For each of the following situations, indicate how much the taxpayer is required to include in gross income:Note: Leave no answer blank. Enter zero if applicable.Required:a. Steve was awarded a $9,150 scholarship to attend State Law School. The scholarship pays Steve's tuition and fees.b. Hal was awarded a $17,300 scholarship to attend State Hotel School. All scholarship students must work 30 hours per week at theSchool residency during the term.Complete this question by entering your answers in the tabs below.Required A Required BSteve was awarded a $9,150 scholarship to attend State Law School. The scholarship pays Steve's tuition and fees.Amount to be included in gross incomeRequired B > For each of the following situations, indicate how much the taxpayer is required to include in gross income:Note: Leave no answer blank. Enter zero if applicable.Required:a. Steve was awarded a $9,150 scholarship to attend State Law School. The scholarship pays Steve's tuition and fees.b. Hal was awarded a $17,300 scholarship to attend State Hotel School. All scholarship students must work 30 hours per week at theSchool residency during the term.Complete this question by entering your answers in the tabs below.Required A Required BHal was awarded a $17,300 scholarship to attend State Hotel School. All scholarship students must work 30 hours per weekat the School residency during the term..Amount to be included in gross income< Required A< PrevNeuired 38 of 9#Next >

Gross pay means the amount paid to employee before make any deduction and taxes. Net pay is the…

Answered: For each of the following situations,…

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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! Required information [The following information applies to the questions displayed below.] Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year. Indicate the extent to which these payments are taxable income to Jeremy this year if Jeremy is (1) a cash-method taxpayer and (2) an accrual-method taxpayer. (Leave no answers blank. Enter zero if applicable.) b. $800 from the Ladies' Club for leasing the trailer from December of this year through March of next year ($200 per month). Income under cash method Income under accrual method
Jesse is enrolled for one class at a local community college; tuition cost him $190. Jesse’s AGI is $20,000. Before considering a limitation due to tax liability, Jesse can take a lifetime learning credit of: a. $38 b. $0 c. $190 d. $100 e. $250
The following information applies to the questions displayed below.] Haru is a self-employed cash-method, calendar-year taxpayer, who made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Haru has a 37 percent marginal tax rate. a. $500 fine for speeding while traveling to a client meeting. b. $800 of interest on a short-term loan incurred in September and repaid in November. Half of the loan proceeds was used immediately to pay salaries and the other half was invested in municipal bonds until November. c. $600 for office supplies in May of this year. Haru used half of the supplies this year, and he will use the remaining half by February of next year. d. $450 for several pairs of work boots. Haru expects to use the boots about 80 percent of the time in his business and the remainder of the time for hiking. Consider the boots to be a form of clothing.
Sarah is a cash-method, calendar-year taxpayer, and she is considering making the following cash payments related to her business. Calculate the after-tax cost of each payment assuming she is subject to a 37 percent marginal tax rate. Note: Do not round intermediate calculation. Problem 9-54 Part-b (Algo) b. $3,800 to reimburse the cost of meals at restaurants incurred by employees while traveling for the business. Answer is complete but not entirely correct. After-tax cost S 3,097
Sami Terry is working as an Electrician for Siemens International in Toronto, Ontario. He earns $1500.00 on a bi-weekly basis. Sami’s Federal and provincial code for TD1 is 2(Hint: you can use 2021 tax deduction table or any other year if you prefer or PDOC). He has a cash taxable benefit of $30.00 and a non-taxable benefit of life insurance each pay period of $45.00 each pay period. He is also contributed $60.00 RPP each pay period. Required: Calculate Sami Terry’s Net Pay Check the following points if there are applicable only. Step One: Determine Gross Earnings Step Two: Determine Non-Cash Taxable Benefits Step Three: Determine CPP contributions (Use 5.45%) Step Four: Determine EI premium (Use 1.58%) Step Five: Determine QPIP premium Step Six: Determine federal & provincial tax Step Seven: Determine Northwest Territories/Nunavut (NT/NU) Payroll Tax Step Eight: Total Deductions Step Nine: Net Pay? Please Help me...
Please explain every step. Thank you
Meman
Sherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI 53204, and is self-employed for 2020. She estimates her required annual estimated income tax payment for 2020 to be $8,468. She was required to pay $254 when she timely filed her prior year tax return. Complete the first quarter voucher below for Sherina for 2020. Form1040-ESDepartment of the TreasuryInternal Revenue Service 2020 Estimated Tax Payment Voucher 1 OMB No. 1545-0074 File only if you are making a payment of estimated tax by check or money order. Mail this voucher with your check or money order payable to “United States Treasury.” Write your social security number and “2020 Form 1040-ES” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher. Calendar year—Due April 15, 2020 Amount of estimated tax you are paying by check or money order. Dollars Cents fill in the blank 1
Louis files as a single taxpayer. In April of this year he received a $980 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) Problem 5-51 Part-b (Algo) b. Last year Louis had itemized deductions of $9,810 and he chose to claim the standard deduction. Louis’s itemized deductions included state income taxes paid of $2,335 and no other state or local taxes. Refund to be included in gross income- _______
Please answer all parts! William and Annette Johnson (both age 45) are married taxpayers who file a joint return. They have a son, Sean, age 7. During the tax year, they had the following receipts: 1 Salary ($75,000 for William, $62,000 for Annette) $137,000 2. Interest Income · City of Normal school bonds $1,000 · Ford Motor Company bonds 1,200 · PNC Bank certificate of deposit 600 2,800 3. Annual gift from parents 26,000 4. Lottery winnings 1,000 5. Short-term capital loss (from stock investment) ( 5,000) 6. Federal income tax refund from last year return 2,400 7. Child support from Annette's ex-husband 8,000 8. State income tax refund from the prior year (they used standard deduction in the prior year) 700 They also have the following facts related to their…
Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2018? Select one: a. $52,000 b. $47,000 c. $7,000 d. $5,000 e. $45,000
1. Deductible transportation expenses: a.Do not include the normal costs of commuting. b.Do not include daily expenses for transportation between the taxpayer's home and temporary work locations if the taxpayer has a regular place of business. c.Include only costs incurred while away from home. d.Include meals and lodging. 2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows: Airfare $550 Taxis 40 Restaurant meals 150 Lodging 350 How much may Barry deduct as travel expenses for the trip? a.$0 b.$1,015 c.$940 d.$1,090 e.None of these choices are correct. 3. Which of the following is deductible as dues, subscriptions, or publications? a.Subscription to the "Journal of Taxation" for a tax attorney b.Dues to a health club for a doctor c.Dues to the drama club for a student d.Subscription to "Vogue" magazine for a corporate president e.None of these choices are correct.

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