Tighe won a new automobile from his employer for being the top salesperson in the entire...
Tighe won a new automobile from his employer for being the top salesperson in the entire firm. The auto cost the employer only $34,000 because he purchased a fleet of cars from the dealer; it had a retail price of $37,000. In addition, Tighe’s employer gave him $5,000 with which to pay the taxes on the prize. How much must Tighe include in his gross income?
a. $42,000
b. $37,000
c. $35,000
d. $32,000
Homework Answers
Gross income = Retail price of Automobile + Cash
= $37,000 + $5,000
= $42,000
Option a. is correct answer.
Add Answer to:
Tighe won a new automobile from his
employer for being the top salesperson in the entire...
Fred Fumble won an automobile from Sports Illustrated for being the most valuable player in the...
Fred Fumble won an automobile from Sports Illustrated for being the most valuable player in the Super Bowl game. Fred did not apply for the award, and Sports Illustrated did not require Fred to perform any future services. The suggested list price for the auto was $95,000, although Fred could have purchased an identical car for $85,000. What amount should be included in Fred’s gross income in regard to the auto? $0 $85,000 $90,000 $95,000 Arthur, an employee of Dragonworld...
James Hunt’s Dream Apartment Part 1 James Hunt currently earns a yearly salary of $100,000 (paid...
James Hunt’s Dream Apartment Part 1 James Hunt currently earns a yearly salary of $100,000 (paid on a monthly basis at the end of each month) and his average income tax rate is 25% (taxes are withheld by the employer from the employee’s gross monthly pay). He wishes to buy an apartment in Boston. He can obtain from his bank a 30-year fixed rate mortgage loan at a nominal interest rate of 4.75% per annum, with equal monthly payments paid...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
Based on the given information (Links to an external site.) Can you please prepare the 2018...
Based on the given information (Links to an external
site.) Can you please prepare the 2018 Form 1120 for Bizrate
Electronics with the accompanying Schedule D, 1125-A, 1125-E, and
Form 4797. Also, provide calculations for Jon and Billy's basis in
Bizrate's stock and Bizrate basis in the new assets it holds.
Depreciation will be a given number. ?
Bizrate Electronics, Inc.
A “C” Corporation
For the Year Ended December 31, 2018
Bizrate Electronics was organized on February 22, 2018,...
#1) (1 Mark) You are trying to determine when you must file your 2017 T1 Tax...
#1) (1 Mark) You are trying to determine when you must file your 2017 T1 Tax Return and pay any related outstanding balance. Your spouse operates a Sole Proprietorship Confectionary Store and you are an Accounts Payable Clerk at a local business. In addition, you have two children (aged 4 and 9). Your children do not have any sources of income. When must the 2017 Return be filed? When must the balance owing for the 2017 Return be paid? #2)...
Based on the given information (Links to an external
site.) Can you please prepare the 2018 Form 1120 for Bizrate
Electronics with the accompanying Schedule D, 1125-A, 1125-E, and
Form 4797. Also, provide calculations for Jon and Billy's basis in
Bizrate's stock and Bizrate basis in the new assets it holds.
Depreciation will be a given number. ?
Bizrate Electronics, Inc.
A “C” Corporation
For the Year Ended December 31, 2018
Bizrate Electronics was organized on February 22, 2018,...
#1) (1 Mark) You are trying to determine when you must file your 2017 T1 Tax Return and pay any related outstanding balance. Your spouse operates a Sole Proprietorship Confectionary Store and you are an Accounts Payable Clerk at a local business. In addition, you have two children (aged 4 and 9). Your children do not have any sources of income. When must the 2017 Return be filed? When must the balance owing for the 2017 Return be paid? #2)...
Most questions answered within 3 hours.
-
Two waves are traveling on a string, one with a wave function,
y1 = 0.05sin(4x -...
asked 3 minutes ago -
Develop an ideal customer profile for three Dell Customer
groups( a supplier, a global business, and...
asked 6 minutes ago -
Suppose, for any future year, the probability its October rain
is more than 3 inches is...
asked 10 minutes ago -
Solve the following systems of linear equations using
substitution 12p + 3q = 15 6q +...
asked 18 minutes ago -
Prof. D went grocery shopping and purchased one dozen eggs and
one pound of flour (all...
asked 25 minutes ago -
If
somehow loop of Henle were removed - that is if the proximal tubule
was connected...
asked 25 minutes ago -
Add 1ml of 0.18M of HCl (aq) to 1ml of 0.2M of [Ag(NH3)2]Br
(aq).
Write the...
asked 32 minutes ago -
1. Smoke detectors use Am-241, an alpha emitter, to detect smoke
particles. A parent is concerned...
asked 37 minutes ago -
Scenario: Web application developed to capture customers
demographic and financial information for filling their taxes. This...
asked 40 minutes ago -
Which of the following statements are true?
1. Glass is mostly silicon dioxide and so when...
asked 1 hour ago -
Korman Company has the following securities in its portfolio of
equity securities on December 31, 2018:...
asked 1 hour ago -
Using the 12th edition of Language Awareness,
complete the following assignment:
After reading Akiba Solomon's "Thugs....
asked 1 hour ago