Homework Answers
Ans: the correct option for the answer is option A i.e. none
There will be no tax liability for billy as total earnings are $2100 for taxable year and the if the amount earned by him exceeds $2100 will be added to joan's income therefore no tax i.e. $0 will be owned on his income
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Joan's son, Billy, delivers newspapers on the weekend. Billy's total earnings from the paper route are...
The totals from the first payroll of the year are shown below. Total Earnings: $40,000 The...
The totals from the first payroll of the year are shown below. Total Earnings: $40,000 The amount of Social security tax is 6.20% The amount of Medicare tax is 1.45% The amount of federal tax income is 5% The amount of state income tax is 4% The total amount of union dues withheld is $500. The amount of the FUTA tax is .6% on the first $7,000 of wages. No employees have exceeded the maximum amount of wages taxable. The...
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $485,000. In...
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $485,000. In addition, it received S28,000 in income from interest on bonds it heid in Zig Manufacturing and a. Calculate the firm's tax on its operating eamings only b. Find the tax and the after-tax amount attributable to the interest income from Zig Manufacturing bonds c. Find the tax and the after-tax amount attributable to the dividend income from the Tank Industries, Inc., common stock. d....
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $484,000. In...
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $484,000. In addition, it received $20,000 in income from interest on bonds it held in Zig Manufacturing and received $20,000 in income from dividends on its 5% common stock holding in Tank Industries, Inc. Shering is in the 21% tax bracket and is eligible for a 50% dividend exclusion on its Tank Industries stock. a. Calculate the firm's tax on its operating earnings only. b. Find...
nterest versus dividend income During the year ust ended, Shering Distributors, Inc. had pretax earnings from...
nterest versus dividend income During the year ust ended, Shering Distributors, Inc. had pretax earnings from operations of S485,000 In addton, during the year t received the 31% tax bracket and is eligible for a 70% dividend edus on on its Tank Industries stock. a. Calculate the firm's tax on its operating earnings only b. Find the tax and the after-tax amount attributable to the interest income from Zig Manufacturing bonds. c. Find the tax and the after-tax amount attributable...
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $484,000. In...
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $484,000. In addition, it received $29,000 in income from interest on bonds it held in Zig Manufacturing and received $29.000 in income from dividends on its 5% common stock holding in Tank Industries, Inc. Shering is in the 21% tax bracket and is eligible for a 50% dividend exclusion on its Tank Industries stock. a. Calculate the firm's tax on its operating earnings only. b. Find...
31. Use the information from page 22 of your study guide and Figure 3-6 on page...
31. Use the information from page 22 of your study guide and Figure 3-6 on page 79 in your textbook to answer the following questions. A. If John's filing status was Married what is John's taxable income? B. If John's filing status was Married, how much would his tax refund be? C. How does your marital status affect how much is paid in federal income taxes? 79 t: Personal Information gep name, current address, and Social Security number should be...
Southeast Airlines had pretax earnings of $80 million, Included in this amount is income from discontinued...
Southeast Airlines had pretax earnings of $80 million, Included in this amount is income from discontinued operations of $20 million The company's tax rate is 25% 4.5 points What is the amount of income tax expense that Southeast would report in its income statement for continuing operations? (Enter your answer in millions rounded to 2 decimal place (l.e., Le., 5,500,000 should be entered as 5.50). Amount to be deducted should be indicated with a minus sign.) Income from continuing operations...
1. Which of the following actions cannot be used to eliminate a possible personal holding company...
1. Which of the following actions cannot be used to eliminate a possible personal holding company tax liability involving a corporation owned by a mother and a father? A) Sell additional stock to other family members. B) Make a cash distribution within 2 1/2 months of the end of the tax year. C) Make a deficiency distribution within 90 days of the date on which the IRS determines that a personal holding company liability is owed. D) Liquidate the corporation....
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you...
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise Salary payable for 2020 (on December 31,...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sa...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $485,000. In addition, it received S28,000 in income from interest on bonds it heid in Zig Manufacturing and a. Calculate the firm's tax on its operating eamings only b. Find the tax and the after-tax amount attributable to the interest income from Zig Manufacturing bonds c. Find the tax and the after-tax amount attributable to the dividend income from the Tank Industries, Inc., common stock. d....
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $484,000. In addition, it received $20,000 in income from interest on bonds it held in Zig Manufacturing and received $20,000 in income from dividends on its 5% common stock holding in Tank Industries, Inc. Shering is in the 21% tax bracket and is eligible for a 50% dividend exclusion on its Tank Industries stock. a. Calculate the firm's tax on its operating earnings only. b. Find...
nterest versus dividend income During the year ust ended, Shering Distributors, Inc. had pretax earnings from operations of S485,000 In addton, during the year t received the 31% tax bracket and is eligible for a 70% dividend edus on on its Tank Industries stock. a. Calculate the firm's tax on its operating earnings only b. Find the tax and the after-tax amount attributable to the interest income from Zig Manufacturing bonds. c. Find the tax and the after-tax amount attributable...
Interest versus dividend income Last year, Shering Corporation had pretax earnings from operations of $484,000. In addition, it received $29,000 in income from interest on bonds it held in Zig Manufacturing and received $29.000 in income from dividends on its 5% common stock holding in Tank Industries, Inc. Shering is in the 21% tax bracket and is eligible for a 50% dividend exclusion on its Tank Industries stock. a. Calculate the firm's tax on its operating earnings only. b. Find...
31. Use the information from page 22 of your study guide and Figure 3-6 on page 79 in your textbook to answer the following questions. A. If John's filing status was Married what is John's taxable income? B. If John's filing status was Married, how much would his tax refund be? C. How does your marital status affect how much is paid in federal income taxes? 79 t: Personal Information gep name, current address, and Social Security number should be...
Southeast Airlines had pretax earnings of $80 million, Included in this amount is income from discontinued operations of $20 million The company's tax rate is 25% 4.5 points What is the amount of income tax expense that Southeast would report in its income statement for continuing operations? (Enter your answer in millions rounded to 2 decimal place (l.e., Le., 5,500,000 should be entered as 5.50). Amount to be deducted should be indicated with a minus sign.) Income from continuing operations...
1. Which of the following actions cannot be used to eliminate a possible personal holding company tax liability involving a corporation owned by a mother and a father? A) Sell additional stock to other family members. B) Make a cash distribution within 2 1/2 months of the end of the tax year. C) Make a deficiency distribution within 90 days of the date on which the IRS determines that a personal holding company liability is owed. D) Liquidate the corporation....
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise Salary payable for 2020 (on December 31,...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
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