FINA200_L4_ReadingUpdates

Name: Activity Worksheet #4 (Chapter 4) TRUE/FALSE Personal income taxes are paid only on your taxable income. 1. The key to reducing one's tax liability is to reduce taxable income rather than gross 2. income. MULTIPLE CHOICE 3. Which of the following would be considered smart financial planning? a. Turn all your income tax planning over to someone else b. Withhold too much income in order to receive a refund next year. c. Ignore the impact of income taxes in your personal financial planning d. Contribute to your employer-sponsored 401(k) retirement plan at least up to the amount of the employer's matching contribution taxes are based on one's ability to pay a. Progressive b. Regressive c. Marginal d. All of these 5. Dave Scott's total income is $42,000, but his taxable income is only $34,050. Therefore, his tax percent liability (what he owes in taxes) is 4,694. Dave's average tax rate is approximately С. 15 а. 11 b. 14 d. 25 6. Jeff is trying to decide whether to sell his baseball…

Concept Review 3.2- Ann and Carl Wilton (Personal Finance, 13th ed., Kapoor, Dlabay) Please turn to page 151 of the text and complete Financial Problem 6 Ann and Carl Wilton   In addition to answering the question (do they get a refund or owe taxes?) also indicate the tax owed or the refund they would receive. Adjusted gross income: $42,686 Standard deduction: $24,000 Child care tax credit: $100 Federal income tax withheld: $1,490 Tax rate on taxable income: 10%

 SEARCH  ASK CHAT Question Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax on said income?        a. P300       b. P720       c. P1,200       d. P1,500

Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…

Question 18: Julio has $10 withheld from every paycheck to be used as a donation to a local charity. When his employer pays these withheld amounts to the charity, what type of account is debited? Answer: A. O Asset В. O Liability C. O Revenue D. O Expense

1. Ch03 Financial Planning Exercise 4 Chapter 3 Financial Planning Exercise 4 Effect of tax credit vs. tax exemption By defining after-tax income, demonstrate the differences resulting from a $1,500 tax credit versus a $1,500 tax deduction for a single taxpayer in the 25% tax bracket with $41,000 of pre- tax income. Round your answers to two decimal places. (Use Exhibit 3.3.) Deduction $ Credit $

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Tax-sheltering for which of the following types of expenses cannot be had through a type of FSA? oooo Physician expenses Dependent care Prescription drugs Life insurance premiums Question 8 Contributions to a Roth IRA and a Coverdell education savings account are both tax-deductible, and earnings accumulate tax-free. True False Question 9 The amount of income tax withheld can be found on one's W-2 form. True False

No th B G As pa As It USP Name(s) shown on return Ashley Panda Form 8995 Department of the Treasury Internal Revenue Service 1 1 11 Qualified Business Income Deduction Simplified Computation Attach to your tax return. Go to www.irs.gov/Form8995 for instructions and the latest information. Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $170,050 ($340,100 if married filing jointly), and you aren't a patron of an agricultural or horticultural cooperative. (a) Trade, business, or aggregation name Panda Services, LLC OMB No. 1545-2294 Your taxpayer identification number 123-45-6777 (b) Taxpayer…

Section 529 college savings plans are state-sponsored. True Question 2 oo False Qualifying contributions to personal retirement accounts are subtracted as oooo adjustments to income itemized deductions exclusions tax credits Question 3 Which of the following types of taxes is deductible for federal income tax purposes? Federal income taxes Real estate property taxes Federal Social Security taxes Federal excise taxes on tires

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Question 4 Your client sells a taxable item and ships it to a customer that is out of state. There is no sales tax agency set up for that state. What sales tax rate will QuickBooks Online apply? OA special category rate will be used as the seller's rate No sales tax will be applied The seller's standard rate The customer's rate based on location

Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Tax Liability Rua head of household $195,200

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