The following income must be reported on Schedule 1, Line 21 Choose one answer. a. Gambling...
The following income must be reported on Schedule 1, Line 21
Choose one answer.
a. Gambling winnings, jury duty pay, 1099-Misc, state refund
b. Alaska Permanent Funds dividends, Self-employment, nonbusiness debt cancellation
c. Allocated tips, Alaska Permanent Funds dividends, jury duty pay
d. Nonbusiness debt cancellation, jury duty pay, gambling winnings
Homework Answers
The answer to the above question is d,since the state refund,self employment and allocated tips not covered under line 21.
Add Answer to:
The following income must be reported on Schedule 1, Line 21 Choose one answer. a. Gambling...
Short-Answer Question (20 marks) 1. B-Line Company reported pretax net income from continuing operations of $1,000,0...
Short-Answer Question (20 marks) 1. B-Line Company reported pretax net income from continuing operations of $1,000,000 and taxable income of $800,000. The favorable book-tax difference of $200,000 was due to a $100,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $50,000 due to accrued vacation pay, and a $150,000 favorable permanent difference from the dividends received deduction. Required: Based on taxation in the United States of America, a) compute B-Line's current income tax expense. b) compute B-Line's...
23. What is the total net amount of capital gain reported on Form 1040? OA. $308...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate 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....
help me with 15-20 and also the schedule 1 form with the blanks that have 10,...
help me with 15-20 and also the schedule 1 form with the blanks
that have 10, 21, 22, 31a, and 36
Note: This problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone...
Beverly and Ken Hair have been married for 3 years. Beverly works as an accountant at...
Beverly and Ken Hair have been married for 3 years. Beverly
works as an accountant at Cypress Corporation. Ken is a full-time
student at Southwest Missouri State University (SMSU) and also
works part-time during the summer at Cypress Corp. Ken's birthdate
is January 12, 1993 and Beverly's birthdate is November 4, 1995.
Beverly and Ken each received a W-2 form from Cypress Corporation
(see separate tab). The Hairs have interest income of $1,000 on
City of St. Louis bonds. Beverly...
Ch. 5- Auto Graded Tax Form Problems i Saved 2 Required information The following information applies...
Ch. 5- Auto Graded Tax Form Problems i Saved 2 Required information The following information applies to the questions displayed below. Part 2 of 2 Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. Determine Ken's gross income and complete page 2 of Form 1040 (through line...
Required: ∙ Use the following information to complete Keith and Jennifer Hamilton’s 2018 federal income tax...
Required: ∙ Use the following information to complete Keith and
Jennifer Hamilton’s 2018 federal income tax return. If any
information is missing, use reasonable assumptions to fill in the
gaps. ∙ Form 1040, supporting schedules, and instructions to the
forms and schedules can be found at the IRS website (www.irs.gov).
Facts: 1. Keith Hamilton is employed as an airline pilot for Flyby
Airlines which is based in Las Vegas, Nevada, but he flies out of
Toledo Metro Airport. Jennifer is...
AO OUR CITY Department of the Treasury Service OMB Number Form 13614-C 2010 Intake/Interview & Quality...
AO OUR CITY Department of the Treasury Service OMB Number Form 13614-C 2010 Intake/Interview & Quality Review Sheet You will need . Please complete pages 14 of this form, - Tax Information such as Forms W-2 100 100 1095 - You are responsible for the information on your return. Please provide - Social security cards or ITIN letters for persons on your tax retum complete and accurate information Picture D uchas valid driver's license for you and your spouse. ....
Required information [The following information applies to the questions displayed belowj John and Sandy Ferguson got...
Required information [The following information applies to the questions displayed belowj John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2018, John worked as a computer technician at a local university earning a salary of $153,500, and Sandy worked part-time as a receptionist for a law firm earning a salary of $30,500. John also does some Web design work on the side and reported revenues of $5,500 and associated expenses of $1,500. The...
1) The image shows a completed schedule C using the cash method. Complete schedule C using...
1) The image shows a completed schedule C using the cash method.
Complete schedule C using the ACCRUAL method.
2) Are there any differences between the 2018 and 2019
forms?
SCHEDULE C (Form 1040) Profit or Loss From Business (Sole Proprietorship) •Go to www.irs.gov/Schedulec for instructions and the latest information. OMB No. 1545-0074 2018 Department of the Treasury Internal Revenue Service (99) Name of proprietor RICK GRIME Attachment Attach to Form 1040, 1040NR, or 1041; partnerships generally must file Form...
You are to prepare a tax return using the following information. You will need to use...
You are to prepare a tax
return using the following information. You will need to use Form
1040, Schedule B if applicable, you determine (Read requirements in
text). John Brown, age 53, (social security number 554-78-4556) is
single and is supporting his 18 year old son, David (social
security number 444-55-7777). David is a student at MirMonte High
School. They live in a rented home at 1245 West 5Th Street,
Coalinga, CA. John is employed as a engineer and received...
Short-Answer Question (20 marks) 1. B-Line Company reported pretax net income from continuing operations of $1,000,000 and taxable income of $800,000. The favorable book-tax difference of $200,000 was due to a $100,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $50,000 due to accrued vacation pay, and a $150,000 favorable permanent difference from the dividends received deduction. Required: Based on taxation in the United States of America, a) compute B-Line's current income tax expense. b) compute B-Line's...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate 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....
help me with 15-20 and also the schedule 1 form with the blanks
that have 10, 21, 22, 31a, and 36
Note: This problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone...
Beverly and Ken Hair have been married for 3 years. Beverly
works as an accountant at Cypress Corporation. Ken is a full-time
student at Southwest Missouri State University (SMSU) and also
works part-time during the summer at Cypress Corp. Ken's birthdate
is January 12, 1993 and Beverly's birthdate is November 4, 1995.
Beverly and Ken each received a W-2 form from Cypress Corporation
(see separate tab). The Hairs have interest income of $1,000 on
City of St. Louis bonds. Beverly...
Ch. 5- Auto Graded Tax Form Problems i Saved 2 Required information The following information applies to the questions displayed below. Part 2 of 2 Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. Determine Ken's gross income and complete page 2 of Form 1040 (through line...
Required: ∙ Use the following information to complete Keith and
Jennifer Hamilton’s 2018 federal income tax return. If any
information is missing, use reasonable assumptions to fill in the
gaps. ∙ Form 1040, supporting schedules, and instructions to the
forms and schedules can be found at the IRS website (www.irs.gov).
Facts: 1. Keith Hamilton is employed as an airline pilot for Flyby
Airlines which is based in Las Vegas, Nevada, but he flies out of
Toledo Metro Airport. Jennifer is...
AO OUR CITY Department of the Treasury Service OMB Number Form 13614-C 2010 Intake/Interview & Quality Review Sheet You will need . Please complete pages 14 of this form, - Tax Information such as Forms W-2 100 100 1095 - You are responsible for the information on your return. Please provide - Social security cards or ITIN letters for persons on your tax retum complete and accurate information Picture D uchas valid driver's license for you and your spouse. ....
Required information [The following information applies to the questions displayed belowj John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2018, John worked as a computer technician at a local university earning a salary of $153,500, and Sandy worked part-time as a receptionist for a law firm earning a salary of $30,500. John also does some Web design work on the side and reported revenues of $5,500 and associated expenses of $1,500. The...
1) The image shows a completed schedule C using the cash method.
Complete schedule C using the ACCRUAL method.
2) Are there any differences between the 2018 and 2019
forms?
SCHEDULE C (Form 1040) Profit or Loss From Business (Sole Proprietorship) •Go to www.irs.gov/Schedulec for instructions and the latest information. OMB No. 1545-0074 2018 Department of the Treasury Internal Revenue Service (99) Name of proprietor RICK GRIME Attachment Attach to Form 1040, 1040NR, or 1041; partnerships generally must file Form...
You are to prepare a tax
return using the following information. You will need to use Form
1040, Schedule B if applicable, you determine (Read requirements in
text). John Brown, age 53, (social security number 554-78-4556) is
single and is supporting his 18 year old son, David (social
security number 444-55-7777). David is a student at MirMonte High
School. They live in a rented home at 1245 West 5Th Street,
Coalinga, CA. John is employed as a engineer and received...
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