Courtney receives most of her income from wages from her job as a high school teacher. She also receives supplemental income from freelance tutoring part-time during the summer. Because her tutoring income is not subject to withholding, Courtney is concerned that she will have a balance due at the end of the year. Which of the following is an option you can recommend to Courtney to avoid a balance due?
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- Inga, an attorney, completed a job for a client in November 2019. If she bills the client immediately, she will receive her 10,000 fee before the end of the year. By delaying the billing for a month, she will not receive the 10,000 until 2020. What factors should Inga consider in deciding whether she should delay sending the bill to the client?Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.Veronica mows lawns during the summer. In 2021 she was paid directly by homeowners for her work, in some case on the basis of the completed job, in other cases at an hourly rate. Her friend Jonathan does the same work. However, he is paid at an hourly rate by a lawn maintenance company. Which of the following statements is correct? Veronica earns business income and Jonathan earns employment income. Veronica will be able to deduct more expenses than Jonathan Veronica and Jonathan both earn employment income Veronica earns business income and Jonathan earns employment income. Their deductible expenses will be the same Veronica and Jonathan both earn business income
- Assume the year is 2021. Harold’s father, John, requires assistance at home 4 hours each day, 5 days a week. Harold hires Bernice to come to John’s home to assist him during that time. What category of worker is Bernice? What must Harold pay Bernice for one week? What taxes should Harold withhold from Bernice’s salary? What employment taxes does Harold have to pay on Bernice’s pay? Does Harold or Bernice owe FICA and in what amount depending on who has the responsibility? Do Harold or Bernice owe FUTA on her wages?Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $23,000 per year. All property was divided equally.In May, Jonathon left his wife Sarah. While the couple lives apart and has no contact with each other, they were not legally divorced. Sarah found herself having to financially provide for the couple's eleven year-old child. Sarah paid all the costs of maintaining the household. When it is time to complete their taxes Sarah has no idea how to get in contact with Jonathon. Considering these facts, what is Sarah's most favorable filing status? Group of answer choices Married Filing Jointly Head of Household Married Filing Separately Qualifying Widow(er) Single
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- Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…Maria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…