I need help with the following questions:
1)
2)3)
4)
5)
Answer:-
1)d) head of household and 1 dependent
2) b) 27500
= (40000 + 5000 + 10000) / 2
= 27500
3) e) 45000
4)a) 700
Explanation:
The amount that is deductible for business gifts is only 25 dollars maximum per person.
Bob gave 34 people gifts:
10x$10= $100
8x$25= $200
8x$25= $200
8x$25= $200
The total that Bob can deduct is $700 because each person's gift is limited to 25 dollars.
5) c) encourage smaller families
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