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- Manpreet is an accountant for DY public accountant in Melbourne, she has 4 years old daughter that she put on the childcare for 5 days a week when she works, it cost her $700/ week for childcare cost Advise whether Manpreet can claime the $700/week as deduction?For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.Ashavin
- ohn is a talented artist who received an offer to go pro gymnast . He graduated from the business school of Talent University with a 4.0 GPA and scored 826 on his MCAT. Having all the needed skills, John is considering a career in any of the following tracks. John collected information related to potential income and cost for his options. Since he is considering average income, John divided his professional career into 5 periods of earning Occupation Period 0 Period 1 Period 2 Period 3 Period 4 Neurosurgeon -20 5 15 20 30 Accountant 4 6 10 12 14 Artist 3 3 3 3 3 Gymnast…Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the following expenses: Airfare to and from San Diego Hotel charges while on business Restaurant meals while on business Car rental while on business Hotel charges while on vacation Restaurant meals while on vacation Car rental while on vacation Total $ 675 500 220 90 700 242 180 $2,607 Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2022. 1,406 XMarie Lincoln is a head of household. She is 37 years old and her address is 4110 N. E. 13 th street, Miami, FL 33127. Additional information about ms Lincoln is as follows:Social security number: 412 34 5670Date of birth : 1 / 14 / 1982W 2 for Marie shows these amounts:Wages ( box 1) = 43.600Federal W / H ( box 2) = 2.488Social security wages ( box 3) = 43.600Social security W / H ( box 4) = 2703.20Medicare wages ( box 5) = 43600Medicare W / H ( box 6 )= 632Form 1099 - INT for Marie shows this amount :Box 1 = $ 500.000 from A & D Bank.Dependent: Son Steven is 10 years old. His date of birth is 5 / 11 / 2009 . His social security number is 412 34 5672. Marie is an administrative assistant.Required.Prepare the tax return for Ms Lincoln using the appropriate form. She is entitled to a 2000 child tax credit. For now, enter the credit on line 13 a, page 2 of the 1040. She wants to contribute to the presidential election campaign. Ms Lincoln had qualifying health care coverage at all…
- Finance A sales associate was issued by his initial Florida sales associate license last year. The sales associate wants to become licensed as a real estate broker. To be eligible for a brokers license, he must?T grows beets in her own garden. Although T detests beets, she will be required torecognize income when:a. She harvests her beets.b. She consumes beets that she could have sold for $100.c. She sells beets for $100 to somebody who actually likes them.d. She exchanges $100 worth of beets for $100 worth of spinach grown by herneighbor.e. Both (c) and (d) are correct T (a cash method taxpayer) pays $250,000 for a house to be held as an investment (it isactually worth $300,000).a. In all cases, T would be required to recognize $50,000 as income in the year hebuys the house.b. T will never be required to recognize income until he disposes of the house inan arm’s length sale or exchange.c. If T acquired the house from a person who owes him $50,000 for services rendered,T would be required to recognize $50,000 as income in the year he buysit.d. (c) would be the correct answer only if T accepts the house in satisfaction of thedebt owed to him for services rendered.e. None of the above.Michael is an accountant who works as a teacher on weekends. Here is his income from W-2 and 1099 forms: wages from accountant job $74,280 wages from teaching $12,100, intrest $740, dividends $410, and royalties $980. What is Michael's total income?
- Isis quit her job at A Corp. While at A Corp., Isis was enrolled in their group health insurance plan. Now, Isis works for C Corp., which also has a group insurance plan. According to the Health Insurance Portability and Accountability Act, C Corp. must ______. a. pay A Corp. so that Isis can maintain her health insurance through A Corp b. wait to enroll Isis in C Corp.'s plan until she has been employed with the company for 1 year c. reimburse Isis for any out-of-pocket expenses she incurred while unemployed d. allow her to participate in the company group health insurance planANSWER AND RESOLVE THIS PROBLEM AND ANSWER SHOULD BEGIN WITH A CLEAR CONCLUSION THEN FOLLOWED BY BRIEF DISCUSSIONS. A, B, C, X and Y are senior graduating Accountancy students in Far Southern University. Due to restrictions brought about by worsening COVID-19 pandemic, they have been staying at their common place in the province of Batanes. Among the four who are childhood friends since birth, only C is acquainted to X. While studying online to pursue their degree, they want to accomplish something else on the side. By way of a backgrounder, A had inherited from his departed parents 1 hectare of bare agricultural land. He wants to engage in an enterprise that will make his land productive. B is an independent self-sustaining seasonal farmer who owns 5 heads of young cattle and he wants to create an entity that will help him maximize the potential of what he has. C is a philanthropist at heart who is willing to help his town folks by providing them alternative sources of living…Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34-5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) Federal W/H (box 2) Social security wages (box 3) Social security W/H (box 4) Medicare wages (box 5) Medicare W/H (box 6) Form 1099-INT for Marie shows this amount: Box 1-$500.00 from A & D Bank, $ 43,600.00 $2,488.00 S 43.600.00 $2,703.20 $ 43,600.00 $ 632.20 Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant. Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoin for 2020 She is entitled to a $2.000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign Ms Lincoln had qualifying…
