40. Does this situation accurately reflect the taxation of the items of miscellaneous and comfort tax year 2023 A. Hobby losses should be reported net on form 1040 schedule 1 line 8 B lawsuit collection from punitive damages should be reported on form 1040 schedule 1 line 8 C. Interest earned on a million-dollar settlement that took 3 years to collect should be reported on schedule B.

40. Does this situation accurately reflect the taxation of the items of miscellaneous and comfort tax year 2023 A. Hobby losses should be reported net on form 1040 schedule 1 line 8 B lawsuit collection from punitive damages should be reported on form 1040 schedule 1 line 8 C. Interest earned on a million-dollar settlement that took 3 years to collect should be reported on schedule B.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter12: S Corporations

Section: Chapter Questions

Problem 9DQ

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42. The does this situation accurately reflect the taxation of the item of miscellaneous income for tax year 2023 A. Interest earned on a $1 million dollar settlement that took 3 years to collect should be reported on schedule B. B. Attorney fees can be deducted from any lawsuit settled to come to the taxable amount. C. Hobby losses should be reported net on form 1040 schedule 1 line 8 . D. Hobby and come should be reported on form 1040 schedule 1 line 8.5
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11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
48. Could the following item be deductible on an individual schedule A US 1040 for 2023. A. Personal property tax based on value and charges on an annual bias. B. Foreign real property tax C. Direct monetary assistant to an individual in need.
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Bb1.
5. What amount should be reported as current tax expense for the current year? ₱ 1,050,000 ₱ 1,950,000 ₱ 1,350,000 ₱ 2,250,000
4.
1. The Request for Taxpayer Identification Number and Certification is also known as Form _____. Answer: A. W-9 B. W-4 C. W-2 D. I-9 2. When the 4th quarter FUTA tax is NOT at least _____, the payment may be mailed at year-end with Form 940. Answer: A. $100 B. $500 C. $1,000 D. $5,000 3. The full self-employment tax rate applied to the first $142,800 of earnings is _____. Answer: A. 2.9% B. 6.2% C. 12.4% D. 15.3%
1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80
Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021. Assume Fore will carry back its NOL to prior years. 2. What is the net operating loss reported in 2021 income statement? 3. Prepare the journal entry to record income taxes in 2022 assuming pretax accounting income is $288 million. No additional temporary differences originate in 2022.