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- Alicia and Marie own a vacation home at the beach. During the year, they rented the house for 42 days (six weeks) at $890 per week and used it for personal use for 58 days. The total costs of maintaining the home are as follows: Hortgage interest Property taxes Insurance utilities Repairs Depreciation Required: a. What is the proper tax treatment of this information on their tax return using the Tax Court method? Note: Use 365 days in a year. Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value. Income Mortgage interest Property taxes Insurance Uits Repairs Show Transcribed Text Repairs Depreciation Net income $ Tex court method IRS method Schedule E $4,200 700 1,200 3,200 1,900 5,500 Direct allocation method i Appropriation method Oral mathe Schedule A b. Are there options available for how to allocate the expenses between personal and rental use? Note: You may select more than one answer. Single click the box with the question mark…Which one of the statement regarding itemized deductions in 2020 is false? Group of answer choices A.Itemized deductions provide relief to taxpayers whose ability to pay taxes has been involuntarily reduced. B.Itemized deductions subsidize desirable activities. C.Itemized deductions include medical expenses, taxes, mortgage interest, charitable contributions, and unreimbursed employee business expenses. D.Taxpayers only itemize deductions if they exceed their standard deduction.A taxpayer is presumed a resident if they live within the state for an aggregate of how many months? Select one: a. Three (3) months b. Six (6) months c. Nine (9) months d. There is no presumption
- please help meSM2Ac. Which of the following statements regarding the home office deduction is true? In order to qualify for the deduction, a portion of the taxpayer's home must be used regularly and exclusively to meet with clients or customers. A home office deduction is not allowed for using the home office for administrative or management activities only. The home office deduction is limited to the taxable income of the business before the deduction. A depreciation deduction is not allowed for a home office.
- 1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service B. The state in which the employer is located C. The Social Security Administration D. The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer: A. April 30 B. March 30 C. April 15 D. None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.1. true or falseWhich of the following is not an item deducted from salary expense to arrive at net pay? Multiple Choice O O FICA tax for Social Security FICA tax for Medicare These answer choices are all deducted from salary expense to arrive at net pay Federal unemployment tax
- 1. Taxpayers who are blind get the benefit of: a.An additional amount added to their standard deduction. b.Two standard deductions. c.An extra exemption. d.None of these choices are correct. 2. An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as: a.Single b.Head of household c.Married, filing separately d.Qualifying widow(er) e.None of these choices are correct. 3. To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books $4,000 scholarship from the Elks Lodge for tuition $5,000 worth of room and board as a dorm supervisor through a work-study program How much income must Henry report on his tax return? a.$4,000 b.$0 c.$5,000 d.$6,000 e.$10,000Sanan. If a servicemember receives reimbursement for moving expenses, how much will the amount be reported to them? Using Form DD 214. On a separate Form W-2 with code P in box 12. The amount is not reported as it is not taxable income. Using Form DD 2058.Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of Notice S2 – A taxpayer is required to reply to the Preliminary Assessment Notice (PAN) within 15 days from receipt of the PAN S3 – A taxpayer is required to protest to the Formal Letter of Demand / Final Assessment Notice (FLD/FAN) within 30 days from receipt of the FLD/FAN otherwise the assessment shall become final, executory and demandable S4 – A taxpayer is required to file an administrative or judicial appeal within 30 days from receipt of the Final Decision on Disputed Assessment (FDDA) otherwise the assessment shall become final, executory and demandable. Group of answer choices d. S4 c. S3 a. S1 b. S2
