BUSINESS COLLEGE

Carter divorced his wife in the current year. In accordance with the divorce decree, he paid her $15,000 as a property settlement in the division of their net assets. In addition, he paid her $10,000 in partial fulfillment of the annual requirement to pay her $12,000 a year in child support. What amount may Carter deduct on his tax return for the current year

Answers

Answer 1
Answer:

Answer:

$0 (at least under current laws)

Explanation:

Child support payments are not tax deductible. Even alimony payments made to former spouses are not tax deductible anymore.

Any property settlements resulting from a divorce are not tax deductible either nor are they considered taxable income for the receiving party.

So in this case, until the current law changes, Carter cannot deduct any amount from his tax return.

Related Questions

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Which of the following statements is most CORRECT? Federal bankruptcy law deals only with corporate bankruptcies. Municipal and personal bankruptcy are governed solely by state laws. All bankruptcy petitions are filed by creditors seeking to protect their claims against firms in financial distress. Thus, all bankruptcy petitions are involuntary as viewed from the perspective of the firm's management.
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Brainliest for anyone if they get this CORRECT.

Review the liabilities section of the balance sheet for Rings and Things. What problem can you identify with the payroll information, particularly as it relates to how much the one employee gets paid? What solution would you offer Janet and Omar?

Answers

Final answer:

The question asks to identify a problem in the liabilities section of a balance sheet, specifically in the payroll information, and suggest a solution. Possible issues could be inaccurate payroll calculations or inconsistencies between records. A possible solution could be auditing the payroll and implementing regular checks.

Explanation:

The question asks you to review the liabilities section of the balance sheet for a company named Rings and Things with a focus on the payroll information. It's important to note that without specific details from the balance sheet and payroll information, a precise issue can't be identified. However, typical problems in this area could include inaccurate payroll calculations or discrepancies between the balance sheet and payroll records.

A solution to these issues could involve auditing the payroll procedures to identify and rectify any errors or inconsistencies. Furthermore, regular checks and audits could be implemented to prevent these types of issues from occurring in the future. It’s fundamental that Janet and Omar ensure all records are meticulous and accurate to maintain a healthy balance sheet.

Learn more about Balance Sheet and Payroll here:

brainly.com/question/36088100

#SPJ3

Answer:

Explanation:

Most of the liability costs are coming from payroll, the individual salesperson. This employee only worked for 20 hours during April, and yet still makes an income of $1000 dollars. This means they have an hourly rate of $50 an hour, which is way more than the standard employee should be making. I would recommend Janet and Omar to decrease the hourly rate to something more standard, like minimum wage. This would decrease their liability costs by more than 50% because California's minimum wage rate is only about $12-13.

Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31
Budgeted diving-hours (q) 350
Revenue ($420.00q) $ 147,000
Expenses:
Wages and salaries ($11,500 $130.00q) 57,000
Supplies ($4.00q) 1,400
Equipment rental ($2,200 $25.00q) 10,950
Insurance ($3,900) 3,900
Miscellaneous ($510 $1.44q) 1,014
Total expense 74,264
Net operating income $ 72,736
Required:
During May, the company’s actual activity was 340 diving-hours. Compute the flexible budget of activity.

Answers

Answer:

operating income 84740.4

Explanation:

The flexible budget will work out the numbers for a level of activity of 340 units

Revenue $420 x 340 = 142,800

Wages and salaries $11,500 fixed component + $130 x 340 =  55,700

Supplies $4.00 x 340 = 1,360

Insurnace (fixed)   $3,900

Miscellaneous $510 fixed component + $1.44 x 340 = 999,6

Operating Income:

Revenues            142,800

total expenses   (58,059.6)  

operating income 84740.4

During March, the production department of a process operations system completed and transferred to finished goods 17,000 units that were in process at the beginning of March and 150,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 59% complete with respect to conversion. At the end of March, 34,000 additional units were in process in the production department and were 100% complete with respect to materials and 24% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method.

Answers

Answer:

a)201,000 units

b) 175,167 units

Explanation:

As per the data given in the question,

Details                               Materials                                 Conversion

                               Calculation      Units                 Calculation          Units

Units completed

and transferred (150,000+17,000)×100%   167,000    (150,000+17,000)×100%    167,000

Ending WIP      34,000×100%           34,000          34,000×24%        8,160

Total units      (167,000+34,000)    201000         (167,000+8,167)   175,167

Assume that, on January 1, 2018, Matsui Co. paid $809,600 for its investment in 35,200 shares of Yankee Inc. Further, assume that Yankee has 160,000 total shares of stock issued. The book value and fair value of Yankee's identifiable net assets were both $320,000 at January 1, 2018. The following information pertains to Yankee during 2018: Net Income $ 160,000 Dividends declared and paid $ 48,000 Market price of common stock on 12/31/2018 $ 25 /share 1. What amount would Matsui report in its year-end 2018 balance sheet for its investment in Yankee?

Answers

Answer:

The amount that Matsui would report in its year-end 2018 balance sheet for its investment in Yankee is $804992.

Explanation:

Year end balance = Beginning balance + Net income - Dividend

                               = $809,600 + (35,200*36%) - ($ 48,000*36%)

                              = $809,600 + $12672 - $17280

                              = $804992

Therefore, The amount that Matsui would report in its year-end 2018 balance sheet for its investment in Yankee is $804992.

Discuss why two people with similar abilities may have very different expectancies for performing at a high level.

Answers

Answer:

Because they're two different people

Explanation:

The main and major reason why, is the obvious one. The first reason that comes to the mind.

Because they are two different people. Different people have different goals, hopes and aspirations. And even those that share them go through different paths while carrying them out. The minds of the two individuals are not the same, and despite the fact that they have similar abilities, they might not necessarily get the job done on time because of other commitments either of them have. Even if they both have none, there's always a distinguishing factor, and that will always trump, thus making them have different expectancies for performing at a high level.

The price of a stock is $64. A trader buys 1 put option contract on the stock with a strike price of $60 when the option price is $10. The trader makes a profit when the stock price is below _______________

Answers

Answer:

stock price is below $50

Explanation:

given data

price of a stock = $64

strike price =  $60

option price = $10

solution

we know here that stock sell for $60 and pay for $10

so that here price of stock is

stock price = $60 - $ 10

stock price = $50

and net profit will be

net profit = $10 - $10

net profit = 0

so that we can say stock price is less than $50 for trader for making profit 0 or greater than 0.

so price will be below than $50

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The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Rina spends all of her money on comic books and beignets. In 2011 she earned $14.00 per hour, the price of a comic book was $7.00, and the price of a beignet was $2.00. Which of the following give the nominal value of a variable? Check all that apply. __ Rina's wage is 2 comic books per hour in 2011. __The price of a beignet is $2.00 in 2011. __ Rina's wage is $14.00 per hour in 2011. Which of the following give the real value of a variable? Check all that apply. __Rina's wage is $14.00 per hour in 2011. __The price of a comic book is 3.5 beignets in 2011. __Rina's wage is 7 beignets per hour in 2011. Suppose that the Fed sharply increases the money supply between 2011 and 2016. In 2016, Rina's wage has risen to $28.00 per hour. The price of a comic book is $14.00 and the price of a beignet is $4.00. In 2016, the relative price of a comic book is ( 0.29 beignets, 3.5 beignets, $4.00, $14.00) Between 2011 and 2016, the nominal value of Rina's wage (decreases, increases, remains the same) and the real value of her wage(decreases,increases,remains the same) . Monetary neutrality is the proposition that a change in the money supply (does not affect, affect) nominal variables and ( does not affect, affect) real variables.