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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Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000
5
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
1. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings…
If Deshaun gifts his niece $100,000 in stock which he bought for $25,000, what is his niece's basis? $0 $25,000 $100,000 $15,000
Exercise 13-25 (Algorithmic) (LO. 1) Sally owns real property for which the annual property taxes are $16,030. She sells the property to Kate on April 2, 2021, for $801,500. Kate pays the real property taxes for the entire year on October 1, 2021. Assume a 365-day year. Round any division to four decimal places. Round your final answers to the nearest dollar. a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $ 3,997 x and Kate can deduct s Feedback b. What effect does the property tax apportionment have on Kate's adjusted basis in the property? Kate's adjusted basis for the property is increased ✓by the s Feedback 12,033 X of the property taxes. c. What effect does the apportionment have on Sally's amount realized from the sale? Sally paid none of the real property taxes and is realized is increased ✔by this amount. Feedback she paid that is apportioned to Sally. ✔permitted to deduct the apportioned share of s d. How would the answers in…
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
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.
False If Tim states to you that he lost 15% of his paycheck to taxes on a $1700 paycheck, how much money does he truly have? (His NET pay) * O $1445 O $1500 $1600 O $1345 Social Security alone provides retirees with all the money they need to live comfortably in retirement ?*
points Karl works at Moe's grocery. This year Karl was paid $43.000 in salary but he was allowed to purchase his groceries at 10% below Moe's cost. This year Karl spent $3.600 to purchase groceries costing Moe $4,000 and worth $6,000. What amount must Kart include in his gross income? A $46,600 B$47,000 OC $49,000 D. 543,400 E $45,500

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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