For Each of the Following Situations, Determine Whether the Item

question 84

Essay

For each of the following situations, determine whether the item is deductible, how it would be deducted on the taxpayer's return (if there are alternatives possible, discuss the conditions that would determine the treatment) and any limitations, which might be placed on the deduction.
a.Tony and Rika are married and file a joint return. Only Tony is covered by an employee-sponsored pension plan and their adjusted gross income is $189,000. Determine their maximum IRA contribution and deduction for the current year.
b.Elise graduated from Southern University in May of 2017 and immediately started working as a financial analyst for Simone Financial Group. To finance her college education, she borrowed $30,000 from a local bank. In January of 2018, she begins paying back her student loans and pays $2,400 of interest expense during the year. Her adjusted gross income for the year is $63,000.
c.During the current year, Rowland accepts a job as a computer programmer with Davenport Industries. He incurs the following expenses in moving from East Brunswick, New Jersey to Durham, North Carolina. Davenport Industries reimburses him $4,000 for his move.

Understand the impact of cognitive biases on performance evaluation and metric selection.

Recognize the importance of continuous evaluation of performance metrics.

Understand the concepts and components of a balanced scorecard.

Identify the role and construction of performance metrics and targets within organizational strategy.

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Definitions:

SCM

Supply Chain Management (SCM) is the oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.

Inventory

Inventory refers to the total amount of goods and materials held in stock by a business, warehouse, or storage facility.

Goods And Services

Goods and services are the products and activities that satisfy human wants; goods are physical items, while services are non-tangible activities or benefits.

Push Model

A business model in which the production process begins with a forecast, which predicts the products that customers will want as well as the quantity of each product. The company then produces the amount of products in the forecast, typically by using mass production, and sells, or “pushes,” those products to consumers.