Questions
Daniel, age 38, is single and has the following income and expenses in 2019: Salary income...

Daniel, age 38, is single and has the following income and expenses in 2019:

Salary income $141,000
Net rent income 8,500
Dividend income 2,300
Payment of alimony (divorce finalized in March 2019) 26,000
Mortgage interest on residence 8,300
Property tax on residence 1,000
Contribution to traditional IRA (assume the amount is fully deductible) 3,000
Contribution to United Church 900
Loss on the sale of real estate (held for investment) 2,075
Medical expenses 6,700
State income tax 2,100
Federal income tax 6,800

Daniel's standard deduction for 2019 is $12,200.

a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible".

Payment of alimony ________
Mortgage interest on residence ________
Property tax on residence
Contribution to traditional IRA (assume the amount is fully deductible)
Contribution to United Church
Loss on the sale of real estate (held for investment)
Medical expenses
State income tax
Federal income tax

What is Daniel's gross income and his AGI?
Gross income: $_____
AGI: $______

b. Should Daniel itemize his deductions from AGI or take the standard deduction?
Because Daniel's total itemized deductions (after any limitations) are $_______, he would benefit from ________ .

In: Accounting

Daniel, age 38, is single and has the following income and expenses in 2019: Salary income...

Daniel, age 38, is single and has the following income and expenses in 2019:

Salary income $141,000
Net rent income 8,500
Dividend income 2,300
Payment of alimony (divorce finalized in March 2019) 26,000
Mortgage interest on residence 8,300
Property tax on residence 1,000
Contribution to traditional IRA (assume the amount is fully deductible) 3,000
Contribution to United Church 900
Loss on the sale of real estate (held for investment) 2,075
Medical expenses 6,700
State income tax 2,100
Federal income tax 6,800

Daniel's standard deduction for 2019 is $12,200.

a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible".

Payment of alimony
Mortgage interest on residence   
Property tax on residence
Contribution to traditional IRA (assume the amount is fully deductible)
Contribution to United Church
Loss on the sale of real estate (held for investment)
Medical expenses
State income tax
Federal income tax

What is Daniel's gross income and his AGI?
Gross income: _____
AGI: ______

b. Should Daniel itemize his deductions from AGI or take the standard deduction?
Because Daniel's total itemized deductions (after any limitations) are ______, he would benefit from _________.

In: Accounting

Determine your target market for Korean red ginseng extract from CheongKwanJang: size, location, etc. in the...

Determine your target market for Korean red ginseng extract from CheongKwanJang: size, location, etc. in the U.S. Based on your research, who will you be targeting. Be as specific as possible and support your findings…..(children, Southeast, certain states, age, income, occupation, etc.). Guideline

In: Economics

Summarise the Mass Transfer module for Chemical Engineering, list all the main equations, and basic definitions....

Summarise the Mass Transfer module for Chemical Engineering, list all the main equations, and basic definitions.

(Mass transport/ diffusion/ steady states / flux/ficks laws 1st/2nd, laminar turbulent, volume flow rate, dispersion, pore diffusion, film theory, absorption, distillation,)

In: Other

In a 2015 Gallup poll of 804 randomly selected adults living in the 50 U.S. states...

In a 2015 Gallup poll of 804 randomly selected adults living in the 50 U.S. states and the District of Columbia, 466 felt that gay and lesbian relationships were morally acceptable. Construct a 95% confidence interval for the proportion of Americans who feel that gay and lesbian relationships are morally acceptable

In: Statistics and Probability

Give a briefly explanation of the each of the Five main consequences of pollution :

 

Give a briefly explanation of the each of the Five main consequences of pollution :

- Respiratory disease and other health problems in humans.

- Death of aquatic Organisms due to chemicals.

- Soil erosion and worsening states of water bodies.

- Plant growth adversely affected.

- Depletion of ozone layer and global warming.

In: Biology

Regarding chapter 36, please do some outside research and provide guidance as to which states are...

Regarding chapter 36, please do some outside research and provide guidance as to which states are favorable for incorporation and why. You should look at the issue from various perspectives such as management, legal issues, takeovers, etc.

The book is "Business Law" (edition 10) by Henry Cheeseman

In: Accounting

Which of the following statements about "meaning" is true? A) Group of answer choices B) Point...

Which of the following statements about "meaning" is true?

A) Group of answer choices

B) Point of view is synonymous with meaning.

C) Setting and action are unrelated to meaning in a story

ENglish 1302

D) The subject of a story states its meaning

E) Meaning is made up of separate themes

In: Operations Management

The bird-in-the-hand argument, which states that a dividend today is safer than the uncertain prospect of...

The bird-in-the-hand argument, which states that a dividend today is safer than the uncertain prospect of a capital gain tomorrow, is often used to justify high dividend payout ratios.

Explain the fallacy behind this argument. How might the position of an internal or external stakeholder differ on this point and why?

In: Finance

Absolute advantage A. is a concept Adam Smith used to illustrate how gains from trade could...

Absolute advantage
A. is a concept Adam Smith used to illustrate how gains from trade could arise.
B. not relevant since absolute advantage is not the source of gains from trade.
C. states that a country with the lower opportunity cost of producing a good will export it.

D. All of the above.

In: Economics