ACCT614 Discussion Module 2

Question 39: Suzanne owns and operates a business that provides mold remediation services. Her most recent federal income tax withholding payment date fell on a Friday that coincided with a national holiday. On what day was she required to remit this payment? Answer: А. O Friday В. O Saturday (one day later) C. O Sunday (two days later) D. O Monday (three days later)

B16. 1.In order to encourage employees to “leave your car at home”, Jax Corporation wants to issue $100 transit passes every month to all employees agreeing to use the subway to get to work. The passes are valid on the Metro Transit line that operates trains and subways in town. Jax wants to know if the value of the passes will be taxable to their employees. What do you tell Jax?   a. The passes are considered taxable compensation to employees.   b. The passes are considered “qualified transportation” fringe benefits to employees and, thus, nontaxable.   c. The passes are considered gifts to employees and are subject to both income and gift tax.

2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.

15. For 2022, how much can Siena take as an educator expense deduction for the lab supplies she purchased for her students? a. $0  b. $250 c. $300 d. $600

Law on Obligation and Contract Jenny and Marie obliged themselves to deliver Ana a bullet proof car on her birthday. Jenny and Marie agreed infront on Ana to contribute the amount that will be used to buy the car. However Marie failed to give her contribution to the purchase price of the car, hence, the car was not delivered to Ana on her birthday. What kind of obligation is involved in the problem? Explain why do you say so.

Muriel Evan write the following note on the back of an envelope: "I, Murierl Evans, promis to pay Karen Marvins or bearer $100 on demand. " Is this a negottiable instrument? Discuss why or why not.

Richard Cook Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate 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. Interview Notes • Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare. • Richard declined to receive advance child tax credit payments in 2021. • Richard’s earned income in 2019 was $19,000. • Richard and Isabella are U.S. citizens and lived in the United States all year in 2021. • Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 33. Richard does not qualify to claim a retirement savings contribution…

Pls help ASAP for both

Winner attends the opening of a new department store. All persons attending are given free raffle tickets for a watch worth $200. Disregarding any possible application of IRC Section 74, must Winner include anything within gross income when she wins the watch in the raffle?

B6  Which of the following taxpayers will have an adjustment on their Schedule CA (540), Part I, Section A, line 1? Abdul earned $40,000 of wages while working at the local pharmacy. Dana won $2,000 from the California Lottery. Milo cashed U.S. Savings Bonds yielding $300 of interest. Sasha received ridesharing fringe benefits that were excluded from income on her federal return.

Domestic

Holly took a prospective client to dinner at a restaurant, and after agreeing to a business deal, they went to the theater. Holly paid $490 for the meal and separately paid $170 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense?   Multiple Choice   $660   $330   $490   $85   None—the meals and entertainment are not deductible except during travel.

Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1Tax liability (round to the nearest dollar): $fill in the blank 2

Exercise 11-3 (LO. 6) In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $ 9,760 Tax liability (round to the nearest dollar): $ Feedback 10,155 X

Jessica has a Personal Auto Policy (PAP) providing the following coverages: • Coverage A: 250/500/100 Coverage B: $10,000/person • Coverage C: 150/300 Coverage D: $500 deductible (collision): $500 deductible (comprehensive) Under the following scenario: (1) identify which PAP coverage is at issue (ONLY enter the letter A, B, C, or D); and (2) how much Jessica's insurance company will pay. NOTE: If you believe it is excluded/not covered, enter $0, otherwise, determine the amount and enter the amount with the $, any necessary commas, and no decimal points/cents (e.g., $1,500). Failure to follow these directions will result in answers being marked incorrect. Jessica allows her friend, Chris, to borrow her car to run a quick errand. When Chris is on her way back from the store, she totally misses a stop sign and causes an accident. The other driver's brand new car is totaled, and it had a value of $26,000. Jessica car suffers $2,100 in damages, as well. NOTE: There are 2 different…

A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022.  The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a.File his April 2022 VAT Return on the 15 May 2022 b.He is not required to file a VAT Return as the sales is below the VAT threshold. c.File his February 2022 VAT Return on the 15 March 2022 d.File his March 2022 VAT Return on the 15 April 2022