John Rogers is a personal tax client of your firm. He is self-employed, running his own vinyl record shop in Shoreditch. His profit and loss account for the year ended 31 March 2022 is as follows:
Gross profit: £204,000
Expenses:
Depreciation: 3,000
Motor expenses (Note 1): 9,000
Professional fees (Note 2): 4,000
Repairs and renewals (Note 3): 900
Travel and entertaining (Note 4): 6,000
Wages and salaries (Note 5): 70,100
Other expenses (Note 6): 51,000
Total Expenses: 144,000
Net profit: 60,000
Note 1: Motor expenses He used the car 70% of the time for business purposes.
Note 2 Professional fees: This comprised £900 for accountancy, £1,000 for capital gains tax advice for John, £700 legal fees chasing trade debts and £1,400 for legal fees renewing a short lease.
Note 3 Repairs and Renewals: This figure was made up of £600 for repairs to old vinyl record players and £300 to purchase a new vinyl record player.
Note 4 Travel and Entertaining: This consisted of £4,300 for John’s business travelling expenses, £1,000 for travel between his home and his shop and £700 for entertaining musician customers.
Note 5 Wages and Salaries: Includes £22,000 paid to John’s wife. She works full-time in the business as a sales assistant. The other sales assistants, doing identical jobs, are paid £15,000 a year each. John paid his son £1,000 for redecorating the shop.
Note 6 Other Expenses: Included £100 in respect of a parking fine incurred by John for parking outside his shop, £500 for John’s annual tennis club subscription, a political donation of £50 and staff entertaining costing £2,000.
Note 7 Use of Office: John used one of the seven rooms in his private home as an office for the business. The total running costs of the house for the year were £4,900. These costs have not been included in the accounts.
Note 8 Private Telephone: John uses his private phone to make business calls. The total cost of the phone for the year was £600 of which 40% related to business calls. The cost of the calls has not been included in the accounts.
Note 9 Goods for Own Use: John took records out of stock for his own collection. These cost £400 with a normal mark up of 25%. No adjustment has been made in the accounts
Note 10 Capital Allowances: The TWDV on the Main Pool on 1 st April 2021 was £10,000. On 1st June 2021 he sold some plant for £500 which had cost £800 three years earlier.
His other income for 2021/2022 comprised
ISA interest: £300
Dividend income: £4,000
Bank interest received: £1,200
During the year John gave £240 under gift aid to Oxfam a registered charity.
QUESTION:
a) Calculate John’s taxable trading profit for the year ended 31 March 2022, making clear your treatment of each item.
b) Calculate his income tax liability for 2021/2022.
Lecture Slides:
Answers
a. Less: Gift aid payment: £240
b. Net income tax liability: £12,972
a) Calculation of John's taxable trading profit for the year ended 31 March 2022:
Gross profit: £204,000
Less: Expenses
Depreciation: £3,000 (allowed expense)
Motor expenses: £9,000 x 70% = £6,300 (allowed expense)
Professional fees:
Accountancy: £900 (allowed expense)
Capital gains tax advice: £1,000 (not an allowable expense)
Legal fees chasing trade debts: £700 (allowed expense)
Legal fees renewing short lease: £1,400 (not an allowable expense)
Repairs and renewals:
Repairs to old vinyl record players: £600 (allowed expense)
Purchase of new vinyl record player: £300 (capital expenditure)
Travel and entertaining:
Business travelling expenses: £4,300 (allowed expense)
Travel between home and shop: £1,000 (not an allowable expense)
Entertaining musician customers: £700 (not an allowable expense)
Wages and salaries:
John's wife's salary: £22,000 (allowed expense)
Other sales assistants' salaries: £15,000 x 2 = £30,000 (allowed expense)
Payment to son for redecorating shop: £1,000 (capital expenditure)
Other expenses:
Parking fine: £100 (not an allowable expense)
Annual tennis club subscription: £500 (not an allowable expense)
Political donation: £50 (not an allowable expense)
Staff entertaining: £2,000 (allowed expense)
Use of office:
Running costs of house: £4,900 (not an allowable expense)
Private telephone:
Business portion of phone cost: £600 x 40% = £240 (allowed expense)
Goods for own use:
Cost of records: £400 (not an allowable expense)
Mark up: £400 x 25% = £100 (not an allowable expense)
Capital allowances:
Sale proceeds of plant: £500 (taxable)
Written down value of main pool: £10,000 (allowed expense)
Net profit: £60,000
Add back: Depreciation: £3,000
Less: Capital expenditure:
Purchase of new vinyl record player: £300
Payment to son for redecorating shop: £1,000
Less: Disallowable expenses:
Capital gains tax advice: £1,000
Legal fees renewing short lease: £1,400
Travel between home and shop: £1,000
Entertaining musician customers: £700
Parking fine: £100
Annual tennis club subscription: £500
Political donation: £50
Less: Goods taken for own use: £100
Taxable trading profit: £58,950
b) Calculation of John's income tax liability for 2021/2022:
Taxable trading profit: £58,950
Add: Other income:
ISA interest: £300
Dividend income: £4,000
Bank interest received: £1,200
Total income: £64,450
Less: Personal allowance (assuming standard rate): £12,570
Taxable income: £51,880
Income tax calculation:
Basic rate (20%) on first £37,700: £7,540
Higher rate (40%) on remaining £14,180: £5,672
Total income tax liability: £13,212
Less: Gift aid payment: £240
Net income tax liability: £12,972
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Related Questions
Aparna mehta proposes a system where products that are returned can be shipped directly to another buyer without going back to the company. What would such a system require?.
Answers
The system that will allow products that are returned to be shipped directly to another buyer will requires:
artificial intelligence,major shift in the psychological factors,customer incentives,recognition that online returns are problematic.What is the benefit of this propose system?The proposed system will be beneficial to a Aparna meht because its will reduce spoilage of goods while on return to company warehouse.
It will also reduce transport cost because the good are transported directly to other buyer instead of return to the company warehouse.
Therefore, the Option E is correct.
Missing Options "a Artificial intelligence. b A major shift in the psychological factors that influence consumer behavior. C Customer incentives. d Recognition that online returns are problematic.e. All of the above"
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A representative gives a seminar to investors, making a presentation about successful hedge fund strategies. It is attended by 10 retail clients and 20 institutional clients. FINRA defines this as:
Answers
Answer:
A representative gives a seminar to investors, making a presentation about successful hedge fund strategies. It is attended by 10 retail clients and 20 institutional clients. FINRA defines this as: a retail communication.
Explanation:
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in which Step of production process are materials manipulated
Answers
Answer:
tread count
Explanation:
different sizes
June 2019 Mexican peso futures contract has a price of $0.05155 per MXN. You believe the spot price in June will be 0.05803 per MXN.a. What speculative position would you enter into to attempt to profit from your beliefs?multiple choice Short position Long Positionb. Calculate your anticipated profits, assuming you take a position in three contracts. (Do not round intermediate calculations. Round your answer to the nearest whole number.)c. What is the size of your profit (loss) if the futures price is indeed an unbiased predictor of the future spot price and this price materializes? (A Negative value should be indicated with a minus sign. Do not round intermediate calculations. Round your answer to the nearest whole number.)
Answers
To profit from its belief one should be in Long Position. One's profit if the futures price is indeed an unbiased predictor of the future spot price and this price materializes would be $0.
a. To profit from your belief that the spot price in June will be $0.05803 per MXN, which is higher than the current futures price of $0.05155 per MXN, you should enter into a Long Position.
b. To calculate your anticipated profits, follow these steps:
1. Calculate the difference between the expected spot price and the futures price:
$0.05803 - $0.05155 = $0.00648 per MXN.
2. Multiply the price difference by the size of the contract. Since the contract size for Mexican peso futures is 500,000 MXN:
$0.00648 x 500,000 = $3,240.
3. Multiply the profit per contract by the number of contracts (3 contracts in this case):
$3,240 x 3 = $9,720.
Your anticipated profit, assuming you take a position in three contracts, is approximately $9,720.
c. To calculate the profit or loss if the futures price is an unbiased predictor of the future spot price:
1. Assume the future spot price is equal to the current futures price: $0.05155 per MXN.
2. Since you've taken a long position, your profit or loss would be zero in this scenario, as the expected price would be the same as the current futures price.
Your profit (loss) if the futures price is indeed an unbiased predictor of the future spot price and this price materializes would be $0.
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5020
تيكية
Which material resource is found in
a plastic toy?
Answers
Answer:
polythene, polypropylene,EVA,etc are found in a plastic toy.
ong answer: right here right now, inc. sells streaming media subscriptionsthe company has grown alot recently and has noticed that it has been getting a larger number of complaints about customer service right here right now arranged for its customer service employees to recieve training on best practices and telephone customer service they have hired you to thoroughly evaluate the training you to arrange a meeting to go over your plans with customer service manager below create a brief meeting agenda including objectives discussion topics each with a estimated amount of time alotted to it and propose next steps your discussion topics should include brief descripters of the areas you plan to evaluate and soon those evaluations should take place include all four levels of evaluation discussed
Answers
Answer:
well i first would welcome everyone and thank you for coming
1. Training what is going well and what needs to change
2.Meeting ask anyone what they think that might help
3.Due times if any work that you assigned tell them if there is a due date
4.Plans to evaluate when the next meeting should be held
Explanation:
Question 2 of 10
What is product positioning?
O
A. The set of plans for product, price, place, and promotion that the
marketer will use
O
B. The use of names and symbols to identify the company's products
O C. The process of dividing up a total market into groups (segments)
with similar needs and buying behaviors
OD. A definition of how the company intends for customers to view its
product relative to the competition
Answers
Answer:
I think it should be D keep checking just in case
T/F a positive residual income indicates that the segment’s return on investment is greater than the company’s target rate of return.
Answers
It is true that "residual income indicates that the segment’s return on investment is greater than the company’s target rate of return" . It is a financial performance measure that indicates the excess of actual income earned by a business unit over its expected income.
If the residual income is positive, it means that the segment has generated more income than the company's target rate of return, which is the minimum return expected by investors. A positive residual income shows that the segment is profitable and creates value for the company.
On the other hand, a negative residual income indicates that the segment is not meeting the target rate of return and is not contributing to the company's profitability. Residual income is a useful tool for evaluating the financial performance of business units and for making investment decisions.
By calculating residual income, managers can identify the most profitable segments and allocate resources accordingly to maximize the company's overall return on investment. The answer is true.
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On January 2, The Public Legal Clinic issued Check 2108 for $370 to establish a petty cash fund. Indicate how this transaction would be recorded in a cash payments journal.
Answers
To create the petty cash fund, make the following journal entry: debit Petty cash fund account ($430), credit cash account ($430).
What is petty cash fund?A petty cash fund's main objective is to give business units enough money to pay for small expenses. The purpose is to make it easier for staff workers and visitors to get reimbursed for little expenses like taxi rides, postage, office supplies, and other things that often don't cost more than $25.00.
The data can also come from of the petty cash fund. Add up all of the expenses that are mentioned on each petty cash vouchers in the petty cash fund. This sum should be deducted from the calculated cash withdrawal amount. The outcome ought to be 0. There is an excess of cash in the fund if there is a residual balance.
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In preparing a company's statement of cash flows using the indirect method, the following information is available:Net income $ 52,000Accounts payable decreased by 18,000Accounts receivable increased by 25,000Inventories increased by 5,000Depreciation expense 30,000Net cash provided by operating activities was:
Answers
Answer:
Statement of cash flows using the indirect method
Net income $52,000
Adjustments to net income:
Depreciation expense $30,000Increase in accounts receivable ($25,000)Increase in inventories ($5,000)Decrease in accounts payable ($18,000) ($18,000)net cash flow provided by operating activities $34,000
write a one page reflection on your understanding of the types of business organization.
Answers
Individuals and firms use organizational reflection to affirm the mission and meaning of their work, find synergies across their efforts, and learn holistically from successes and challenges.
What do you mean by business organization?A business organization is an entity created with the intention of conducting a buying and selling business.
These organizations are founded on legal systems that govern contract and trade, property rights, and incorporation.
Sole proprietorship, partnership, and corporation are the three types of business organization.
Therefore, Individuals and firms use organizational reflection to affirm the mission and meaning of their work, find synergies across their efforts, and learn holistically from successes and challenges.
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what is the differences and similarities between rental goods services and non goods services
Answers
Answer and Explanation:
Rented-Goods Services are represented by retailom where consumers can own a good, or use a service for a specified time. As an example of this, we can mention hotel rooms, ski clothes, cars, houses, among others.
Nongoods Services are also represented by retail, but it presents personal services, where consumers can try them, judge them and then decide if they want to own them.
the effectiveness of monetary policy is in part due to selected answer will be automatically saved. for keyboard navigation, press up/down arrow keys to select an answer. a the lack of political influence. b the long implementation lag. c the zero limit on interest rates. d the short effectiveness lag. e all of the above.
Answers
The effectiveness of monetary policy is attributed to various factors, including the lack of political influence, the long implementation lag, the zero limit on interest rates, and the short effectiveness lag.
One of the main reasons why monetary policy is effective is due to the lack of political influence. Central banks are typically independent of political influence, which allows them to make decisions based on economic data and analysis rather than political pressure. This independence ensures that monetary policy decisions are made in the best interest of the economy as a whole. Another factor that contributes to the effectiveness of monetary policy is the long implementation lag. It can take several months or even years for monetary policy decisions to have their full impact on the economy. However, once the effects do kick in, they tend to be significant and long-lasting.
In summary, all of these factors contribute to the effectiveness of monetary policy in stimulating economic growth and stability.
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Xavier opened a savings account with a deposit of $12,000. the account earned simple interest. he did not make any additional deposits or withdrawals. at the end of 3 years, the account balance was $12,324. what is the annual interest rate on this account?
Answers
The annual interest rate on this account opened by Xavier will be 0.9%.
How to calculate the interest rate?From the information, the following can be deduced:
Principal = $12000
Interest = $12324 - $12000 = $324
Time = 3
We'll use the formula:
I = PRT/100
324 = (12000 × R × 3)/100
32400 = 36000R
R = 32400/36000
R = 0.9
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if a health insurance company could somehow monitor everything a customer does and thinks, it could create a full-insurance contract with no moral hazard.truefalse
Answers
False, it is not possible for a health insurance company to monitor everything a customer does and thinks, thereby creating a full-insurance contract without a moral hazard.
The concept of a full-insurance contract is one that removes any moral hazard that may arise from the relationship between the insurance company and its customer. The insurer offers to fully cover the customer in the case of any loss, damage, or injury.
The definition of a moral hazard is a situation in which one party makes a decision about how much risk to take, while another party bears the cost of that risk. In other words, it is a situation where an individual has no incentives to behave in a risk-free manner because they know that someone else is bearing the cost of their actions.
In the context of health insurance, moral hazard arises when people take advantage of their health insurance benefits to consume more healthcare services than they would have if they had to pay the full cost themselves.
If a health insurance company could monitor everything a customer does and thinks, it still would not be possible to create a full-insurance contract without moral hazard. This is because it is impossible to monitor every single action or thought of an individual. Additionally, even if it was possible to monitor everything, people would still take risks, since there would be no incentive to avoid risky behavior.
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The table shows the terms of a fixed-rate mortgage.
Which accurately describes the terms of this mortgage? Check all that apply.
The homeowner is borrowing $360,000.
The monthly interest rate is 4 percent.
Monthly payments must be made for 30 years.
The annual interest rate is 4.8 percent.
The homeowner is borrowing $200,000.
Monthly payments must be made for 360 years.
Answers
The fixed-rate mortgage concept is used in home loans. Monthly payments for 30 years, the interest rate is 4.8%, and borrowing $200,000.
What is a fixed-rate mortgage?It is usually used in home loans with a fixed interest rate during the term of the loan. It is beneficial because once the rate of interest is fixed it is not influenced by the increase in the rate in the future.
C - Monthly payments for 30 years.
D - The interest rate is 4.8 % annually
E - borrowing $200,000.
Therefore, options C, D, and E explain the fixed-rate mortgage.
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10 years ago you invested $1,000. If your investment is worth $6,000 now, what was your rate of return? Multiple Choice 17.46%+1−1.00% 10.74%+/−1.00% 13.12%+/−100% 19.62%+/−1.00%
Answers
10 years ago you invested $1,000. If your investment is worth $6,000 9.62%, was your rate of return.
FV = Future Value
Future Value (FV) = $6,000
Present Value (PV) = $1000
no. of years invested (n) = 10
r = rate of return
6000 = 1000 x \((1 + r )^{10}\)
\((1 + r )10\) = 6000/1000
r = 1.196231199 - 1
= \((6000/1000)^{1/10}\)
= 1.196231199
Rate of Return = 0.196231199
= 19.6231199% or 19.62% (app)
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Leah trades some of her homegrown peppers to her neighbor, Charlie, for some tomatoes fresh from his garden. This type of trade represents an example of Multiple Choice direct exchange. tax avoidance. e-commerce. barter.
Answers
Barter is the type shown in the statement as Charlie, Leah's neighbor, trades some of her homemade peppers for tomatoes from his garden. They are just exchanging goods in return of goods.
What is Barter system?Bartering is the exchange of products or services between two or more individuals without the use of money or a monetary mechanism like a credit card.
Trading is defined as a transaction in which one party provides one good or service in exchange for another party's provision of a different good or service.
Thus, option D, Barter is correct.
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from the perspective of the writer of a put option written on €62,500. if the strike price is $1.55/€, and the option premium is $1,875, at what exchange rate do you start to lose money?
Answers
In the scenario given, the writer of a put option written on €62,500 will start to lose money if the exchange rate falls below $1.52/€. Here's why :First, let's define some key terms :Writer: The person who writes the option contract and collects the premium.
Put option: An option contract that gives the holder the right, but not the obligation, to sell an underlying asset at a specified price within a specified time frame. Strike price: The price at which the holder of an option can buy or sell the underlying asset. Option premium: The price paid by the buyer of an option to the writer for the right to buy or sell the underlying asset. Assuming the writer of the put option collected a premium of $1,875, this means that they would be obligated to buy €62,500 at a strike price of $1.55/€ if the option is exercised by the holder .
The formula for calculating the break-even exchange rate for a put option is :Break-even exchange rate = Strike price - Option premium / €1Therefore, in this scenario: Break-even exchange rate = $1.55/€ - $1,875 / €62,500= $1.52/€If the exchange rate falls below $1.52/€, the writer of the put option will start to lose money. This is because they will be required to buy €62,500 at a price that is higher than the current market price. For example, if the exchange rate falls to $1.50/€, the writer will have to buy €62,500 at a cost of $93,750.
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The United States economy is considered by the Institute for Management Development to be the most competitive economy because:________
a. of widespread entrepreneurship.
b. of selected restrictions on imports from Japan and Europe.
c. Americans are willing to work harder than anyone else is.
d. of a high saving rate.
Answers
Answer:
a. of widespread entrepreneurship.
Explanation:
According to the Institute for Management Development, a business education school that is situated in Lausanne, Switzerland. In its annual rankings on the performance of 63 economies across the globe. In 2018 rated the United States of America as the topmost economy in competitiveness. Based on various data gathered and surveyed, the education school cited "widespread entrepreneurship" as the major reason behind it.
On January 1st, ZYX company purchased 1,000 shares of its own stock at $31 per share. On January 20th, ZYX later reissues or sells 115 shares of treasury stock for $11 per share. On January 20th, the balance in Additional paid in capital-Treasury stock is credit balance of $65,000. What is the amount debited to Additional Paid in Capital-Treasury Stock on January 20th? Your Answer: Answer
Answers
The amount debited to Additional Paid in Capital-Treasury Stock on January 20th is $635.
When a company reissues or sells treasury stock, the transaction affects the Additional Paid in Capital-Treasury Stock account. This account represents the excess of the purchase price of treasury stock over its par value or stated value.
In this case, ZYX company reissued or sold 115 shares of treasury stock for $11 per share. The total value of the shares sold is calculated as follows: 115 shares * $11 = $1,265.
Since the Additional Paid in Capital-Treasury Stock account has a credit balance of $65,000, the debit entry is made to reduce this credit balance. Therefore, the amount debited to Additional Paid in Capital-Treasury Stock on January 20th is $635 ($65,000 - $1,265).
The amount debited to Additional Paid in Capital-Treasury Stock on January 20th is $635. This entry reduces the credit balance in the account after reissuing or selling 115 shares of treasury stock for $11 per share.
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Dash Plumbing is an established company with 12 employees and a small office in the suburbs of Atlanta. The company had an old copier that was breaking down often, to the dismay of the staff, and it had the resources to buy a new one. Which best describes this situation
Answers
Answer:
The people at dash plumbing are in the market for a new copier
Explanation:
Since in the question it is mentioned that Dash publishing is an established company that has 12 employees and has a small office in Atlanta. Also the old copier breaks down and the resources to purchase
So the given situation represent that the dash plumbing people come in the market for a new copier and the same is to be considered
You charge $298.95 on a credit the card has an annual percentage rate of 18% how long will it take to re-pay your debts if you make monthly payments of $6.75 and what is the total amount of interest you will pay
Answers
teresita and bhavik need to review details of a new project so teresita can outline the customer needs, due dates, and format for the project. teresita also wants to share examples of format and reporting processes. in this scenario, which channel should teresita use for her message?
Answers
Based on the different channels of message available and the situation described the channels Teresita should use for her message is a Written channel through Electrónic mail.
What are the different channels in the messageThere are different channels in message exchange that allow the sender to send a message to the receiver.
Given that the content of the message that needs to be shared includes formatting the project that includes customer needs, due dates, and reporting process, Teresita should make use of the Written channel on Excel or Góogle Docs and use electronic mail.
Different types of channels for exchanging messages include the following:VerbalWittenNone Verbal.In between these three major categories of messages, channels have different forms in which these channels can be utilized.
Hence, in this case, it is concluded that the correct answer is the Written channel.
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What makes credit cards more convenient than debit cards?
A. It pays interest on major purchases.
B. It can be used to buy things without immediate payment.
C. It comes with collective bargaining power.
D. It gives 24-hour access to money in a savings account.
Answers
Answer:
B
Explanation:
because you can pay the bank back in times when you don’t have enough money on your debt card. but you have to pay the money back and be carful because you can get in lots of debt if you have a big purchase.
What country had the most ethical businesses?
A. Japan
B. United States
C. Canada
D. China
Answers
Answer:
B
Explanation:
The most ethical is the US because they have Taxations and mutable laws
A logistics manager ordering parts wants to choose a mode of transportation with very low costs.
Answers
The mode of transportation, that if available, will best meet these needs is: D. Ships.
What is the best mode of transportation for the logistics manager to use?The best mode of transportation that the logistics manager in the scenario described above can use ship. The factors that make this choice the most desirable include the fact that the manager seeks a cheap mode of transportation.
Also, since long delivery times are not a major problem, ships are ideal because they take time to arrive but are cost-effective. As an efficient manager, the best way of ordering parts while saving money for the organization will be through the use of ships.
Complete Question:
A logistics manager ordering parts wants to choose a mode of transportation
with very low costs. The company can plan ahead, so long delivery times are
not a major problem. What mode of transportation, if available, will best meet
these needs?
A. Railroads
B. Trucks
C. Airplanes
D. Ships
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find two rational number between -3 and -2
Answers
Answer:
-2.1 and - 2.89
They are rational numbers between - 3 and - 2
In a bank reconciliation, deposits outstanding are: a. subtracted from the bank balance. b. added to the book balance. c. added to the bank balance. d. subtracted from the book balance.
Answers
In a bank reconciliation, deposits outstanding are b. added to the book balance.
What is book balance?The book balance is the balance of cash in a company's general tally, while the bank balance is the balance of cash in the company's bank account. Deposits outstanding are deposits made by the company that haven't yet been recorded by the bank.
To attune the book balance with the bank balance, outstanding deposits are added to the book balance. This is because the book balance formerly includes the deposits made by the company, while the bank balance doesn't yet reflect those deposits until they're recorded by the bank.
Thus, the correct answer is b. added to the book balance.
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respond to all parts of the question. in your response, use substantive examples where appropriate. a. identify the legal doctrine that is common to both timbs v. indiana (2019) and mcdonald v. chicago (2010). b. explain how the holding in mcdonald was similar to the holding in timbs. c. explain how the decision in timbs affects the reserve power of the states.
Answers
a. The legal doctrine that is common to both Timbs v. Indiana (2019) and McDonald v. Chicago (2010) is the incorporation doctrine.
This doctrine is a legal concept that states that the Bill of Rights provisions are made applicable to the state through the Fourteenth Amendment’s Due Process Clause. This doctrine was first articulated in the McDonald v. Chicago case, which incorporated the Second Amendment into the Due Process Clause and applied the Bill of Rights protections to state laws.
The Timbs v. Indiana case further applied this doctrine by incorporating the Eighth Amendment’s excessive fines clause into the Due Process Clause.
b. The holding in McDonald was similar to the holding in Timbs in that both cases invoked the incorporation doctrine.
The McDonald v. Chicago case held that the Second Amendment was incorporated through the Fourteenth Amendment’s Due Process Clause, while the Timbs v. Indiana case held that the Eighth Amendment’s excessive fines clause was incorporated through the same clause.
Both cases hold that the Bill of Rights protections are made applicable to state laws through the Due Process Clause of the Fourteenth Amendment.
c. The decision in Timbs affects the reserve power of the states by limiting the power of the states to impose excessive fines. The Timbs case held that the Eighth Amendment’s excessive fines clause applied to state laws, limiting the state's ability to impose excessive fines.
The decision in this case thus reduces the power of the states to impose harsh penalties on individuals and provides protection against government overreach. This decision is a substantive example of the role of the Supreme Court in limiting state power through the application of the Bill of Rights protections.
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