Buddy Slaton Has Only One Itemized Deduction Item,the $3,000 He

question 131

Multiple Choice

Buddy Slaton has only one itemized deduction item,the $3,000 he gave to his church.His standard deduction this year is $5,450,and he is in the 15% marginal tax bracket.How much will his contribution to the church save Buddy in taxes this year?

• A) $4,400
• B) $3,000
• C) $ 660
• D) $ 450
• E) $ 0

Analyze transactions in terms of their effects on accounts for accurate journal recording.

Recognize the chronological nature of the journal as a transaction record.

Identify the role of source documents in evidencing transactions.

Understand the correct order of debiting and crediting accounts in journal entries.

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Definitions:

Archaea

One of the two prokaryotic domains of life. Archaea superficially resemble bacteria, but they are distinguished by a number of unique biochemical features.

Genetic Polymorphism

The simultaneous occurrence of two or more discrete phenotypes within a population. In the simplest case, each phenotype results from a different allele or combination of alleles of a single gene. In more complex cases, the phenotypes result from complex interactions between many different genes and the environment.

Phenotypes

The set of visible or measurable traits of an organism that arise from the interaction of its genotype with the environment.

Population

A population consisting of members of the same species who live and reproduce within a specific region.