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Individual taxpayers who don't itemize their deductions are entitled to a standard deduction amount by which to decrease ADJUSTED GROSS INCOME in arriving at taxable income. Amount of the standard deduction varies by the type of taxpayer and changes each year. A schedule of standard deductions is simply found in the instructions for the federal form 1040. Every state may also use a standard deduction format though the amounts and computations differ from federal and from state to state. Certain taxpayers may not be entitled to use the standard deduction. An illustration of this would be a married filing separate taxpayer. If one taxpayer itemizes then other is needed to by law even if the married filing separate taxpayer is unknowing of what is included on spouses separate return. A reason for this may be the prevention of pooling and duplication of deductions.
Errors An error is an error discovered in the current financial period but it relates to one or more previous financial periods. Such errors arise due to mathematical mistakes, m
Uniform Accountancy Act (UAA) - UAA is the proposal for a new regulatory framework for the public accounting profession that was developed jointly by the American Institute of Cer
Can you do the attached quections by Monday?
a. Create a worksheet in your excel file and name it "Part A Q2". In column A to E set up general journal and input the necessary journal entries to record the transactions and eve
Red Herring -‘Pre-release' PROSPECTUS offering. An announcement of a future issuance of SECURITIES, given restricted circulation during waiting period of 20 days or other specified
Sales volume reaches the maximum capacity of the new machine in Year 4. The positive NPV point to that the investment in Machine Two is financially acceptable althoug
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Concept of financial Accounting Accounting is the art of recording, classifying and summarizing the business transactions and events. Double Entry System is the base for reco
Which of the following actions are most likely to directly increase cash as shown on a firm's balance sheet? Explain and state the assumptions that underlie your answer. 1. It i
Court jurisdiction A court may limit a grant of representation which it has jurisdiction to make, as follows: 1. Where the will has been lost or mislaid since the testator's
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