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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.
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You are a Senior Financial Manager in the recently privatised Sodor Railway Engineering Corporation Plc (SREC). (a) Subsequent to privatisation the Chief Executive Officer of SR
Effect of Transactions on Cash Flows State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows: 1. Sold e
Q. What is Reconnaisance Survey explain? This item should apply to all rough and rapid investigations of an area with a view to determine the technical feasibility and approxim
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Broadway Scripts is a service-type enterprise in the entertainment field, and its manager, Joe Numbers, has only a limited knowledge of accounting. Joe prepared the following balan
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Q. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. a current year revenue or expense account.
Statement of Cash Flows - A statement of cash flows is one of the fundamental financial statements which is required as part of a complete set of financial statements prepared in c
Purchase price $2.15 Exercised Price: $37.50 Currently Trading at $37.00 In order to make the decision on the best course of action, two tables of calculations are needed:
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