Homework Answers
1.) Contribution to an employee profit sharing plan.
2)Amounts reported to the taxpayers on form 1099- misc
3)Fail to file the return by the due date and there is a balance due.
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Question 66 of 75. All of the following are deductible business expenses reported in Part II...
Question 54 of 75. A taxpayer with a balance due on their return will have to...
Question 54 of 75. A taxpayer with a balance due on their return will have to pay a failure-to-pay penalty when they O Understate their tax by the larger of $5,000 or 10% of the correct tax O Show negligence or disregard of the rules or regulations, causing an underpayment. O Fail to pay the tax owed by the due date. O Fail to file the return by the original due date. Question 55 of 75. The penalty for negligence...
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...
A taxpayer with a balance due on their return will have to pay a failure-to-pay penalty...
A taxpayer with a balance due on their return will have to pay a failure-to-pay penalty when they O O O O Understate their tax by the larger of $5,000 or 10% of the correct tax. Show negligence or disregard of the rules or regulations, causing an underpayment. Fail to pay the tax owed by the due date. Fail to file the return by the original due date. Mark for follow up
Question 4 of 75 Choose the response that best describes a household employee. O A house cleaner ...
Question 4 of 75 Choose the response that best describes a household employee. O A house cleaner whose work is controlled by an agency and who provides cleaning services in the taxpayer's home. A landscaper who works, as directed, around a taxpayer's primary residence. 0 A house cleaner who receives a Form 1099-MISC reporting compensation in box 7. O A taxpayer who provides child care services in their home. Mark for follow up Question 66 of 75 All the following...
Question 23 of 75. How is the installment sale of an entire business reported on the...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? O One Form 6252 reports the entire disposition. O Separate Foms 6252 are completed for each asset O One Form 6252 is completed for the tangible assets,and anotheris complated for intangible asset O Separate Foms 6252 are completed for each asset class and type. □Mark for follow up Question 24 of 75. Which of the following taxpayers would be most likely to...
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove...
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove theit income but wants to claims the Earned income Credit, the Child Tax Credit/Additional Child Tax Credit, andlor the American Opportunity Credit, the Tax Professional O Must be given other evidence that the self-employment income is correct and complete before completing and signing the O Cannot prepare the return. Que return Pen OMay not claim any of these credits on the taxpayer's return. Should...
Travel expenses connected with overight travel for business while away from your tax home is deductible....
Travel expenses connected with overight travel for business while away from your tax home is deductible. Your tax home is: Mat Choose one Answer. O a. Your family home b. The general area of your place of business c. Where you grew up. d. Where you finished school Which of the following is a taxable payment of alimony if it was ordered in the divorce decree? Choose one answer. a. A noncash property settlement b. Spouse's part of community income...
skip a citizen of Belize living in the Mark for follow up Question 19 of 75....
skip a citizen of Belize living in the
Mark for follow up Question 19 of 75. Robert and Tami, married and filing jointly, lived in their home for two years. Property values in their area rose dramatically during this time, and at the beginning of the third year, they sold their home at a profit of $560,000. What is the maximum amount of profit that Robert and Tami can exclude from taxable gain? They have no exlusion since they did...
Advanced Scenario 7: Austin Drake Directions Using the tax software, complete the tax return, including Form...
Advanced Scenario 7: Austin Drake Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate 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 • Austin works as a self-employed ride share driver. – Austin is a cash-basis taxpayer who materially participates in the operation of his...
Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt...
Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt when the O Taxpayer was solvent prior to the cancellation of debt. O Debt canceled was recourse debt. O Canceled debt was for the taxpayer's second home. O Cancellation of debt was intended as a gift. Mark for follow up Question 2 of 75. A taxpayer will be able to exclude all the income from their canceled debt if th O Received a Form...
Question 54 of 75. A taxpayer with a balance due on their return will have to pay a failure-to-pay penalty when they O Understate their tax by the larger of $5,000 or 10% of the correct tax O Show negligence or disregard of the rules or regulations, causing an underpayment. O Fail to pay the tax owed by the due date. O Fail to file the return by the original due date. Question 55 of 75. The penalty for negligence...
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...
A taxpayer with a balance due on their return will have to pay a failure-to-pay penalty when they O O O O Understate their tax by the larger of $5,000 or 10% of the correct tax. Show negligence or disregard of the rules or regulations, causing an underpayment. Fail to pay the tax owed by the due date. Fail to file the return by the original due date. Mark for follow up
Question 4 of 75 Choose the response that best describes a household employee. O A house cleaner whose work is controlled by an agency and who provides cleaning services in the taxpayer's home. A landscaper who works, as directed, around a taxpayer's primary residence. 0 A house cleaner who receives a Form 1099-MISC reporting compensation in box 7. O A taxpayer who provides child care services in their home. Mark for follow up Question 66 of 75 All the following...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? O One Form 6252 reports the entire disposition. O Separate Foms 6252 are completed for each asset O One Form 6252 is completed for the tangible assets,and anotheris complated for intangible asset O Separate Foms 6252 are completed for each asset class and type. □Mark for follow up Question 24 of 75. Which of the following taxpayers would be most likely to...
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove theit income but wants to claims the Earned income Credit, the Child Tax Credit/Additional Child Tax Credit, andlor the American Opportunity Credit, the Tax Professional O Must be given other evidence that the self-employment income is correct and complete before completing and signing the O Cannot prepare the return. Que return Pen OMay not claim any of these credits on the taxpayer's return. Should...
Travel expenses connected with overight travel for business while away from your tax home is deductible. Your tax home is: Mat Choose one Answer. O a. Your family home b. The general area of your place of business c. Where you grew up. d. Where you finished school Which of the following is a taxable payment of alimony if it was ordered in the divorce decree? Choose one answer. a. A noncash property settlement b. Spouse's part of community income...
skip a citizen of Belize living in the
Mark for follow up Question 19 of 75. Robert and Tami, married and filing jointly, lived in their home for two years. Property values in their area rose dramatically during this time, and at the beginning of the third year, they sold their home at a profit of $560,000. What is the maximum amount of profit that Robert and Tami can exclude from taxable gain? They have no exlusion since they did...
Cancellation of Debt Question 1 of 75. No taxable income is recognized from cancellation of debt when the O Taxpayer was solvent prior to the cancellation of debt. O Debt canceled was recourse debt. O Canceled debt was for the taxpayer's second home. O Cancellation of debt was intended as a gift. Mark for follow up Question 2 of 75. A taxpayer will be able to exclude all the income from their canceled debt if th O Received a Form...
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