Follow US Tax procedure for calculations. posting for second time , previous wrong.if it is wrong , downvote sure and review will be given to the bartleby. Lousie income from salary is $ 150000 in the year 2018 - 2019.Short term capital gains is $ 320000Exemption amount cannot exceed $ 190000Tax rate @ 15 %show taxable income, Tax liability.All workings are mandatory.

Formula: Tax liability amount = Taxable income x Tax rate

Answered: Lousie income from salary is $ 150000…

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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When a sale is made and sales tax is collected from the customer, the sales tax is recorded as a/an ______________________ until the amount owed to the state is remitted. Group of answer choices revenue (sales tax revenue) current asset (cash) current liability (sales tax payable) expense (sales tax expense)
Determine if true or false.
Where in its December 31, 2015, balance sheet does AF report deferred taxes? Howdoes this approach differ from the way deferred taxes are reported using U.S. GAAP?Using the Internet, determine how deferred taxes would be reported using IFRS atthe time of your research. Explain why that approach might differ from the way AFreported deferred taxes at December 31, 2015.
Tax preparers often have a difference of opinion with their clients as to how some transactions should be treated on a tax return. If a client of yours does not wish to report information on their tax return that you feel should be reported, how would you handle the situation? Write in at least 300 words with two scholarly sources.
Calculation of Foreign Tax Credit (here is the answer for A&F. You need to complete Basket B&D and Basket E
Once a tax is assessed, the IRS generally has years to collect the tax.
1. Internet users can go to http://www.irs.gov/ and: a.Use a search function to find forms and publications. b.Find links to other useful IRS pages. c.Download tax forms and publications. d.All of these choices are correct. 2. Electronically filed tax returns: a.Have error rates similar to paper returns. b.Offer faster refunds than paper returns. c.May not be transmitted from a taxpayer's home computer. d.Constitute less than 50 percent of the returns filed with the IRS. 3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of wages from a part-time job at the college book store. What is Ann's filing status for 2021? a.Married, filing separately b.Head of household c.Qualifying widow(er) d.Single e.None of these choices are correct.
The money you receive back because you have overpaid your taxes is called a tax return. a. true b. false
When a petition is filed with the Tax Court, the taxpayer is required to pay the deficiency only if he loses, not before. (True/False)
Klawz received a 1099-DIV from Nike Corporation for $1,000 and a 1099-INT from his Bank of $500. If Klawz's neglects to enter the 1099-DIV on his US Income Tax Return (Form 1040), which audit program likely adjusted Klawz's tax return? Document perfection. None of the choices are correct. Deduction Detective. Information matching. DIF system.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Determine the effect of the following item on the reconciliation of Net Income for Accounting Purposes to minimum Net Income for Tax Purposes (NIFTP). Additions in reconciliation should be entered in the box as a positive number (write only numbers, do not write "+" sign). Deductions in reconciliation should be entered in the box as a negative number. If the item would have no effect on the reconciliation, enter the number 0 (zero) in the box. Business Meals and Entertainment in the amount of $7,000 were deducted in the calculation of Net Income for Accounting Purposes. Your Answer:

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Lousie income from salary is $ 150000 in the year 2018 - 2019. Short term capital gains is $ 320000 Exemption amount cannot exceed $ 190000 Tax rate @ 15 %