Is a taxpayer required to report the reimbursement of a medical expense by insurance as income if the reimbursement is received in the year following the year of the expenditure?

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Answer 1

Answer:

Answer:

The reimbursement of medical expenses to a taxpayer is not considered as an income or taxable by the IRS.

If the taxpayer had previously deducted the expense and it resulted in tax savings, the reimbursement of a medical expense by insurance would be taxable. More so, there would have been no tax benefit if either the taxpayer had claimed the standard deduction, or if the floor for the medical deduction exceeded the medical expenses.

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Listening skills are important for career success and organizational effectiveness. Considered one of the soft skills, listening skills allow you to improve the effectiveness of your communication with supervisors, colleagues, and customers. To become a more powerful listener, you can employ a variety of techniques. For example, if you’re having trouble focusing on a message, you could:_________A. take a breakB. become actively involvedC. change the subject

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Answer:

Explanation:

Which is one of the greatest risks of being entrepreneur

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One of the greatest risks of being entrepreneur is the risk of business failure

What is one of the greatest risks of being entrepreneur?

One of the greatest risks of being an entrepreneur is the possibility of business failure. Starting a new business is inherently risky, as there is no guarantee that the business will be successful.

Entrepreneurs may invest significant time, money, and resources into their businesses, but still be unable to generate sufficient revenue to cover their costs or turn a profit. Business failure can be financially and emotionally devastating for entrepreneurs, as well as damaging to their reputation and future career prospects.

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If nominal GDP is $1,200 billion and, on average, each dollar is spent five times in the economy over a year, then the quantity of money demanded for transactions purposes will be?Choices
1,200
6,000
600
240
960

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Out of the choices provided above, it can be concluded to state that the quantity of money demanded for transactions will be $6,000 if the conditions given above with respect to the nominal GDP are satisfied in an economic situation. Therefore, the option B holds true.

What is the significance of nominal GDP?

The nominalGDP of an economy can be referred to or considered as the unit of measurement that is used to represent the final value of finished goods and services, where no adjustments for the prevailing inflation rates are taken into consideration.

The quantity of money demanded can be computed using the given nominalGDP's information as under,

Quantity of Money Demanded = Nominal GDP x Dollar Spending

Quantity of Money Demanded = 1200 × 5

Quantity of Money Demanded = $6,000

Therefore, the option B holds true and states regarding the significance of nominal GDP.

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Answer: 6000

Explanation:

What is the percentage increase in the net worth of your brokerage account if the price of XTel immediately changes to (a) $44; (b) $40; (c)

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Suppose that Intel currently is selling at $40 per share. You buy 500 shares using $15,000 of your own money, borrowing the remainder of the purchase price from your broker. The rate on the margin loan is 8%.

What is the percentage increase in the net worth of your brokerage account if the price of Intel immediately changes to (a) $44; (b) $40; (c) $36?

Answer:

Initial worth of brokerage account = 500 × $40 = $20,000

a). if the price changes to $44, then:

worth of brokerage account becomes = 500 × $44 = $22,000

∴ percentage increase = (22,000 - 20,000) / 20,000 = 10% increase.

b). if the price changes to $40, then:

worth of brokerage account becomes = 500 × $40 = $20,000

∴ percentage increase = (20,000 - 20,000) / 20,000 = 0 or no increase.

c). if the price changes to $36, then:

worth of brokerage account becomes = 500 × $36 = $18,000

∴ percentage increase = (18,000 - 20,000) / 20,000 = 10% decrease

Gabby Company sells a product for $ 100 per unit. Variable costs are $ 60 per unit, and fixed costs are $ 2 comma 500 per month. The company expects to sell 600 units in September. Calculate the contribution margin per unit, in total, and as a ratio.

Answers

Answer:

(a) $40

(b) $24,000

Explanation:

Given that,

Selling price = $100 per unit

Variable costs = $60 per unit

Fixed costs = $2,500 per month

Contribution margin per unit:

= Selling price - Variable costs

= $100 per unit - $60 per unit

= $40

Total Contribution margin:

= Contribution margin per unit × No. of units sold

= $40 × 600 units

= $24,000

Contribution margin ratio:

= (Selling price - Variable costs) ÷ Selling price

= ($100 per unit - $60 per unit) ÷ $100 per unit

= 0.4 or 40 %

An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure: Time Salary 0 $ 5,700,000 1 4,300,000 2 4,800,000 3 5,300,000 4 6,700,000 5 7,400,000 6 8,200,000 All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate the terms. He wants a $9.2 million signing bonus payable today and a contract value increase of $1,200,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the discount rate is 4.7 percent compounded daily, what is the amount of his quarterly check? Assume 365 days in a year. (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.)