ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Taxes Paid
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Tax Refund
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Insurance Payment
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Savings set aside
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Detailed explanation-1: -The tax expense is the amount of money that a business or other entity has determined is owed in taxes based on standard business accounting rules. This charge is reported on the business’ income statement. The tax payable is the actual amount owed in taxes based on the rules of the tax code.
Detailed explanation-2: -Office-related expenses. Office supplies. Professional fees (legal, accounting) Salaries of workers.
Detailed explanation-3: -Personal Expenses. As mentioned above, ordinary expenses related to personal or family expenses aren’t deductible. Political Contributions. Commuting Expenses. Certain Gifts. Travel Expenses for Extra Travelers. Anything Illegal. Meals and Entertainment. 01-Mar-2023
Detailed explanation-4: -Personal Exemption. The personal exemption is one of the most common tax deductions. Standard Deduction. Another common tax deduction is the standard deduction. Charitable Contributions. Mortgage Interest. Tax-Advantaged Account Contributions.