QUESTION 11Jack files his own taxes and wants to keep his tax liability real low as his income is only S25,000 annually. To overstate expenses so that his deductions arehigher and his tax liability is lower, he falsely claims to have donated S2000 to a local animal shelter on his tax return. While this donation does lower his taxliablity slightly it ialsoO is clearly tax evasionexposes Jack to an audit by the IRSO This is clearly tax evasion and will also trigger an audit by the IRSO None of these are true

The question is related to Taxation. The Tax Evasion is a iilegal is an illegal activity in which a…

Answered: QUESTION 11 Jack files his own taxes…

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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2 Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,300. Meg works part time at the same university. She earns $34,400 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses $ 10,400 (2,700) 16,400 (6,700) Long-term capital gains i Long-term capital losses. Answer is complete but not entirely correct. Total tax liability 11,548
4. Tax avoidance is deliberately ignoring a specific provision in the Income Tax Act. True or False 5. Ms. Burke had employment income of $52,100, a loss from her unincorporated business of $51,000 and interest income of $8,200. As the result of dispositions of capital property, she had capital gains of $22,400 and capital losses of $28.200. During the year she also paid childcare costs of $3.100 and paid spousal support to her ex-husband of $5, 100. Based on the above information answer the following three (3) questions O Ms. Burke's total income under ITA 3(a) is: A: $1,100 C: $52,100 D: $60,300 (i) Mrs. Burke's income under ITA 3(b) and allowable capital loss carry over are: A: nil ($0) and $5.800 B: negative $5,800 and $0 C: nil ($0) and $2.900 D: negative $2900 and $0 (ii) Ms. Burke's Net Income for Tax Purposes is: A: A loss of $4,700 B: $1,100 C: A loss of $1,800 D: $0 6. An individual was required to make instalments payments for 2020 if their net tax owing in 2020 is more than…
1. Ronald is 92 years old and in poor health. Clever investing earlier in his life has left him with a sizeable income. He is able to support his son Ed. Ed is 67 years old and a bit "confused," so he lives in a nursing home. Ed's income is less than $2,000. How many dependents should Ronald claim on his tax return? a.2 b.3 c.1 d.0 e.None of these choices are correct. 2. Which of the following relatives will not satisfy the relationship test for the dependency? a.Sister b.Parent c.Adopted child d.Aunt e.All of these choices satisfy the test. 3. Your standard deduction will be $12,550 in 2021 if you are: a.Single, 27 years old, and blind. b.Single and 67 years old. c.Single and 45 years old. d.A nonresident alien. e.A married individual filing a separate return and your spouse itemizes his deductions.
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9
Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000
None
b. Joan filed her individual income tax return 3 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $11,510, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$
10
ces Aram's taxable income before considering capital gains and losses is $74,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer). Problem 4-30 Part a (Algo) a. Aram sold a capital asset that he owned for more than one year for a $5,280 gain, a capital asset that he owned for more than one year for a $640 loss, a capital asset that he owned for six months for a $1,480 gain, and a capital asset he owned for two months for a $1,040 loss. Taxable income Income taxed at ordinary rates
A deceased client's son walks into your office. His father's life was insured for $10 million and he had $10 million in other assets in his estate at the time of death. Assuming the client had used none of his unified credit, had no deductions, and left his entire estate to his son, what should the client's estate tax liability be? The client had purchased the policy many years ago and has been paying the premiums himself. What facts would have to change in order for the $10 million insurance proceeds to not be included in the father's estate? For example, what specific incidents of ownership would the son need to have in his father's policy?
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