Answered: During the year, X Co., a small…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Selma, an age 60 recipient of a Social Security Widow's benefit, earns $16,720 from her part-time job as a clerk in 2016. By how much will her Widow's benefit be reduced when the earnings limit is $15,720? 1. $0 2. $500 3. 4,000 4. $15720
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Problem 2: Determine AGI During 2021 Carl Spackler, a single taxpayer with no dependents, reported the following information: Receipts Wages from his job as a groundskeeper Payments from Lacey Underhall Cash Received from Rolling Hills Country Club, Ltd Expenditures Investment Interest Real Estate Taxes Contribution to a Health Savings Account Purchase of Xbox ● 150,000 Required: Determine Carl's AGI for 2021. 20,000 80,000 3,000 2,000 1,000 ADDITIONAL INFORMATION • Carl is an investor in a partnership - Rolling Hills Country Club, Ltd. His ownership percentage is 15% and during the year the partnership generated total profits of $2,000,000. Lacey is Carl's ex-wife. They were divorced in 2015 and the payments will cease when Carl dies. Any item you determine is an allowable deduction you can assume that the whole amount is deductible. 5,000
Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000
calculate martha's agi: salary, $90,000 unemployment, 3,000 contribution to IRA, 3,000 hobby income, 4,500 gambling winnings, 1,500 hobby supplies, 5,000 cash (cafeteria plan) 4,000 gambling losses 500 state income tax paid, 6,000 related to business: advertising, 2,500 charity contribution, 1,200 parking ticket paid by business, 200 revenue, 30,000 1/2 tax (self employment) 5,600 supplies for business, 8,000 sub contractors, 10,000 use 2020 tax information
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A young engineer earned $85,000 in wages and other income in the last tax year. She is unmarried and from company records knows that $13,000 has been withheld for taxes. If she had $8000 in charitable donations last year, calculate if she will receive a refund or owe taxes.
Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000
Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000
I need help with (Allocated wages)
dont uplode image in answer Myra Dalrymple, single, age 48, had net income of $110,000 from a business and two dependent children at home. She had AMT adjustments that reduced depreciation and increased income by $30,200. She also had $85,000 in salary income and received from her employer 10,000 incentive stock options to buy stock at $18 when the market price was $20. Her itemized deductions consisted of the following: State and local taxes 24,250 (remember the limit) Property taxes 7,950 Mortgage interest(1st) 16,920 Charitable contrib. 8,930 Medical insurance/exp 26,950 before considering AGI floor What is Myra’s tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first.

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During the year, X Co., a small business corporation pays out $1,000 to its only shareholder Sam. How much must Sam add to his income? Multiple Choice $1,380 $1,150 $1,000 $0