Q; If you are filing your tax return as an individual, you will need to itemize your taxes if
A. the sum of your deductible contributions is less than $300
B. the sum of your deductible contributions exceeds $300
C. you don't have any deductible contributions
D. you donated to a religious institution
Q; What does the CARES Act allow regarding charitable contributions?
A. it allows the government to tax your charitable contributions
B. it allows you to deduct $300 in charitable contributions
C. it allows you to create a 501(c)(3) organization
D. it allows you to deduct the price of merchandise you buy from charities
Q; What does IRS stand for?
Q; Which is an example of a financial institution?
A. a government regulatory agency of money
B. the IRS
C. a group of investors
D. a retail or commercial bank
Q; What does it mean when a bank is FDIC insured
A. it has insurance on the building
B. it has insurance on it's investments
C. it guarantees that you won't lose all of your money
D. it is one of the top 100 banks in the world
Answers:
1. B. the sum of your deductible contributions exceeds $300
2. B. it allows you to deduct $300 in charitable contributions
3. IRS stands for Internal Revenue Service
4. D. a retail or commercial bank
5. C. it guarantees that you won't lose all of your money
Q; When iron rusts and forms iron oxide, the iron oxide has more mass than iron. Which statement correctly explains this observation?
A. There are more iron atoms in iron oxide than in pure iron
B. The oxygen atoms in iron oxide have more mass than iron atoms in pure iron
C. Iron oxide has oxygen atoms, and pure iron does not
D. The iron atoms in iron oxide have more mass than pure iron
Q; Which statement correctly explains why the ashes of burnt paper have less mass than the original paper?
A. Some of the atoms in the paper became gases
B. Other atoms combine with the paper to produce the ash
C. Some of the atoms in the paper are destroyed when it burns
D. The ash is created from new atoms that have less mass than the paper
Answers:
1. B. The oxygen atoms in iron oxide have more mass than iron atoms in pure iron
2. A. Some of the atoms in the paper became gases
A; If you are filing your tax return as an individual, you will need to itemize your taxes if:
B. the sum of your deductible contributions exceeds $300
A; The CARES Act allows regarding charitable contributions:
B. it allows you to deduct $300 in charitable contributions
Q; What does IRS stand for?
A; IRS stands for Internal Revenue Service.
Q; Which is an example of a financial institution?
D. a retail or commercial bank
Q; What does it mean when a bank is FDIC insured?
C. it guarantees that you won't lose all of your money
A: If you are filing your tax return as an individual, you will need to itemize your taxes if the sum of your deductible contributions exceeds $300. To determine whether you should itemize your taxes, you need to calculate the total amount of your deductible contributions. If this amount is greater than $300, you should itemize your taxes instead of taking the standard deduction. Deductible contributions include expenses like mortgage interest, state and local taxes paid, medical expenses, and charitable contributions. By itemizing your deductions, you report each eligible expense individually, which can potentially result in a larger tax deduction.
A: The CARES Act allows you to deduct $300 in charitable contributions. The CARES Act, which stands for "Coronavirus Aid, Relief, and Economic Security Act," was enacted in response to the COVID-19 pandemic. As part of this act, taxpayers who take the standard deduction are allowed to deduct up to $300 in cash contributions made to qualifying charitable organizations. This deduction is available even if you do not itemize your deductions.
A: IRS stands for Internal Revenue Service. It is the government agency responsible for administering and enforcing tax laws in the United States. The IRS collects taxes, processes tax returns, and provides guidance and assistance to taxpayers.
A: A retail or commercial bank is an example of a financial institution. Financial institutions are organizations that provide various financial services to individuals and businesses. Banks are one type of financial institution that offer services such as accepting deposits, providing loans, and facilitating transactions. Other examples of financial institutions include credit unions, investment banks, insurance companies, and brokerage firms.
A: When a bank is FDIC insured, it guarantees that you won't lose all of your money. The FDIC, which stands for Federal Deposit Insurance Corporation, is an independent agency of the United States government. It provides deposit insurance to depositors in U.S. banks. If a bank that is FDIC insured fails, the FDIC steps in to protect depositors by insuring their deposits up to a certain limit (currently $250,000 per depositor per bank). This guarantees that even if a bank fails, you will not lose all of your funds deposited in that bank.