Homework Answers
Answer For Q no. 40 is (b) as both employer and employee match is reported in Form 1040 and Simple IRA is reported in Schedule C.
Answer For Q no. 37 is (c) as the penalty is $ 125000
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Question 40 of 50. cmma is a sole proprietor with one employee. She maintains a SIMPLE...
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains...
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains a SAMPLE contributions at the rate of 3% of the employee's compensation. Wendy 15 a SIMPLE IRA in which she matches salary reduction Wendy's own salary reduction contron salary rede O And employer matching contributions are reporte utions are reported on Schedule C because she has an employee And her own employer match are both reported on Form 1040. The mat benant of her...
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee....
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee. She maintains a SIMPLE IRA in which she matches salary reduction contributions at the rate of 3% of the employee's compensation. Where on her tax return does she report her own contribution, and where does she report the contribution she makes on behalf of her employee? O Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an...
tribution, and where does she report the contribution she makes on behalf of her employee? Wendy's...
tribution, and where does she report the contribution she makes on behalf of her employee? Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an employee. Wendy's own salary reduction contribution and her own employer match are both reported on Form 1040: the matching tribution she makes on behalf of herself and her employee, as well as the employee's elective deferrals, are all reported on ys own salary reduction contribution and her own...
1) Victoria (42) is the sole proprietor of bakery. in 2018, she made SEP IRA contributions...
1) Victoria (42) is the sole proprietor of bakery. in 2018, she made SEP IRA contributions on behalf of herself and three employees. Her contributions were made in the following amounts: $9,000 in employer contributions for her employees. $2,500 in employer contributions to her own SEP IRA. How much will Victoria deduct on schedule 1 (Form 1040), line 28 (Self-employed SEP, SIMPLE, and qualified plans)? A)$2,500 B)$5,500 C)$9,000 D)$11,500 2) Edna, a single taxpayer, has traditional IRAs with a value...
In 2018, Nitai (age 40) contributes 8 percent of his $122,000 annual salary to a Roth...
In 2018, Nitai (age 40) contributes 8 percent of his $122,000 annual salary to a Roth 401(k) account sponsored by his employer, AY Inc AY Inc. matches employee contributions to the employee's traditional 401(k) account dollar-for-dollar up to 8 percent of the employee's salary. Nitai expects to earn a 8 percent before-tax rate of return Assume he leaves the contributions in the Roth 401(k) and traditional 401(k) accounts until he retires in 20 years and that he makes no additional...
Sammy Slick works for a company that allows him to contribute up to 10% of his...
Sammy Slick works for a company that allows him to contribute up to 10% of his earnings into a tax-deferred savings plan. The company matches a portion of the contributions its employees make based on the organization's financial performance. Although the minimum match is 25% of the employee's contributions and the maximum match is 100%, in most years the company match is about 50%. Sammy is currently 30 years old and makes $35,000. He wants to retire at age 60....
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its...
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its employees. The company has more than 500 employees, 60% of whom are highly compensated. This year, Shock contributed 6% of each eligible employee's salary to the SEP plan. Several of the employees of the company are unfamiliar with the provisions of SEP plans and have come to you requesting information. Which of the following statements regarding the basic provisions of SEP plans are CORRECT?...
Serena is a 40-year-old single taxpayer. She operates a small business on the side as a...
Serena is a 40-year-old single taxpayer. She operates a small business on the side as a sole proprietorship. Her 2018 Schedule C reports net profits of $5,624. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,545 in 2018. Serena also pays long-term care insurance premiums of $600 in 2018. Calculate Serena’s self-employed health care deduction. $____________ Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2018, Evan has...
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square-foot rented loft exclusively and business. Drake used the cash accounting method and had the following income and expenses for his financial planning business- • Gross receipts: $36,960 • Expenses: Advertising: $80 Business insurance: $685 - Business license: $100 Comprehensive health insurance (entire year): $7,788 - Office supplies: $76 Postage: $38 Rent (entire year): $14,400 Renter's insurance...
Complete the following forms George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live...
Complete the following forms
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee business expenses....
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains a SAMPLE contributions at the rate of 3% of the employee's compensation. Wendy 15 a SIMPLE IRA in which she matches salary reduction Wendy's own salary reduction contron salary rede O And employer matching contributions are reporte utions are reported on Schedule C because she has an employee And her own employer match are both reported on Form 1040. The mat benant of her...
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee. She maintains a SIMPLE IRA in which she matches salary reduction contributions at the rate of 3% of the employee's compensation. Where on her tax return does she report her own contribution, and where does she report the contribution she makes on behalf of her employee? O Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an...
tribution, and where does she report the contribution she makes on behalf of her employee? Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an employee. Wendy's own salary reduction contribution and her own employer match are both reported on Form 1040: the matching tribution she makes on behalf of herself and her employee, as well as the employee's elective deferrals, are all reported on ys own salary reduction contribution and her own...
In 2018, Nitai (age 40) contributes 8 percent of his $122,000 annual salary to a Roth 401(k) account sponsored by his employer, AY Inc AY Inc. matches employee contributions to the employee's traditional 401(k) account dollar-for-dollar up to 8 percent of the employee's salary. Nitai expects to earn a 8 percent before-tax rate of return Assume he leaves the contributions in the Roth 401(k) and traditional 401(k) accounts until he retires in 20 years and that he makes no additional...
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its employees. The company has more than 500 employees, 60% of whom are highly compensated. This year, Shock contributed 6% of each eligible employee's salary to the SEP plan. Several of the employees of the company are unfamiliar with the provisions of SEP plans and have come to you requesting information. Which of the following statements regarding the basic provisions of SEP plans are CORRECT?...
Question 73 of 75. take operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square-foot rented loft exclusively and business. Drake used the cash accounting method and had the following income and expenses for his financial planning business- • Gross receipts: $36,960 • Expenses: Advertising: $80 Business insurance: $685 - Business license: $100 Comprehensive health insurance (entire year): $7,788 - Office supplies: $76 Postage: $38 Rent (entire year): $14,400 Renter's insurance...
Complete the following forms
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee business expenses....
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