Homework Answers
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| Answer 59 | |
| Option C | 1099-MISC |
| Answer 60 | |
| Option D |
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59 Maries: 1 Regular pay in cash or the equivalent of cash or other pay from...
Also known as tax-deferred accounts, before-tax retirement accounts generally include traditional individual retirement accounts (IRAs) and...
Also known as tax-deferred accounts, before-tax retirement accounts generally include traditional individual retirement accounts (IRAs) and 401ks. What does before-tax mean? Choose one answer. a. Before-tax means that the taxpayer has not paid tax on it and the contribution will never be included in their taxable income. b. Before-tax means that the taxpayer has paid tax on it and the contribution was not included in their taxable income for the year. c. Before-tax means that the taxpayer has paid tax...
Question 66 of 75. All of the following are deductible business expenses reported in Part II...
Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
Question 63 of 75. Yolanda (41), a freelance photographer, reports a net profit of $50,000 on...
Question 63 of 75. Yolanda (41), a freelance photographer, reports a net profit of $50,000 on Schedule C, Profit or Loss from Business. This is her only income. How much is Yolanda's self-employment tax? $3,825 $7,065 $7,650 O $11,000 Question 65 of 75. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim this deduction, a qualifying taxpayer should: Claim a nonrefundable tax credit based on the cost of...
1.) Ruth and Steve will file a joint return. During the year, they received dividends from...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
Question...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who...
• Austin works as a self-employed ride share driver. –– Austin is a cash-basis taxpayer who materially participates in the operation of his business. He did not make any payments that would require him to file Form 1099. Austin uses business code 485990. • He received Form 1099-MISC and a Form 1099-K from the ride share company. He had an additional $3,027 in cash tip income from individual customers NOT included on the Forms 1099. • Austin provided a statement...
Please answer all the questions. Thanks. Based on Exhibit 4-2, Form 1040. Please see attached Forms1040...
Please answer all the questions.
Thanks.
Based on Exhibit 4-2, Form 1040. Please see attached Forms1040 for 2018 and 2017. Note three similarities and three differences between the 2017 tax form and the 2018 draft form 1040 Three differences: 2. 3. Three similarities: 2. 3. Comment 1040U, Individual Income Tax Retum21sr Home addressnuber and str you have a PO bex, see instrutions 1 Single Mamied fling jointly leven if only ane had income Check only one3Married fling separately. Enter spouse's...
Super stuck on a couple of questions on this scenario. Advanced Scenario 7: Mark and Barbara...
Super stuck on a couple of questions on this scenario.
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Mark and Barbara are married and want to file...
Taxation Question
Based on the source documents provided and relevant data provided below, complete the 2018 individual tax return for Bob and Melissa Grant. Complete all relevant schedules and forms included in the “2018 Form 1040 and Schedules” PDF document. If a form is not included in the PDF file, you do not need to complete it. If required or relevant information is missing, you may disregard it for this assignment.You may work together, but each student must submit his or her...
Very lost on the whole business side of doing taxes, could use some help. Advanced Scenario...
Very lost on the whole business side of doing taxes, could use
some help.
Advanced Scenario 8: Ramon Torrez Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. For the purpose of these scenario questions only, ignore the...
Question 9 of 75. Which of the following is true of spouses who have made the...
Question 9 of 75. Which of the following is true of spouses who have made the election to operate as a qualified joint venture? O They must use the MFS fling status. O They may combine their income on a joint Schedule C. O Each files their own Schedule C and their own Schedule SE O They may jointly deduct the expenses of the business. I Mark for follow up Question 10 of 75. Larry uses an accrual method of...
Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
Question 63 of 75. Yolanda (41), a freelance photographer, reports a net profit of $50,000 on Schedule C, Profit or Loss from Business. This is her only income. How much is Yolanda's self-employment tax? $3,825 $7,065 $7,650 O $11,000 Question 65 of 75. A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim this deduction, a qualifying taxpayer should: Claim a nonrefundable tax credit based on the cost of...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
Question...
Please answer all the questions.
Thanks.
Based on Exhibit 4-2, Form 1040. Please see attached Forms1040 for 2018 and 2017. Note three similarities and three differences between the 2017 tax form and the 2018 draft form 1040 Three differences: 2. 3. Three similarities: 2. 3. Comment 1040U, Individual Income Tax Retum21sr Home addressnuber and str you have a PO bex, see instrutions 1 Single Mamied fling jointly leven if only ane had income Check only one3Married fling separately. Enter spouse's...
Super stuck on a couple of questions on this scenario.
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Mark and Barbara are married and want to file...
Very lost on the whole business side of doing taxes, could use
some help.
Advanced Scenario 8: Ramon Torrez Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. For the purpose of these scenario questions only, ignore the...
Question 9 of 75. Which of the following is true of spouses who have made the election to operate as a qualified joint venture? O They must use the MFS fling status. O They may combine their income on a joint Schedule C. O Each files their own Schedule C and their own Schedule SE O They may jointly deduct the expenses of the business. I Mark for follow up Question 10 of 75. Larry uses an accrual method of...
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