Emily, who is single, sustains an NOL of $13,200 in 2020. The loss is carried forward to 2021. For 2021, Emily's income tax information before taking into account the 2020 NOL is as follows: Adjusted gross income $66,000 Itemized deductions*: Medical [$7,920 - (10% x $66,000)] $1,320 Taxes 9,900 Interest expense on home mortgage 19,800 (31,020) Taxable income $34,980 * The 2020 single standard deduction is $12,400; Emily's itemized deductions will exceed the 2021 single standard deduction (after adjustment for inflation). Assume that the medical expense AGI floor is 10% in 2021 (it was 7.5% for 2017 through 2020). How much of the NOL carryforward can Emily use in 2021, and what is her adjusted gross income and her taxable income

What is an equation of the line in slope intercept formm = 4 and the y-intercept is (0,5)y = 4x-5y = -5x +4y = 4x + 5y = 5x +4

20. to add body to a hearty broth, you may use a. onions. b. pasta. c. cheese. d. water.

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.