Which of the following items are excluded from the term "foreign earned income"? A) family allowance....
Which of the following items are excluded from the term "foreign earned income"? A) family allowance. B) cost of living allowance. C) reimbursement for education allowance. D) income earned on days working in the US while taxpayer meets requirement for FEIE
Homework Answers
-> FEIE is Foreign Earned Income Exclusion.
-> When-ever any US Citizen is working out side the country then he is qualified for FEIE. If such a Citizen works in US for few Days then the so earned proportionately by working in US is not considered as Foreign Income.
So Answer for the Given Question is : D - Income earned on days working in the US while Taxpayer meets Requirement for FEIE.
Add Answer to:
Which of the following items are excluded from the term "foreign
earned income"? A) family allowance....
Which of the following is NOT a requirement for a taxpayer to claim foreign earned income...
Which of the following is NOT a requirement for a taxpayer to claim foreign earned income exclusion? B. A. The taxpayer must have foreign earned income. The taxpayer must be physically present in a foreign country for 6 consecutive months during the tax year. The taxpayer's tax home must be in a foreign country. The taxpayer must be physically present in a foreign country for at least 330 full days during any period of 12 consecutive months. C. D.
Which of the following items should be properly excluded from gross income (i.e., included as part...
Which of the following items should be properly excluded from gross income (i.e., included as part of gross income then subtracted as an exclusion)? (Choose all of the correct answers.) Interest received from state-issued bonds Foreign-income earned of $26,000 when the taxpayer was out of the country for 342 days during the year Forgiveness of the mortgage on a taxpayer's personal residence when he was insolvent before and after the forgiveness Lawsuit damages meant as a replacement of lost income...
What source of income earned in a prior year may be considered earned in 2018? Foreign-source...
What source of income earned in a prior year may be considered earned in 2018? Foreign-source income earned in the last 120 days of 2017. Income earned in 2017 by a self-employed taxpayer who uses the accrual method. Salary a cash basis taxpayer earned in 2017 but, because of the employer's payroll periods, was received in 2018. A housing allowance for an employee working in a foreign country.
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the...
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? O No, the taxpayer must choose one tax benefit or the other. O Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income O Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country O Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category...
Excluded Medicaid waiver payments are not considered as earned income for which of the following? a....
Excluded Medicaid waiver payments are not considered as earned income for which of the following? a. Earned income Credit b. Child and Dependent Care Credit c. Additional Child Tax Credit d. All of these
What types of income qualify for the foreign-earned income exclusion? A. The exclusion is applicable to...
What types of income qualify for the foreign-earned income exclusion? A. The exclusion is applicable to earnings from personal services rendered in foreign countries. To qualify, a taxpayer must either be a bona fide resident of one or more foreign countries for the entire taxable year or be present in one or more foreign countries for a minimum of 330 days during a period of 12 consecutive months. B. The exclusion is applicable to earnings from investments sold in foreign...
According to Publication 514, Foreign Tax Credit for Individuals, a taxpayer may not claim the Foreign...
According to Publication 514, Foreign Tax Credit for Individuals, a taxpayer may not claim the Foreign Tax Credit for foreign taxes paid on income that is which of the following? A) Passive B) Earned C) Unearned D) Excluded
edira sudesntrecives a scholarship that is excluded from gros income, that amount should reduce qualified expenses....
edira sudesntrecives a scholarship that is excluded from gros income, that amount should reduce qualified expenses. D) Payments made using borrowed funds are not considered qualified expenses. 17) Warren and Erika paid $9,300 in qualified expenses for their son, Cash, to attend the University of Washington. Cash is in his first year of college and attended full-time. How much is Warren and Erika's American opportunity tax credit, without regard to any AGI limitation? A) S0. B) S1,800 C) $2,500. D)...
Which of the following is an item of income that is excluded from taxable income but...
Which of the following is an item of income that is excluded from taxable income but must be added back for earnings and profits purposes? A) Lobbying expenses and political contributions B) Tax exempt bond interest income C) Federal income taxes paid or accrued D) Disallowed entertainment expenses
c. What is the impact of incl income be excluded from the times interest earned coverage?...
c. What is the impact of incl income be excluded from the times interest earned coverage? P 7-9 Allen Company and Barker Company are competitors in the same industry. Selected financial data from their 2011 statements follow. Balance Sheet December 31, 2011 Barker Company Allen Company $ 35,000 120,000 190,000 100,000 20,000 520,000 $985,000 10,000 45,000 70,000 40,000 11,000 180,000 $356,000 Cash Accounts receivable Inventory Investments Intangibles Property, plant, and equipment Total assets (continued) (P 7-9 CONTINUED) Allen Company Barker...
Which of the following is NOT a requirement for a taxpayer to claim foreign earned income exclusion? B. A. The taxpayer must have foreign earned income. The taxpayer must be physically present in a foreign country for 6 consecutive months during the tax year. The taxpayer's tax home must be in a foreign country. The taxpayer must be physically present in a foreign country for at least 330 full days during any period of 12 consecutive months. C. D.
Which of the following items should be properly excluded from gross income (i.e., included as part of gross income then subtracted as an exclusion)? (Choose all of the correct answers.) Interest received from state-issued bonds Foreign-income earned of $26,000 when the taxpayer was out of the country for 342 days during the year Forgiveness of the mortgage on a taxpayer's personal residence when he was insolvent before and after the forgiveness Lawsuit damages meant as a replacement of lost income...
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? O No, the taxpayer must choose one tax benefit or the other. O Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income O Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country O Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category...
What types of income qualify for the foreign-earned income exclusion? A. The exclusion is applicable to earnings from personal services rendered in foreign countries. To qualify, a taxpayer must either be a bona fide resident of one or more foreign countries for the entire taxable year or be present in one or more foreign countries for a minimum of 330 days during a period of 12 consecutive months. B. The exclusion is applicable to earnings from investments sold in foreign...
edira sudesntrecives a scholarship that is excluded from gros income, that amount should reduce qualified expenses. D) Payments made using borrowed funds are not considered qualified expenses. 17) Warren and Erika paid $9,300 in qualified expenses for their son, Cash, to attend the University of Washington. Cash is in his first year of college and attended full-time. How much is Warren and Erika's American opportunity tax credit, without regard to any AGI limitation? A) S0. B) S1,800 C) $2,500. D)...
c. What is the impact of incl income be excluded from the times interest earned coverage? P 7-9 Allen Company and Barker Company are competitors in the same industry. Selected financial data from their 2011 statements follow. Balance Sheet December 31, 2011 Barker Company Allen Company $ 35,000 120,000 190,000 100,000 20,000 520,000 $985,000 10,000 45,000 70,000 40,000 11,000 180,000 $356,000 Cash Accounts receivable Inventory Investments Intangibles Property, plant, and equipment Total assets (continued) (P 7-9 CONTINUED) Allen Company Barker...
Most questions answered within 3 hours.
-
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 38 minutes ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 1 hour ago -
The number of major faults on a randomly chosen 1 km stretch of
highway has a...
asked 2 hours ago -
Consider the competitive environment of Starbuck's, Progressive
Insurance, a manufacturing firm with low turnover, or a...
asked 2 hours ago -
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 4 hours ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 7 hours ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 7 hours ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 7 hours ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 7 hours ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 7 hours ago -
(14.2) A block of mass m = 10 kg riding on a frictionless
horizontal plane is...
asked 7 hours ago -
Use any search engine to search for articles about Starbucks
partnership with Tata Companies in India...
asked 7 hours ago