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Matt and Lori were divorced In 2016. Pursuant to the divorce decree Matt recelves $10,000 of...
Question 3 4 pts John and Mary were divorced last year (2017). The divorce decree provides...
Question 3 4 pts John and Mary were divorced last year (2017). The divorce decree provides that John pay alimony of $10,000 per year, to be reduced by 20 percent on their child's 18thbirthday. During the current year (2018), the $10,000 was paid in the following way: John paid $7,000 directly to Mary and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as income in Mary's 2018 income tax return? O $8,600 O...
James and Edna Smith are a childless married couple who lived apart for all of 2016....
James and Edna Smith are a childless married couple who lived apart for all of 2016. On December 31, 2016, they were legally separated under a decree of separate maintenance. Which of the following is the only filing status choice available to them for 2016? 1) Married filing joint return. 2) Married filing separate return. 3) Head of household. 4) Single. Question 2 Percy Peterson received a grant from the Department of Education for a special research project on education....
1. Wanda is a single parent (divorced). She has a 5-year-old daughter. She receives the following...
1. Wanda is a single parent (divorced). She has a 5-year-old daughter. She receives the following items of income during the year: • Wages - $33,000 • Child support – 9,600 • Workers compensation - $14,000 • Commissions - $8,000 • Interest - $300 • Gift from her grandfather - $10,000 What is the amount of income Wanda will need to report on her tax return for the year? Select one: a. $33,000 b. $51,300 c. $50,900 d. $41,300...
1. Reba divorced her husband several years back. In the current year (2019), she received $87,000...
1. Reba divorced her husband several years back. In the current year (2019), she received $87,000 in salary, $25,000 in child support from her ex-husband, and $4,500 in interest income. Her three children, Cheyenne, Jake, and Kyra, lived with her this year but only Jake and Kyra qualify as her dependents and count as qualifying persons for determining filing status. In addition, she has $6,000 in total itemized deductions available for the year. Assume she is not subject to AMT,...
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred...
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 111-11-1112. Beulah’s Social Security number is 123-45-6789, and she adopted “Old” as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years...
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred...
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 111-11-1112. Beulah's
Social Security number is 123-45-6789, and she adopted "Old" as her
married name. They live at 211 Brickstone Drive, Atlanta, GA
30304.
Alfred was divorced from Sarah Old in March 2016. Under the
divorce agreement, Alfred is to pay Sarah $1,250 per month for the
next 10 years...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,500 in 2018. She...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,500 in 2018. She is 45 years old and has been divorced for four years. She receives $1,280 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,300 of rental payments from tenants and she incurred $19,617 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the...
Phipps Car Rentals Ltd commenced operations on 1 July 2016. At this time it purchased 4...
Phipps Car Rentals Ltd commenced operations on 1 July 2016. At
this time it purchased 4 cars at a cost of $30,000
each, and proceeded to rent these on a short-term basis to
people visiting Canberra. Accounting operating profit before tax
was as follows:
2016/7
$250,000
2017/8
$350,000
2018/9
$450,000
For taxation purposes the cars are
depreciable at 15% p.a. whilst for accounting purposes
they a depreciable at 10% p.a., both straight
line. The tax rate for the years 2016/7...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,300 in 2019. She...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,300 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,230 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,500 of rental
payments from tenants and she incurred $19,695 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...
i need help HUID Save & E Reba Dixon is a fifth-grade school teacher who earned...
i
need help
HUID Save & E Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her...
Question 3 4 pts John and Mary were divorced last year (2017). The divorce decree provides that John pay alimony of $10,000 per year, to be reduced by 20 percent on their child's 18thbirthday. During the current year (2018), the $10,000 was paid in the following way: John paid $7,000 directly to Mary and $3,000 to Spring College for Mary's tuition. What amount of these payments should be reported as income in Mary's 2018 income tax return? O $8,600 O...
1. Reba divorced her husband several years back. In the current year (2019), she received $87,000 in salary, $25,000 in child support from her ex-husband, and $4,500 in interest income. Her three children, Cheyenne, Jake, and Kyra, lived with her this year but only Jake and Kyra qualify as her dependents and count as qualifying persons for determining filing status. In addition, she has $6,000 in total itemized deductions available for the year. Assume she is not subject to AMT,...
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 111-11-1112. Beulah's
Social Security number is 123-45-6789, and she adopted "Old" as her
married name. They live at 211 Brickstone Drive, Atlanta, GA
30304.
Alfred was divorced from Sarah Old in March 2016. Under the
divorce agreement, Alfred is to pay Sarah $1,250 per month for the
next 10 years...
Phipps Car Rentals Ltd commenced operations on 1 July 2016. At
this time it purchased 4 cars at a cost of $30,000
each, and proceeded to rent these on a short-term basis to
people visiting Canberra. Accounting operating profit before tax
was as follows:
2016/7
$250,000
2017/8
$350,000
2018/9
$450,000
For taxation purposes the cars are
depreciable at 15% p.a. whilst for accounting purposes
they a depreciable at 10% p.a., both straight
line. The tax rate for the years 2016/7...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,300 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,230 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,500 of rental
payments from tenants and she incurred $19,695 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...
i
need help
HUID Save & E Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her...
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