Homework Answers
Answer-
- Calculation of taxable income and tax liability of Jacksons-
|
Description |
Amount($) |
|
|
Salary Income |
130000 |
|
|
Business income |
20500 |
|
|
Income from house property |
50000 |
|
|
1 |
Gross income |
200500 |
|
2 |
For AGI Deductions |
- |
|
3 |
Adjusted gross income |
200500 |
|
4 |
Standard deductions |
- |
|
5 |
Itemized deductions |
18600 |
|
6 |
||
|
7 |
Deductions for qualified business income |
- |
|
8 |
Total deductions from AGI |
18600 |
|
9 |
Taxable income |
181900 |
|
10 |
Income tax liability |
|
|
11 |
Other taxes |
|
|
12 |
Total tax |
|
|
13 |
Credits |
|
|
14 |
Prepayments |
4600 |
|
Net tax liability |
Notes-
- The deductions related to child tax credits are to be deducted for the three dependents only.
- The said question does not specify the tax rates schedules for the income tax calculation. The answer needs to be calculated as per the specified rates, thereafter the credits and prepayments shall be deducted to find out the net tax liability.
- Calculation of taxable income and tax liability of Jacksons-
|
Description |
Amount($) |
|
|
Salary Income |
130000 |
|
|
Business income |
20500 |
|
|
Income from house property |
50000 |
|
|
1 |
Gross income |
200500 |
|
2 |
For AGI Deductions |
- |
|
3 |
Adjusted gross income |
200500 |
|
4 |
Standard deductions |
- |
|
5 |
Itemized deductions |
30100 |
|
6 |
||
|
7 |
Deductions for qualified business income |
- |
|
8 |
Total deductions from AGI |
30100 |
|
9 |
Taxable income |
170400 |
- Calculation of taxable income and tax liability of Jacksons-
|
Description |
Amount($) |
|
|
Salary Income |
130000 |
|
|
Business income |
20500 |
|
|
Income from house property |
50000 |
|
|
1 |
Gross income |
200500 |
|
2 |
For AGI Deductions |
10200 |
|
3 |
Adjusted gross income |
190300 |
|
4 |
Standard deductions |
- |
|
5 |
Itemized deductions |
- |
|
6 |
||
|
7 |
Deductions for qualified business income |
- |
|
8 |
Total deductions from AGI |
- |
|
9 |
Taxable income |
190300 |
- Calculation of taxable income and tax liability of Jacksons-
|
Description |
Amount($) |
|
|
Salary Income |
130000 |
|
|
Business income |
20500 |
|
|
Income from other sources |
(6050) |
|
|
Income from house property |
50000 |
|
|
1 |
Gross income |
194450 |
|
2 |
For AGI Deductions |
- |
|
3 |
Adjusted gross income |
194450 |
|
4 |
Standard deductions |
- |
|
5 |
Itemized deductions |
18600 |
|
6 |
||
|
7 |
Deductions for qualified business income |
- |
|
8 |
Total deductions from AGI |
18600 |
|
9 |
Taxable income |
175850 |
For any further queries please provide the rest of the details so that the full answer can be discussed.
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Beginning inventory
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LINK TO TEXT
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in a partnership, and they sold their home this year. They
initially purchased the home three years ago for $252,500 and they
sold it for $302,500. The gain on the sale qualified for the
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Pronghorn Company in full, less the purchase discount. Both
companies use a perpetual inventory system.
----->>>>> QUESTION:: Prepare separate
entries for each transaction for...
resented below is information for Swifty Company for the month
of March 2020.
Cost of goods sold
$218,520
Rent expense
$30,370
Freight-out
6,450
Sales discounts
7,050
Insurance expense
5,410
Sales returns and allowances
12,910
Salaries and wages expense
58,680
Sales revenue
386,090
(a)
Prepare a multiple-step income statement. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
SWIFTY COMPANY
Income Statement
March 31, 2020For the Year Ended March 31, 2020For the Month...
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maturity value of $600,000 for $622,744, which provides the
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and mature January 1, 2025, with interest payable December 31 of
each year. Buffalo Company allocates interest and unamortized
discount or premium on the effective-interest basis.
Prepare the journal entry at the date of the bond issuance.
(Round answer to 0 decimal places, e.g. 38,548. If no
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Date
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Compute cost of goods sold, assuming Concord uses:
(Round average cost per unit to 4 decimal places, e.g.
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