Tom lewis, a single taxpayer, had the following income and expense items for the current year: wages $ 55,000 long-term capital loss 4,000 deductible ira contribution (tom is not covered by a retirement plan at work) 2,000 mortgage interest on personal residence 5,000 medical expenses not covered by insurance 6,000 tom's 2019 standard deduction amount 12,200 assuming the medical expense deduction threshold is 10%, what is tom's total deductible itemized deduction amount for the year?

At the end of the week, carla receives her paycheck and goes directly to the bank after work to make a deposit into her savings account. the bank keeps the required reserve and then loans out the remaining balance to a qualified borrower named malik as a portion of his small business loan. malik uses the loan to buy a tractor for his construction business and makes small monthly payments to the bank to payback the principal balance plus interest on the loan. the bank profits from a portion of the interest payment received and also passes some of the interest back to carla in the form of an interest payment to her savings account. in this example, the bank is acting

You speak to a business owner that is taking in almost $2000 in revenue each month. the owner still says that they are having trouble keeping the doors open. how can that be possible? use the terms of revenue, expenses and profit/loss in your answer

Turtle corporation produces and sells a single product. data concerning that product appear below: per unit percent of sales selling price $ 150 100 % variable expenses 75 50 % contribution margin $ 75 50 % the company is currently selling 5,600 units per month. fixed expenses are $194,000 per month. the marketing manager believes that a $5,300 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales. what should be the overall effect on the company's monthly net operating income of this change?