used as raw materials to produce other goods.
Job satisfaction can be lost for all of the following reasons EXCEPT:
a.
Lack of opportunities for promotion
b.
Bickering with co-workers
c.
Being recognized for a job well done
d.
Having little or no say in decisions that affect you
Answers
Answer:
Being recognized for a job well done
Explanation:
Which of these is a way to increase your resources for higher education?
A. Getting a job and saving money
B. Choosing the most expensive school you can find
C. Spending more than you have
D. Not taking out any loans whatsoever
Answers
Answer:
A
Explanation:
by getting a job you are preparing yourself for the world ahead of you and by saving money you get access money to use later on.
Answer:
A
Explanation:
The amount of a market that a producer controls is called market share. How is market share related to pure competition?
Answers
Answer:
pure competition ids defined as a market structure with many fully informed buyers and sellers in an identical producer and ease of entry. if there were more market shares, there would be more competition.
Explanation:
who knows where you cant get your mom to stop yelling
Answers
Answer:you cant my parents do the same
Explanation:
theres no help
Answer:
if u mom yells at you for a certain (for example if she yells at u for not cleaning up then u should maybe clean so she wouldn't have to yell at u for that reason)
Explanation:
what does it mean when you file for bankruptcy and why would it be on your credit report? please somebody help. due tonight
Answers
An increase in the price of peanut butter will:
a. Cause the demand curve for jelly to shift to the left.
b. Cause the demand curve for jelly to shift to the right.
Oc. Cause the demand curve for peanut butter to shift to the right.
Od. Cause the demand curve for peanut butter to shift to the left.
Answers
Answer:
a. Cause the demand curve for jelly to shift to the left.
Explanation:
Peanut butter and jelly are complementary goods. These are products manufactured and sold independently but used together. Complimentary goods give higher utility to customers when used in conjunction.
Complementary goods have a joint demand. If the demand for one product increases, demand for the other good also rises. An increase in the price of butter results in a reduction in its demand. The demand for butter will experience movement along the demand curve.
Jelly will also experience reduced demand as a result of a decline in the demand for peanut butter. Because the reduced demand for jelly is for reasons other than a price change, the demand curve for jelly shifts to the left.
If there is an increase in the price of peanut butter, this will b. Cause the demand curve for jelly to shift to the right.
Relationship between Peanut butter and jelly. They are known as complementary goods. They are used together so price changes to either will affect the other as well.With the price of peanut butter increasing, less people will want to buy it. Those people who don't want to buy it will also not want to buy jelly which would lead to the demand curve for jelly shifting left.
In conclusion, option B is correct.
Find out more about complementary goods at https://brainly.com/question/1354329.
Evaluate this topic idea:
“Teachers gave 18.5% more homework in 2007 than in 2005.”
a.
The topic is satisfactory
c.
The topic is too narrow
b.
The topic is too broad
d.
This is a thesis statement
Answers
Answer:
C. The topic is too narrow
hope this helps! :)
An academic evaluation of the topic, “Teachers gave 18.5% more homework in 2007 than in 2005” shows that d. This is a thesis statement.
What is a thesis statement vs a narrow topic?A narrow topic lacks breadth, making it impossible for a meaningful discussion of the topic.
A topic should have some breadth, with the thesis statement narrowing it down to a manageable length.
A thesis statement states the author's position on the topic.
Thus, an evaluation of the topic, “Teachers gave 18.5% more homework in 2007 than in 2005” shows that d. This is a thesis statement.
Learn more about thesis statements at https://brainly.com/question/2094985
#SPJ2
Why do you think the graphic designer might have a hard time seeing eye to eye with a copywriter. Help me please!!
Answers
Answer:
A graphic designer focuses on the visual marketing of yhings/services. A copywriter sales with the power of words
ps: you should look up Dan Lok copywriting.
yo my old account got disable so i'm on this account plz help me get back up to the top
Answers
........................................
Imagine that you own a local fitness gym in your hometown called "U-Fit." You have done well over the last few years and have enough capital to acquire another hometown company, "Power Kore, " that makes nutritional protein shakes. Why would it be a good idea for you to undertake a vertical merger or acquisition of this sort?
Answers
Answer: to increase synergies and have more supply chain control.
Explanation:
A vertical merger is when two or more companies or organizations which are in charge of the provision of supply chain functions that are different merge for a common good.
The main idea behind the merger is to help increase synergies, reduce cost, increase efficiency and productivity and also for more control of the supply chain to be gained.
You are a consultant helping to turn around a factory that hasn't adapted to modern manufacturing standards. They receive several truckloads of raw materials each day, which are recorded by hand in a logbook kept at the loading dock. Each of the salesmen keeps a running tally of orders and files them in the sales office. The deliveries are made once a truck is filled. What aspects of this factory can be significantly improved by introducing an EPR (enterprise resource planning) system?
environmental management
sales and revenue
human resource management
equipment maintenance
Answers
Answer:
use of modern technology
Explanation:
to make work and tallying
easy
Answer:Sales and revenue
Explanation:
This is standard business marketing
Using open body language helps send which kind of message?
Positive
Negative
Aggressive
Passive
Answers
Explanation:
positive there you goo
Answer:
Positive
Explanation:
Body language is a mix of gestures, postures and expressions. Use it to improve your communication with others. This also helps seem more engaged
What are the opportunities of an entrepreneur
Answers
Opportunities of an entrepreneur:
• involves the sale or lease of any product, service, equipment that will enable the purchaser-licensee to begin a business.
• invest in (multiple) businesses
•quality content
• foreign markets
•crowdfunding
What should you bring to an interview? When should you arrive at the interview? How should you act at the interview?
Answers
Answer:Arrive at the interview about 30 minutes before hand just in case you go in early or if they have to push it back. At an interview just act like yourself, don't try and be someone your not just to wow the person. And what to bring to an interview? well your paperwork if they gave you any, your phone if you need to put something in your calendar right then and there or add someone's number.
Explanation:
Because selling revolves around working and interacting with other people,
skills are probably the most important skills for sales associates.
O A. organizational
O B. interpersonal
O C. logic
O D. psychological
Answers
Answer:
B. interpersonal
Explanation:
Interpersonal skills are the traits that one exhibits when interacting or communicating with others on a face-to-face basis. They are also called people skills. Interpersonal skills revolve around the ability to interact and build relationships with others. They include personal attributes on how to handle different social situations.
Salespeople require excellent interpersonal skills to acquire and retain customers. People skills are essentials in sales. They enable the salesperson to communicate, convince, and form lasting relationships with clients.
Answer:
b.
Explanation:
The cost of a postsecondary education increases with the length of time involved in the program. O True or False NEXT QUESTION O ASK FOR HELP
Answers
Answer:
true
Explanation:
Question 12 of 40
Eric wants a new motorcycle. He visits a local motorcycle shop and finds one
that has all the features he's looking for. The salesperson tells Eric the
motorcycle is currently selling for $2,000. Not too long ago, Eric saw that
same make and model for $1,700 at another shop. Eric suggests a price of
$1,500 for the motorcycle and they settle at $1,800. Which of these prices is
the market price?
A. $2,000
B. $1,500
O C. $1,700
D. $1,800
SUBMIT
Answers
Answer:
D. $1,800
Explanation:
The market price is the amount that a product or service trades for, as determined by demand and supply forces. It is the most current price that a good, service, or share has traded. The market price is the actual amount that can be realized when a product or service is sold.
The market price for the new bicycle is $1800. The salesperson represents the supply side, while Erick is on the demand side of the market. They agree on $1800. This price is where demand meet supply and is the market price.
Answer:
C. $1700
Explanation:
What is the definition of a team? What is teamwork? Why is learning to work well with others important in life? What is one issue that hinders you from wanting to work with other people? What is one thing you can change so you can be successful when working in teams?
Answers
Answer:
Team work is when every one comes together to do or accomplish something and the definition of team is a group of people that play for the same thing it's important in life because when you get into the real world you will have to work with other people even if you don't like them one issue that hinders you from wanting to work with other people is you don't like those other people one thing you can change so you can be successful when working in teams is try to get along with everyone else on the team.
How often should businesses perform cash drops?
A. Only once, at the end of the business day
B. Only once a month, once all the receipts are totaled
C. Whenever someone makes incorrect change for a customer
D. Whenever the total amount of cash in a register has reached a
certain level
Answers
Answer:
d.
Explanation:
Businesses should perform cash drops Whenever the total amount of cash in a register has reached a certain level. The appropriate response is option D.
What is cash drops ?A cash drop is a sum of money that is taken out of the cash drawer and deposited in the safe or at the bank. You are allowed to take as many drops and as much money as you want. Usually, cash drops are done to take extra cash out of the drawer and put it somewhere else.
Cash drops are typically carried out to remove extra cash from the drawer and deposit it in the safe until the balance can be tallied. It is a sum of money that is taken out of the cash drawer and deposited in the safe or at the bank
When the total quantity of cash in a register reaches a certain threshold, businesses should do cash drops.
Hence, the appropriate response is option D.
to learn more about cash drops
https://brainly.com/question/15826771
#SPJ5