Ellen , 45 and single has the following income and deductions
in 2019.
Salary &
Ellen , 45 and single has the following income and deductions
in 2019.
Salary
$50,000
Interest
Income
3,200
Dividends
800
Medical
Expenses
6,150
Property Taxes on Personal
residence
6,300
Interest on Home
Mortgage
7,600
State and Local Income
Taxes
5,800
State and Local Sales
Taxes
2,000
Investment Interest
Expense
5,000
In addition, Ellen’s car (value
=$15,000, cost $20,000) was stolen during the year and the
insurance reimbursement was $7,000. She also had $2,000 of travel
expenses related to her job...
a.) Asteria earned a $25,500 salary as an employee in 2018. How
much should her employer...
a.) Asteria earned a $25,500 salary as an employee in 2018. How
much should her employer have withheld from her paycheck for FICA
taxes? (Rounded to the nearest whole dollar
amount).
b.) Brandon and Jane Forte file a joint tax return and decide to
itemize their deductions. The Forte's income for the year consists
of $120,000 in salary, $1,000 interest income, $1,500 nonqualifying
dividends, and $1,100 long-term capital gains. The Forte's expenses
for the year consist of $3,000 investment interest...
Joe earned $100,000 in salary and $6,000 in interest income
during the year. Joe’s employer withheld...
Joe earned $100,000 in salary and $6,000 in interest income
during the year. Joe’s employer withheld $11,000 of federal income
taxes from Joe’s paychecks during the year. Joe has one qualifying
dependent child who lives with him. Joe qualifies to file as head
of household and has $23,000 in itemized deductions. You may use
the IRS instructions to form 1040 (2019) for reference.
a. Determine Joe’s tax refund or taxes due. You must show
work.
b. Copy and paste the...
Elizabeth was self-employed from January 1, 2020 through March
31, 2020. During that time, she earned...
Elizabeth was self-employed from January 1, 2020 through March
31, 2020. During that time, she earned $44,000 of profits from her
business ($100,000 of business income less $56,000 of deductible
business expenses). On April 1, 2020, Elizabeth took a job as a
nuclear physicist and earned a salary of $178,000 between April 1
and December 31, 2020. If Elizabeth files her 2020 federal income
tax return as a Single taxpayer, what is the total amount of FICA
taxes she will...
Trudy's AGI last year
was $200,000. Her Federal income tax came to $65,000, which she
paid...
Trudy's AGI last year
was $200,000. Her Federal income tax came to $65,000, which she
paid through a combination of withholding and estimated payments.
This year, her AGI will be $300,000, with a projected tax liability
of $50,000, all to be paid through estimates.
Note: Ignore the
annualized income method.
a.
Trudy's total estimated tax payments are $______ under the
current-year method and $__________ under the prior-year
method.
b.
Assume instead that Trudy's AGI last year was $100,000 and resulted...
Whitney received $75,000 of taxable income in 2020. All of the
income was salary from her...
Whitney received $75,000 of taxable income in 2020. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations.)
a. She files under the single filing status.
b. She files a joint tax return with her spouse. Together their
taxable income is $75,000.
c. She is married but files a separate tax return. Her taxable
income is $75,000....
Determine Betty’s adjusted gross income for the year given the
following information:
Salary: $78,000
Child care...
Determine Betty’s adjusted gross income for the year given the
following information:
Salary: $78,000
Child care credit: $1,000
Personal and Dependency exemptions: $12,000
Investment interest: $4,000
IRA contribution: $5,500
Municipal bond interest: $500
Federal income taxes withheld: $6,000
Itemized deductions: $15,300
$82,500
$82,000
$76,500
$77,000
Please do not copy from Chegg otherwise I have to report the
answer. Explain the answer throughly by showing each step of the
calculation.
Determine Betty’s taxable income for the year given the
following information:
Salary: $78,000
Child care credit:...
Determine Betty’s taxable income for the year given the
following information:
Salary: $78,000
Child care credit: $1,000
Personal and Dependency exemptions: $12,000
Investment interest: $4,000
IRA contribution: $5,500
Municipal bond interest: $500
Federal income taxes withheld: $6,000
Itemized deductions: $15,300
$55,200
$54,700
$49,700
$49,200
Please do not copy from Chegg. Only attempt if you are sure
about the answer. Solve in a step by step manner, explaining each
step.
1. A taxpayer wishes to take a deduction for a worthless debt.
Without proper documentation, the...
1. A taxpayer wishes to take a deduction for a worthless debt.
Without proper documentation, the taxpayer faces the risk that the
IRS will assert that
A. the debt became worthless in an earlier period, and the
statute of limitations prevents the taxpayer from amending that
earlier return.
B. the debt is not yet worthless, disallowing the deduction
C. both of the above.
D. none of the above.
2. During the current year, Deborah Baronne, a single
individual, paid the...
Residual Income [LO10-1, LO10-2]
Financial data for Joel de Paris, Inc., for last year
follow:
Joel...
Residual Income [LO10-1, LO10-2]
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance Sheet
Beginning
Balance
Ending
Balance
Assets
Cash
$
136,000
$
126,000
Accounts receivable
335,000
486,000
Inventory
561,000
479,000
Plant and equipment, net
838,000
819,000
Investment in Buisson, S.A.
398,000
433,000
Land (undeveloped)
247,000
250,000
Total assets
$
2,515,000
$
2,593,000
Liabilities and Stockholders'
Equity
Accounts payable
$
375,000
$
330,000
Long-term debt
1,007,000
1,007,000
Stockholders' equity
1,133,000
1,256,000
Total liabilities...