Ask Question
BusinessBusiness
26 February, 21:35

For taxpayers who do not itemize deductions, the standard deduction amount is subtracted from the taxpayer's adjusted gross income. True False

+3
Answers (1)
  1. 26 February, 21:47
    0
    The statement is: True.

    Explanation:

    The Adjusted Gross Income (AGI) is a measure based on individuals' gross income that serves as the basis for different deductions, among them, taxes. Taxpayers can request a tax credit based on certain expenditures that can be eligible for deduction. To do so, they must itemize those expenses in Form 1040 (Schedule A). Otherwise, the deduction will be based on the taxpayer's AGI.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “For taxpayers who do not itemize deductions, the standard deduction amount is subtracted from the taxpayer's adjusted gross income. True ...” 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
After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of Schenkel Enterprises. Unfortunately, you will be the only person voting for you.
Answers (1)
The paths through which immigrants send and receive sometimes conflicting information.
Answers (1)
Which of the following is not an unusual item? a. Corporate income tax being paid. b. Closure of all outlet stores. c. A change from one accounting method to another acceptable accounting method. d. A segment of the business being sold.
Answers (1)
Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $23,000 cash in her business.
Answers (1)
What is a sales lead?
Answers (1)
New Questions in Business
On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30.
Answers (2)
You invest $50,000 now and receive $10,000 per year for 15 years starting at the end of the first year.
Answers (1)
A high school currently require students to purchase a parking pass in order to park in the parking lot, but for the coming year they are considering letting all students park for free.
Answers (2)
An oligopolistic market structure is distinguished by several characteristics, one of which is a difficult entry. Which of the following are other characteristics of this market structure? Check all that apply. a. Market control by many small firms.
Answers (1)
Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer
Answers (1)
Home » Business » For taxpayers who do not itemize deductions, the standard deduction amount is subtracted from the taxpayer's adjusted gross income. True False
Sign Up Forgot Password?