Business, 23.01.2020 06:31 princessmaddiegigi

Timing of deductions. virginia is a cash-basis, calendar-year taxpayer. her salary is $20,000, and she is single. she plans to purchase a residence in 2017. she anticipates her property taxes and interest will total $7,200. each year, virginia contributes approxi- mately $1,000 to charity. her other itemized deductions total approximately $800. for purposes of this problem, assume that 2017 tax rates, exemptions, and standard deduc- tions are the same as for 2016.

a. what will her gross tax be in 2016 and 2017 if she contributes $1,000 to charity in each year?

b. what will her gross tax be in 2016 and 2017 if she contributes $2,000 to charity in 2016 but makes no contribution in 2017?

c. what will her gross tax be in 2016 and 2017 if she makes no contribution in 2016 but contributes $2,000 in 2017?

d. alternative c results in a lower tax than either a or b. why?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 07:30, taridunkley724

Hours to produce one unit worker hours to produce yarn country a 8 hours country b 4 hours worker hours to produce fabric counrty a 12 hours country b 13 hours additional worker hours to produce fabric instead of yarn country a ? country b? which of the follow is true of the trade relationship between country a and country b? country a has an absolute advantage in producing yarn and fabric country b has an absolute advantage in producing yarn and fabric country b has a comparative advantage to country a in producing fabric country a has a comparative advantage to country b in producing fabric

Answers: 2

continue

Business, 22.06.2019 08:40, Damagingawsomeness2

Gerda, a real estate agent, is selling a moderately priced house in a subdivision. she knows from her uncle that the factory being built half a mile from the subdivision will be manufacturing dog food, using a process that creates a very strong odor that permeates the surrounding neighborhood. a buyer, who is unaware of the type of factory under construction, makes an offer on one of the houses gerda is selling, and within a short time, the deal goes through. what does this scenario best illustrate?

Answers: 3

continue

Business, 22.06.2019 11:10, AM28

Your team has identified the risks on the project and determined their risk score. the team is in the midst of determining what strategies to put in place should the risks occur. after some discussion, the team members have determined that the risk of losing their network administrator is a risk they'll just deal with if and when it occurs. although they think it's a possibility and the impact would be significant, they've decided to simply deal with it after the fact. which of the following is true regarding this question? a. this is a positive response strategy. b. this is a negative response strategy. c. this is a response strategy for either positive or negative risk known as contingency planning. d. this is a response strategy for either positive or negative risks known as passive acceptance.

Answers: 2

continue

Business, 22.06.2019 14:50, demarcuswiseman

Prepare beneish corporation's income statement and statement of stockholders' equity for year-end december 31, and its balance sheet as of december 31. there were no stock issuances or repurchases during the year. (do not use negative signs with your answers unless otherwise noted.)

Answers: 2

continue

You know the right answer?

Timing of deductions. virginia is a cash-basis, calendar-year taxpayer. her salary is $20,000, and s...