Taxation
Taxpayer is single and earns no income other than $133,000 in salary from his employer. Determine Taxpayer's FICA tax liability for the year? You may round your final answer to the nearest dollar.
2) Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2019, Taxpayer sold all 350 shares for a price of $22 per shares (total sales price of $7,700). By 10 January 2020, market conditions had changed, and Taxpayer decided to purchase another 350 shares of XYZ Corporation at a cost of $23 per share (total cost of $8,050). Determine Taxpayer's basis in the 350 shares acquired in January of 2020.
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Taxation
Pedro is an employee at a large electronics retailer whose gross profit percentage is 36%. The employer offers a discount to its employees, and Pedro uses this program to purchase products with a retail value of $2,250. Pedro pays $1,050. Determine the amount Pedro must include in gross income with respect to this transaction.Enter answer:Pedro, a single taxpayer, operate a sole proprietorship that is not a Specified Service Trade or Business. For the taxable year, Pedro earns $110,000 in business...
Time Remaining Return Next 3 1 point Taxpayer, who is single, purchased 350 shares of XYZ...
Time Remaining Return Next 3 1 point Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2019, Taxpayer sold all 350 shares for a price of $22 per shares (total sales price of $7,700). By 10 January 2020, market conditions had changed, and Taxpayer decided to purchase another 350 shares of XYZ Corporation at a cost of $23 per share (total cost...
Taxation
On May 11th Sally sold ten shares of Walmart Inc. for $82 per share. She originally purchased them on January 26, 2019 for $108 per share.On June 5th Sally sold three shares of Amazon.com Inc. for $1,684 per share. She originally purchased them in October of 2014 for $322 per share. On July 10th Sally sold 15 shares of Under Armour Inc. for $21 per share. She originally purchased them in November of 2018 for $12 per share.On December 13th 2018...
An analysis of equity of Hahn Corporation as of January 1, 2020, is as follows: Share...
An analysis of equity of Hahn Corporation as of January 1, 2020, is as follows: Share capital—ordinary, par value P20; authorized 100,000 shares; issued and outstanding 90,000 shares P1,800,000 Share premium—ordinary 900,000 Retained earnings 760,000 Total P3,460,000 Hahn uses the cost method of accounting for treasury shares and during 2020 entered into the following transactions: Acquired 2,500 of its shares for P75,000. Sold 2,000 treasury shares at P35 per share. Sold the remaining treasury shares at P20 per share. Assuming...
Pasqual Melo is employed by a public corporation. On January 1, 2019, she was given an...
Pasqual Melo is employed by a public corporation. On January 1, 2019, she was given an option to purchase 1,000 shares of the public corporation for $8 per share the option extended for two years) On December 15, 2019, she exercised her option and bought 1,000 shares et $8 per share (total = $8,000). On June 15, 2022, she sold the 1.000 shares. The value of the shares at the particular dates was as follows: Date option granted Date option...
Trans Union Corporation issued 5,500 shares for $50 per share in the current year, and it...
Trans Union Corporation issued 5,500 shares for $50 per share in the current year, and it issued 10,500 shares for $37 per share in the following year. The year after that, the company reacquired 20,500 shares of its own stock for $45 per share. Determine the impact (increase, decrease, or no change) of each of these transactions on the following classifications: Total Assets Total Liabilities Total Total Stockholders' Equity Net Income Sold 5,500 shares Sold 10,500 shares Purchased 20,500 shares...
These are two independent situations: 1. Sheridan Cosmetics acquired 13% of the 326,700 shares of common...
These are two independent situations: 1. Sheridan Cosmetics acquired 13% of the 326,700 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $78,700 dividend. On December 31, Elite reported net income of $266,540 for the year. At December 31, the market price of Elite Fashion was $17 per share 2. Concord Inc. obtained significant influence over Kasey Corporation by buying 25% of...
The following are two independent situations. Situation 1 Carla Cosmetics acquired 10% of the 210,000 shares...
The following are two independent situations.
Situation 1
Carla Cosmetics acquired 10% of the 210,000 shares of common stock
of Martinez Fashion at a total cost of $13 per share on March 18,
2020. On June 30, Martinez declared and paid $75,800 cash dividend
to all stockholders. On December 31, Martinez reported net income
of $129,200 for the year. At December 31, the market price of
Martinez Fashion was $14 per share.
Situation 2
Sarasota, Inc. obtained significant influence over...
Situation 1 Sunland Cosmetics acquired 10% of the 193,000 shares of common stock of Martinez Fashion...
Situation 1 Sunland Cosmetics acquired 10% of the 193,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Martinez declared and paid $67,500 cash dividend to all stockholders. On December 31, Martinez reported net income of $118,700 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2 Coronado, Inc. obtained significant influence over Seles Corporation by buying 40% of...
chapter 20
Tridint Corporation is authorized to issue 100,000 shares of $5 par value common stock. The shares of stock arenot publicly traded. During 2020, the company completed the following transactionsJan. 8, 2020 Issued 40,000 shares of common stock at $12 per share.Jan. 30, 2020 Issued 10,500 shares of common stock in exchange for equipment with an appraised value of $136,500.Requireda. Prepare the journal entry on January 8, 2020.b. Prepare the journal entry on January 30, 2020. c. Would the answer to...
Time Remaining Return Next 3 1 point Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2019, Taxpayer sold all 350 shares for a price of $22 per shares (total sales price of $7,700). By 10 January 2020, market conditions had changed, and Taxpayer decided to purchase another 350 shares of XYZ Corporation at a cost of $23 per share (total cost...
Pasqual Melo is employed by a public corporation. On January 1, 2019, she was given an option to purchase 1,000 shares of the public corporation for $8 per share the option extended for two years) On December 15, 2019, she exercised her option and bought 1,000 shares et $8 per share (total = $8,000). On June 15, 2022, she sold the 1.000 shares. The value of the shares at the particular dates was as follows: Date option granted Date option...
Trans Union Corporation issued 5,500 shares for $50 per share in the current year, and it issued 10,500 shares for $37 per share in the following year. The year after that, the company reacquired 20,500 shares of its own stock for $45 per share. Determine the impact (increase, decrease, or no change) of each of these transactions on the following classifications: Total Assets Total Liabilities Total Total Stockholders' Equity Net Income Sold 5,500 shares Sold 10,500 shares Purchased 20,500 shares...
These are two independent situations: 1. Sheridan Cosmetics acquired 13% of the 326,700 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $78,700 dividend. On December 31, Elite reported net income of $266,540 for the year. At December 31, the market price of Elite Fashion was $17 per share 2. Concord Inc. obtained significant influence over Kasey Corporation by buying 25% of...
The following are two independent situations.
Situation 1
Carla Cosmetics acquired 10% of the 210,000 shares of common stock
of Martinez Fashion at a total cost of $13 per share on March 18,
2020. On June 30, Martinez declared and paid $75,800 cash dividend
to all stockholders. On December 31, Martinez reported net income
of $129,200 for the year. At December 31, the market price of
Martinez Fashion was $14 per share.
Situation 2
Sarasota, Inc. obtained significant influence over...
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