George, an unmarried cash basis taxpayer, received the fallowing amounts this year: Interest on saving accounts  
George, an unmarried cash basis taxpayer, received the fallowing amounts this year:
Interest on saving accounts $2,000
Interest on a state tax refund 600
Interest on City of Salem school bonds 350
Interest portion of proceeds of a 5% bank certificateof deposit
purchased last year on July 1 and matured on June 30 of this year 250
Dividends on USG common stock 300
What amount should be George report as gross income from dividends and interest this year?
Homework Answers
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George, an unmarried cash basis taxpayer, received the
fallowing amounts this year:
Interest
on saving
accounts  
Victoria, age 66, is an unmarried, cash basis, calendar year taxpayer with no dependents. Victoria has...
Victoria, age 66, is an unmarried, cash basis, calendar year taxpayer with no dependents. Victoria has the following income and deductions for 2019: RECEIPTS FOR YEAR Salary from local school district $ 63,000 Interest from Friendly Bank 1,235 Interest from City of Santee bonds 1,100 Dividends from Tandem Diabetic (qualified) 375 Loss from sale of Tandem Diabetic held 36 months - 3,200 EXPENDITURES FOR YEAR Itemized deductions $ 13,200 Calculate Victoria’s adjusted gross income, taxable income, and federal income tax....
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31,...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31, 2019, she sold a corporate bond for $9,800. She purchased the bond on July 1, 2014 for $10,000. The sales price of $9,800 included $200 of accrued interest. On January 1, 2019, she began receiving payments from an annuity contract she purchased for $100,000. Under the terms of the contract, she will receive $500 per month for her life. The IRś table indicated her...
Milly Manpower, age 45, is single and has no dependents. Her social security number is 987-65-4321....
Milly Manpower, age 45, is single and has no dependents. Her social security number is 987-65-4321. Milly lives at 3000 Westcliffe Drive, Cedar City, Utah 84720. She has no interest in contributing to any Presidential Election Campaign. The following are her tax related items: Milly has a full-time job as a senior administrative assistant at Let’s Get To Work, Services, Inc. She earned a $60,000 salary from Let’s Go To Work, Inc. They withheld federal income tax of $6,000 and...
100 Cash at bank 110 Accounts receivable 120 Inventory 130 Prepaid insurance 171 Shop equipment (cost)...
100
Cash at bank
110
Accounts receivable
120
Inventory
130
Prepaid insurance
171
Shop equipment (cost)
172
Accumulated depreciation - shop equipment
200
Accounts payable
210
PAYG withholding payable
220
Superannuation payable
230
Bank loan
300
Capital
310
Drawings
320
Profit or loss summary
400
Sales revenue
410
Sales returns and allowances
420
Discount received
500
Cost of sales
600
Advertising expense
610
Depreciation expense
620
Discount allowed
630
Electricity expense
640
Insurance expense
650
Interest expense
660
Postage and...
[20] Bob, a calendar-year, cash-basis taxpayer, owns an insurance agency. Bob has four people selling insurance...
[20] Bob, a calendar-year, cash-basis taxpayer, owns an insurance agency. Bob has four people selling insurance for him. The salesmen incur ordinary and necessary meal and entertainment expenses for which Bob reimburses them monthly. During the current year, Bob reimbursed his agents $10,000 for meals and $26,000 for entertainment. How much of the reimbursement can Bob deduct for meal and entertainment expenses on his current-year federal income tax return? A. $5,000 B. $8,000 C. $30,800 D. $36,000 [21] In January...
using the information fill out the 1040 tax form 1:9-72 George Large (SSN 000-11-1111) and his...
using the information fill out the 1040 tax form
1:9-72 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...
A cash-flow budget uses the same format as a cash-flow statement. It is prepared on a...
A cash-flow budget uses the same format as a cash-flow statement. It is prepared on a monthly basis and it reflects budgeted income and expenses. In addition to the cash-flow statement, Deon and May made a list of budget assumptions, listed for you here: • Deon’s income will increase by 5%, effective January 1. His bonus is generally 10% of his income in the previous year, and he receives it in January. • May’s raise will be 3%, effective January...
Paul J. and Judy L. Vance are married and file a joint return. Paul is self- employed as a dentist, and Judy is a college professor. Paul and Judy have two children. The oldest is Vince who lives at h...
Paul J. and Judy L. Vance are married and file a joint return. Paul is self- employed as a dentist, and Judy is a college professor. Paul and Judy have two children. The oldest is Vince who lives at home. Vince is a law student at the University of Cincinnati and worked part-time during the year, earning $1,500, which he spent for his own support. Paul and Judy provided $6,000 toward Vince’s support. Jennifer is the youngest and lived in...
9. Preparing a budget Aa Aa A cash-flow budget uses the same format as a cash-flow...
9. Preparing a budget Aa Aa A cash-flow budget uses the same format as a cash-flow statement. It is prepared on a monthly basis and it reflects budgeted income and expenses. In addition to the cash-flow statement, Dan and Lucy made a list of budget assumptions, listed for you here: Dan's income will increase by 5%, effective January 1. His bonus is generally 10% of his income in the previous year, and he receives it January • Lucy's raise will...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31, 2019, she sold a corporate bond for $9,800. She purchased the bond on July 1, 2014 for $10,000. The sales price of $9,800 included $200 of accrued interest. On January 1, 2019, she began receiving payments from an annuity contract she purchased for $100,000. Under the terms of the contract, she will receive $500 per month for her life. The IRś table indicated her...
100
Cash at bank
110
Accounts receivable
120
Inventory
130
Prepaid insurance
171
Shop equipment (cost)
172
Accumulated depreciation - shop equipment
200
Accounts payable
210
PAYG withholding payable
220
Superannuation payable
230
Bank loan
300
Capital
310
Drawings
320
Profit or loss summary
400
Sales revenue
410
Sales returns and allowances
420
Discount received
500
Cost of sales
600
Advertising expense
610
Depreciation expense
620
Discount allowed
630
Electricity expense
640
Insurance expense
650
Interest expense
660
Postage and...
using the information fill out the 1040 tax form
1:9-72 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...
9. Preparing a budget Aa Aa A cash-flow budget uses the same format as a cash-flow statement. It is prepared on a monthly basis and it reflects budgeted income and expenses. In addition to the cash-flow statement, Dan and Lucy made a list of budget assumptions, listed for you here: Dan's income will increase by 5%, effective January 1. His bonus is generally 10% of his income in the previous year, and he receives it January • Lucy's raise will...
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