II. Indicate whether the following item is a dedection ABOVE THE LINE(A), BELOW THE LINE(B) or...

II. Indicate whether the following item is a dedection ABOVE THE LINE(A), BELOW THE LINE(B)
or NOT DEDUCTIBLE(N).

	1	)	UNION DUES
	2	)	UNIFORM
	3	)	TRAVEL
	4	)	STUDENT LOAN INTEREST
	5	)	SEARS CARD INTEREST
	6	)	SALES TAX
	7	)	SAFETY DEPOSIT FEE
	8	)	REVOLVING CARD INTEREST
	9	)	REAL PROPERTY TAXES
	10	)	PROFESSIONAL MAGAZINES
	11	)	PRIVATE HEALTH PLAN FOR SELF EMPLOYED
	12	)	NEW ACCOUNTANT JOB HUNTING EXPENSE
	13	)	MORTGAGE INTEREST
	14	)	LUXURY TAXES
	15	)	IRA
	16	)	HALF SELF EMPLOYMENT TAX
	17	)	FOREIGN TAXES
	18	)	FEDERAL TAXES
	19	)	EYE GLASSES
	20	)	EXCISE TAXES
	21	)	ESTATE TAXES
	22	)	CREDIT CARD INTEREST
	23	)	COUNTRY CLUB DUES
	24	)	COSMETIC SURGERY
	25	)	CONTRIBUTION SALVATION ARMY
	26	)	CHILD SUPPORT
	27	)	CAR ACCIDENT
	28	)	BLUE CONTACT LENSES
	29	)	BANK CHARGES
	30	)	ALIMONY

Expert Solution

1	UNION DUES	Not deductibe
2	UNIFORM	Not deductibe
3	TRAVEL	Above the line deduction
4	STUDENT LOAN INTEREST	Above the line deduction
5	SEARS CARD INTEREST	Below the line deductible
6	SALES TAX	Below the line deduction
7	SAFETY DEPOSIT FEE	Above the line deduction
8	REVOLVING CARD INTEREST	Not deductibe
9	REAL PROPERTY TAXES	Below the line deduction
10	PROFESSIONAL MAGAZINES	Above the line deduction
11	PRIVATE HEALTH PLAN FOR SELF EMPLOYED	Above the line deduction
12	NEW ACCOUNTANT JOB HUNTING EXPENSE	Not deductibe
13	MORTGAGE INTEREST	Above the line deduction
14	LUXURY TAXES	Not deductibe
15	IRA	Above the line deduction
16	HALF SELF EMPLOYMENT TAX	Above the line deduction
17	FOREIGN TAXES	Below the line deduction
18	FEDERAL TAXES	Not deductibe
19	EYE GLASSES	Below the line deduction
20	EXCISE TAXES	Below the line deduction
21	ESTATE TAXES	Below the line deduction
22	CREDIT CARD INTEREST	Not deductibe
23	COUNTRY CLUB DUES	Not deductibe
24	COSMETIC SURGERY	Not deductibe
25	CONTRIBUTION SALVATION ARMY	Below the line deduction
26	CHILD SUPPORT	Not deductibe
27	CAR ACCIDENT	Below the line deduction
28	BLUE CONTACT LENSES	Below the line deduction
29	BANK CHARGES	Below the line deduction
30	ALIMONY	Above the line deduction

ekkarill92 answered 2 years ago

For each item in the left column, determine whether it can be an above-the-line deduction, a...

For each item in the left column, determine whether it can be an above-the-line deduction, a deduction from AGI to arrive at taxable income, or neither. Select from the option list provided. Item Allowable Deduction 1. Unreimbursed expenses incurred by an eligible educator for books and supplies used in the classroom 2. Unreimbursed direct moving expenses incurred for qualified active-duty military relocation 3. Payments for child support 4. Alimony payments made pursuant to a divorce finalized before 2019 5. Charitable...

In the table below, indicate whether the item is included or excluded from the calculation of...

In the table below, indicate whether the item is included or excluded from the calculation of GDP. Some items may count negatively. Explain your answer, and in your explanation, if the item is included in GDP, please state whether the item counts in consumer expenditures (C), investment (I), government spending (G) or Net Exports (NX). Item Include/Exclude And Where (C, I, G, NX) Reason for Inclusion/Exclusion Jason McNamara’s purchase of a 1958 Edsel produced by Ford motor company from Mary...

For each item listed below, indicate whether it involves a: a. permanent difference.

For each item listed below, indicate whether it involves a:a. permanent difference.b. temporary difference that will result in future deductible amounts (giving rise to deferred tax assets).c. temporary difference that will result in future taxable amounts (giving rise to deferred tax liabilities).____ 1. Rent is collected in advance from a tenant. Rent is taxable when received.____ 2. Warranty costs are accrued at the time of sale for accounting purposes, but are not deductible until paid for income tax purposes.____ 3....

For each item below, indicate whether a debit (DR) or a credit (CR) applies. _____

For each item below, indicate whether a debit (DR) or a credit (CR) applies. _____ a. Decrease in Accounts Payable _____ b. Decrease in Land _____ c. Increase in Retained Earnings _____ d. Increase in Unearned Revenue _____ e. Decrease in Notes Payable _____ f. Increase in Building _____ g. Increase in Wages Expense _____ h. Decrease in Office Supplies _____ i. Increase in Service Revenue _____ j. Increase in Common Stock

1. For each item below, indicate whether it involves: (1) A temporary difference that will result...

1. For each item below, indicate whether it involves: (1) A temporary difference that will result in future deductible amounts and, therefore, will usually give rise to a deferred income tax asset. (2) A temporary difference that will result in future taxable amounts and, therefore, will usually give rise to a deferred income tax liability. Use the appropriate number to indicate your answer for each. Answer (a) For some assets, straight-line depreciation is used for tax purposes while double-declining balance...

II. For each of the following unsupported claims, indicate whether or not it would be reasonable...

II. For each of the following unsupported claims, indicate whether or not it would be reasonable to accept the claim. Also state the criteria you use in reaching your decision. 1. Tigers live in Africa. 2. There are wolves in Yellowstone National Park. 3. Black cats bring bad luck. 4. Ninety-eight percent of statistics are just made up. 5. Dunleavy Ford: Nobody sells for less. (heard on the radio) 6. The closest star to the earth, other than the sun,...

Listed below are ten separate situations. For each item indicate whether the difference is (1) temporary...

Listed below are ten separate situations. For each item indicate whether the difference is (1) temporary creating a deferred tax asset (DTA) or a deferred tax liability (DTL) or (2) permanent by marking an X in the appropriate column. ITEM Temporary - DTA Temporary - DTL PERMANENT Pension fund contributions are less than pension expense for the current year, resulting in a pension liability on the company’s balance sheet. Dividend revenue recognized for accounting while a portion is deductible for...

Listed below are costs found in various organizations. Required: For each cost item, indicate whether it...

Listed below are costs found in various organizations. Required: For each cost item, indicate whether it would be variable or fixed with respect to the number of units produced and sold; and then whether it would be a selling cost, an administrative cost, or a manufacturing cost. If it is a manufacturing cost, indicate whether it is a direct cost or an indirect cost with respect to units of product. Manufacturing Cost Cost Item Variable or Fixed Selling Cost Admin....

For each item listed below, indicate whether you feel it relates to financial or managerial accounting....

For each item listed below, indicate whether you feel it relates to financial or managerial accounting. Explain your reasoning behind your answer for each item. a. Projected net income for next quarter by division b. Defective goods produced as a percentage of all goods produced c. Income statement for the most current year, prepared in accordance with U.S. GAAP. d. Monthly sales broken down by geographic region e. Production department budget for the next quarter. f. Balance sheet at the...

II. Indicate whether each statement is true or false. (a) All spontaneous processes are irreversible. (b)...

II. Indicate whether each statement is true or false. (a) All spontaneous processes are irreversible. (b) The entropy of the universe increases for spontaneous processes. (c) The change in entropy of the surroundings is equal in magnitude and opposite in sign for the change in entropy of the system, for an irreversible process. Briefly explain. (d) The maximum amount of work can be gotten out of a system that undergoes an irreversible process, as compared to a reversible process. Briefly...

Question