Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. list tax -deductible expenditures and the deduc

1. List tax -deductible expenditures and the deductibleamount2. Below the list of deductible expenses...1....

90.2K

Verified Solution

Question

Accounting

1. List tax -deductible expenditures and the deductibleamount

2. Below the list of deductible expenses , re-configure yourtaxes and net income : Subtract your deductible expenses from yourgross income to determine your Gross Income (AGI ). Thenrecalculate your taxes based on the AGI.

3. Subtract your taxes from your Gross Income to determine yourupdated net income .

Please use formulas for your calculations Taxcalculations should be listed for each type of tax

no more info provided

Answer & Explanation Solved by verified expert
3.8 Ratings (705 Votes)
Tax Deductions 1 American Opportunity Tax Credit The AOTC is for firsttime college students for their first four years of college or other higher education If youre pursuing a degree or otherwise going to college and havent had a felony drug conviction at the end    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: Accounting1. List tax -deductible expenditures and the deductibleamount2. Below the list of deductible expenses...1. List tax -deductible expenditures and the deductibleamount2. Below the list of deductible expenses , re-configure yourtaxes and net income : Subtract your deductible expenses from yourgross income to determine your Gross Income (AGI ). Thenrecalculate your taxes based on the AGI.3. Subtract your taxes from your Gross Income to determine yourupdated net income .Please use formulas for your calculations Taxcalculations should be listed for each type of taxno more info provided

Other questions asked by students

Q

For this discussion post: Define the term finance, in your own words. Describe areas in which you...

Finance
Q

describe six different perfusion imaging techniques. State what they are, what they do, what they can...

Medical Sciences
Q

A sample containing 321.5 g of nitrogen gas is expanded isothermally at T=298 K from 1.023dm^3...

Chemistry
Q

Although mutations in the coding region of a genes can lead to changes in protein sequence...

Biology
Q

SSA Determine if the two triangles are congruent If they are state how you know...

Geometry
Q

Dirntar for to Dirntar for to

Accounting
Q

Movie Equipments Inc. has two joint products called, EX and Y's, and uses the net...

Accounting
Q

A company wants to sell the following package: A car that comes with an automatic...

Accounting
Q

Costco Wholesale Corporation Inc.: Analysing Financial Condition and Performance This individual project assignment is based...

Accounting
Q

Mario & Luigi Plumbing Company has beginning inventory of 22,500 units, will sell 67,000 units...

Accounting
Q

Comments This is an example of balance sheet results after the accounting system has recorded...

Accounting
Q

Multiple choice When making decisons, what qualitative items need to be considered? Quality Timing Both...

Accounting