Ask Question
BusinessBusiness
3 June, 05:44

What are exemptions and deductions? how should you choose between taking the standard deduction and itemizing deductions?

+2
Answers (1)
  1. 3 June, 05:58
    0
    Exemptions are the amount that we can minus from the income showing some valid reason like dependents which can reduce the income where as deductions is the amount that is related to the expenses. Before choosing anything we must find out the total deductible expenditures and see if it is greater than standard deductions and if it is, itemizing deductions is chosen.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What are exemptions and deductions? how should you choose between taking the standard deduction and itemizing deductions? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Sunny Corporation began the year with cash of $ 141, 000 and land that cost $ 55, 000. During the year Sunny earned service revenue of $ 250 comma 000 and had the following expenses: salaries, $ 190 comma 000 ; rent, $ 80,000 ;
Answers (1)
Companies attempted to intimidate union organizers by
Answers (1)
During the past year, Yard Services paid $36,800 in interest along with $2,000 in dividends. The company issued $3,000 of stock and $16,000 of new debt. The company reduced the balance due on its old debt by $18,400.
Answers (1)
Which of the following situations illustrate the problem of substitution bias in the construction of the CPI? Check all that apply.
Answers (1)
At year-end, a department store shows a balance in the merchandise inventory account of $2 million and a physical inventory shows there is less than $2 million in merchandise on hand. What kind of inventory system does the department store use
Answers (1)
New Questions in Business
Phoenix Company's newest product has the following unit dа ta: selling price $244, variable costs $140, and fixed costs $60. What is the markup percentage?
Answers (1)
Example of a product that has saturated its market
Answers (1)
Q 1.2: the question "how much of our annual budget should we spend to advertise our new product line?" would most likely be asked by a
Answers (1)
If you wanted to find and display a collection of data from a table on a regular weekly basis, what method would you be most likely to use? A. A form B. A field C. A query D. A report
Answers (1)
The equation represents Jordan's overtime pay structure. Based on this equation, what is Jordan's regular hourly pay?
Answers (2)
Home » Business » What are exemptions and deductions? how should you choose between taking the standard deduction and itemizing deductions?
Sign Up Forgot Password?