Can I get some help with these practice questions please this is all the information I revieved regarding the practice quesitons. Question 1 Partnership Characteristics.Question 3Question 4a. Which tax form do partnerships use?b. Do partnerships withhold income taxes on guaranteed payments made to partners?c. An LLC is what type of tax entity?d. What is the extended due date for a calendar year partnership?e. What is the original due date for the tax return of a fiscal year partnership with an April 30 year-end?Partnership Tax Year.EFGH partnership consists of four partners, E, F, G, and H. Each partner's year-end along with their ownershippercentage of capital and profits is shown below. Determine EFGH's required tax year.PartnerEFGHPartnership Activities.Itema. Rent receivedb. Capital lossc. Domestic dividendd. Charitable contributione. Guaranteed payments *f. Section 179 expenseg. Interest on a business loanh. Business licensei. Municipal bond interestj. Property taxes*Year-End30-Jun31-Oct31-Dec31-DecOrdinary SeparatelyIncomeStatedPercentage48%4%24%24% Question 5 Partner's Distributive Share.Question 10Helen is a member of a partnership that reports ordinary income of $68,000 for the current taxable year.Helen's distributive share of the partnership income is $34,000, of which she withdrew $18,000 during the year.Compute the amount Helen should report as income from the partnership wuen preparing her personal incometax return for the year.Partnership Income.Fred and Ken are gneral partners in a business sharing profits and losses 60% and 40%, respectively. The partnershipuses a calendar year. Ken files his individual return on the basis of the calendar year. The partnership's ordinary incomefor the year is $140,000 (after deducting partners' guaranteed payments). During the year, each partner received aguaranteed payment of $8,000 per month. (1) Compute the amount of partnership income Ken should report on hispersonal income tax return. (2) How much of this amount is subject to self-employment tax and how much will the tax be?(1) Partnership's ordinary incomeKen's share of the ordinary incomeKen's ordinary incomeKen's guaranteed payments per monthNumber of guaranteed payments per yearKen's guaranteed paymentsKen's partnership income for the year(2) Self-employment tax:OASDI maximum taxable amount in 2019Ken's partnership income for the yearTaxable OASDI @ 6.2 %Ken's Medicare taxable amountMedicare tax rate @ 1.45%Medicare tax due$$$$ 132,900$$1.45%

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Question 1 Partnership Characteristics. a. Which tax form do partnerships use? b. Do partnerships withhold income taxes on guaranteed payments made to partners? c. An LLC is what type of tax entity? d. What is the extended due date for a calendar year partnership? e. What is the original due date for the tax retum of a fiscal year partnership with an April 30 year-end?

Question 1 Partnership Characteristics. a. Which tax form do partnerships use? b. Do partnerships withhold income taxes on guaranteed payments made to partners? c. An LLC is what type of tax entity? d. What is the extended due date for a calendar year partnership? e. What is the original due date for the tax retum of a fiscal year partnership with an April 30 year-end?

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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