Homework Answers
Please note that question #3,4 are not visible in the posted question, hence we are answering only the questions that are posted and are visible.
Answer of 1 is B.
Damages that are received in case of personal injury are not to be include in the income of the year.
Answer of 2 is D.
As per IRS all unemployment benefits should be reported in the income of the year.
Answer of 5 is C.
Trish should report $26500 as the income as the fair market value of the goods are to be included in income in case monetary payment is not made for services rendered.
Answer of 6 is D.
Emil has to report$5K as the income. This is because of the fact that the cost of the ticket can only be claimed only if the deductions are itemized. In this case standard deductions are taken hence cost of the ticket cannot be claimed as deduction.
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1.1.11. Trish Durwood works for a small retail clothing store. She earned $26,000 during the year....
Lori had the following income and losses during the current year: Wages $22,000 Share of partnership...
Lori had the following income and losses during the current year: Wages $22,000 Share of partnership income 18,000 Unemployment compensation 12,000 Gambling winnings 2,000 Gambling losses ( 5,000) Prize won from a charity raffle 30,000 What is Lori's adjusted gross income?
Nadiya (28) is single. She paid $2,000 in eligible student loan interest during the year. She...
Nadiya (28) is single. She paid $2,000 in eligible student loan interest during the year. She also received income from the following sources: $35,000 in wages. Unemployment income of $4,320. $300 in gambling winnings from a winning lottery ticket. 1) What is Nadiyah's adjusted gross income? a) $35,000 b) $35,300 c) $37,620 d) $39,620
Janice Smith opened a small clothing store three years ago. She is setting her budget for...
Janice Smith opened a small clothing store three years ago. She is setting her budget for the fourth year, but needs to determine certain key amounts from the previous three years' in order to do this. Below is the information from her first three years of business. Projected Year 1 Year 2 Year 3 Year 4 Sales $105,000 $132,000 $165,500 Administrative Expenses 18,500 28,300 40,730 Selling Expenses 13,300 15,400 22,780 Other expenses 3,540 3,870 6,350 Net Income Percentage increase in...
2 Mary is single and has one dependent. Her financial records show the following items in...
2 Mary is single and has one dependent. Her financial records show the following items in the current year $6,000 gift received from her uncle; $1,000 in qualified dividends received; $12,000 lottery winnings; $6,000 child support received; $7,500 alimony received; $3,000 worker's compensation received due to work-related injury: $10,000 unemployment compensation received; $40,000 salary from her employer, and $5,000 short-term capital loss on the sale of stock. What is Mary's adjusted gross income for the current year? a $76,500 b....
33. Louise works in a foreign branch of her employer's business. She earned $5,000 per month...
33. Louise works in a foreign branch of her employer's business. She earned $5,000 per month throughout the relevant period. Which of the following is correct? a. If Louise worked in the foreign branch from May 1, 2018 until October 31, 2019, she may exclude $40,000 from gross income in 2018 and exclude $50,000 in 2019. b. IfLouise worked in the foreign branch from May 1, 2018 until October 31, 2019, she cannot exclude anything from gross income because she...
b. Arnold was employed during the first six months of the year and earned a $90,000...
b. Arnold was employed during the first six months of the year and earned a $90,000 salary. During the next six months, he collected $7,200 of unemployment compensation, borrowed $6,000 (using his personal residence as collateral), and withdrew $1,000 from his savings account (including $60 interest). When he left his former employer, he withdrew his retirement benefits (a qualified annuity) in a lump sum of $50,000. He made no contributions to the plan. Arnold's parents loaned him $10,000 (interest-free) on...
CANADIAN TAXATION 2019 During the current year, R received a salary of $80,000. She also earned...
CANADIAN TAXATION 2019 During the current year, R received a salary of $80,000. She also earned commissions of $30,000 of which $20,000 was received in the current year. The remaining commissions were paid in January of the following year. What is R's employment income for the current year? $ M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company pension...
1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary...
1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary $ 85,000 Moving expenses incurred to change jobs (12,000) Inheritance received from deceased uncle 300,000 Life insurance proceeds from policy on uncle’s life (Todd was named the beneficiary) 200,000 Cash prize from church raffle 3,000 Payment of church pledge (4,500) >> What is Todd’s AGI for 2018? 2. In 2018, Alice earns a salary of $55,000, has capital gains of $3,000, and receives interest...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
5. On August 15, Year 3, Jennifer filed her income tax return for Year 2. She...
5. On August 15, Year 3, Jennifer filed her income tax return for Year 2. She reported gross income of $20,000 from her salary but failed to report $6,000 she received as an award. Jennifer believed that the award was not taxable, but it was taxable. What is the last day that the IRS may assess a deficiency or otherwise examine Jennifer's Year 2 income tax return? a. April 15, Year 5 d. April 15, Year 9 b. April 15,...
2 Mary is single and has one dependent. Her financial records show the following items in the current year $6,000 gift received from her uncle; $1,000 in qualified dividends received; $12,000 lottery winnings; $6,000 child support received; $7,500 alimony received; $3,000 worker's compensation received due to work-related injury: $10,000 unemployment compensation received; $40,000 salary from her employer, and $5,000 short-term capital loss on the sale of stock. What is Mary's adjusted gross income for the current year? a $76,500 b....
33. Louise works in a foreign branch of her employer's business. She earned $5,000 per month throughout the relevant period. Which of the following is correct? a. If Louise worked in the foreign branch from May 1, 2018 until October 31, 2019, she may exclude $40,000 from gross income in 2018 and exclude $50,000 in 2019. b. IfLouise worked in the foreign branch from May 1, 2018 until October 31, 2019, she cannot exclude anything from gross income because she...
b. Arnold was employed during the first six months of the year and earned a $90,000 salary. During the next six months, he collected $7,200 of unemployment compensation, borrowed $6,000 (using his personal residence as collateral), and withdrew $1,000 from his savings account (including $60 interest). When he left his former employer, he withdrew his retirement benefits (a qualified annuity) in a lump sum of $50,000. He made no contributions to the plan. Arnold's parents loaned him $10,000 (interest-free) on...
CANADIAN TAXATION 2019 During the current year, R received a salary of $80,000. She also earned commissions of $30,000 of which $20,000 was received in the current year. The remaining commissions were paid in January of the following year. What is R's employment income for the current year? $ M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company pension...
5. On August 15, Year 3, Jennifer filed her income tax return for Year 2. She reported gross income of $20,000 from her salary but failed to report $6,000 she received as an award. Jennifer believed that the award was not taxable, but it was taxable. What is the last day that the IRS may assess a deficiency or otherwise examine Jennifer's Year 2 income tax return? a. April 15, Year 5 d. April 15, Year 9 b. April 15,...
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