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Individual taxpayers who don't itemize their deductions are entitled to a standard deduction amount by which to decrease ADJUSTED GROSS INCOME in arriving at taxable income. Amount of the standard deduction varies by the type of taxpayer and changes each year. A schedule of standard deductions is simply found in the instructions for the federal form 1040. Every state may also use a standard deduction format though the amounts and computations differ from federal and from state to state. Certain taxpayers may not be entitled to use the standard deduction. An illustration of this would be a married filing separate taxpayer. If one taxpayer itemizes then other is needed to by law even if the married filing separate taxpayer is unknowing of what is included on spouses separate return. A reason for this may be the prevention of pooling and duplication of deductions.
Q. Explain the Negative Assurance? Negative Assurance - Report issued by an ACCOUNTANT based on limited procedures which states that nothing has come to accountant's attention
provide for depreciation at 10%p.a at cost for equipment and 15% at book value for vehicles
Closing Entries: Expenses Below is a list of accounts with corresponding ending balances. Account: Account Balance a.Insurance Expense: $1,300 b.Cash: 750 c.Accounts Receivable: 4,
Q. Show benefits of factoring? Factor finance The factoring company will progress up to 80% of the face value of invoices raised. This would permit Doe Ltd to pay its trad
April 2014 Notepayable $9,825,000 was issued. First due is April 1,2015. 6% interest erroneously expensed a full year''s interest
For this problem we will be working with the Ericksen data set for describing the percentage of the population not counted in the US Census from 1980. In this data set we have diff
Identify the Depreciation Methods On January 3, 2005, XYZ Distribution Co. paid $224,000 for a computer system. In addition to the basic purchase price, the company paid a set
GOODWILL Previously under IAS 22 on Business combinations, goodwill on consolidation used to be amortized over an estimated period of years. However, IFRS 3 (still on business
50. In preparing a company's statement of cash flows for the most recent year on the indirect method, the following information is available: 52,000-Net income for the year 18,00
Limited Liability Company (LLC) - Form of doing business combining limited liability for all owners (known as members) with taxation as a PARTNERSHIP. An LLC is formed by filing AR
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