Homework Answers
Answer
6. A single mile rate is equivalent to $ 1000 rate so in this problem = $ 700000/$ 1000*25
= 700*25 = $ 17500
So the answer is b $ 17500
7 The answer is d No, because she is dependent earning under the stanadard deduction amount
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6. Your client Max has a house valued at $700,000 and is taxed at 25 mills....
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax year 2014. What is her standard deduction? 2) Refer to question 1. Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 3) A taxpayer who provides 40% of the support of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax ... Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 2) A taxpayer who provides 40% of the support of her parents and claims them as dependents because of a multiple...
Your client, Hoosier Corporation, is owned by two shareholders: Amy and Max. At year-end 2019, the company accountant determined Amy was due a bonus payment for performance in the amount of $50,000. T...
Your client, Hoosier Corporation, is owned by two shareholders: Amy and Max. At year-end 2019, the company accountant determined Amy was due a bonus payment for performance in the amount of $50,000. The company accountant also determined Max was owed $25,000. The bonuses are paid according to a complex formula dependent upon hours of contributed service. Max believes his hours were not properly accounted for and has refused to take receipt. The company accountant has refused to issue the checks...
I need taxable income During 2019, Amy sustains serious injuries from a snow-skiing accident. She incurs...
I need taxable income
During 2019, Amy sustains serious injuries from a snow-skiing accident. She incurs the following expenses: (Click the icon to view expenses incurred.) i (Click the icon to view more information.) Begin by determining the excess medical expenses and the total itemized deductions. (lf a box is not used in Medical expenses Less Deductible medical expenses Total itemized deductions Item Amount $ Doctor bills 10,500 Hospital bills 9,400 Legal fees in suit against ski resort 3,000 Amy...
Assume the current date is 3/25/2020. Tom, a new tax client, has hired you to prepare...
Assume the current date is 3/25/2020. Tom, a new tax client, has hired you to prepare his 2019 income tax return. Upon reviewing his old returns, you noticed many errors. How would you answer the following questions? b. You determined that Tom has overpaid his tax on his 2016 Income Tax return because he failed to deduct his medical expenses. The additional tax refund to Tom would be $ 1,800. Tom filed his 2016 tax return on 3/1/2017. What is...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports his son and his son's wife, both of whom lived with him for the entire year. His son and daughter-in-law (both age 20) file a joint return to get a full refund, as their gross income was $3,500. Both son and daughter-in-law are full-time students at a local college. QUESTION 2 Identify the best Filing Status for the following taxpayer: Ted is divorced and...
please help will rate Acc 403 Fall 2020 Homework #1 Please show your work using good...
please help will rate
Acc 403 Fall 2020 Homework #1 Please show your work using good form. 1. Cindy (age 41) is a surviving spouse and provides all the support of her two minor children who live with her (both are under age 16). She also maintains the household in which her parents live and furnished 65% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Cindy's father received $2,400 from a part-time job....
I need help with the following questions: 1) 2)3) 4) 5) During 2019, Murray, who is...
I need help with the following questions:
1)
2)3)
4)
5)
During 2019, Murray, who is 60 years old and unmarried, provided all of the support of his elderly mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2019, and how many dependents should he report on his tax return? X a. Head of household and 2 dependents b. Single and 2 dependents...
Basic Scenario 1: Jeff and Linda Arnold Interview Notes .Jeff and Linda got married in December...
Basic Scenario 1: Jeff and Linda Arnold Interview Notes .Jeff and Linda got married in December of 2018. They are both U.S. citizens with valid Social Security numbers. They do not elect to file a joint return for 2018. Jeff worked all year and received wages of $32,000. He received full health insur- ance coverage from his employer all year. Linda worked part-time at a book store January through September. She earned $9,000 for the year. In November, she started...
I need taxable income
During 2019, Amy sustains serious injuries from a snow-skiing accident. She incurs the following expenses: (Click the icon to view expenses incurred.) i (Click the icon to view more information.) Begin by determining the excess medical expenses and the total itemized deductions. (lf a box is not used in Medical expenses Less Deductible medical expenses Total itemized deductions Item Amount $ Doctor bills 10,500 Hospital bills 9,400 Legal fees in suit against ski resort 3,000 Amy...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports his son and his son's wife, both of whom lived with him for the entire year. His son and daughter-in-law (both age 20) file a joint return to get a full refund, as their gross income was $3,500. Both son and daughter-in-law are full-time students at a local college. QUESTION 2 Identify the best Filing Status for the following taxpayer: Ted is divorced and...
please help will rate
Acc 403 Fall 2020 Homework #1 Please show your work using good form. 1. Cindy (age 41) is a surviving spouse and provides all the support of her two minor children who live with her (both are under age 16). She also maintains the household in which her parents live and furnished 65% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Cindy's father received $2,400 from a part-time job....
I need help with the following questions:
1)
2)3)
4)
5)
During 2019, Murray, who is 60 years old and unmarried, provided all of the support of his elderly mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2019, and how many dependents should he report on his tax return? X a. Head of household and 2 dependents b. Single and 2 dependents...
Basic Scenario 1: Jeff and Linda Arnold Interview Notes .Jeff and Linda got married in December of 2018. They are both U.S. citizens with valid Social Security numbers. They do not elect to file a joint return for 2018. Jeff worked all year and received wages of $32,000. He received full health insur- ance coverage from his employer all year. Linda worked part-time at a book store January through September. She earned $9,000 for the year. In November, she started...
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