The Nissen Company has a taxation year end of December 31. On January 1, taxation year the UCC of Class 10 was $60,000. The Nissen Company has a policy of always deducting maximum CCA. Calculate the maximum CCA or minimum UCC in the following situations (each situation is independent): Remember that CCA is an optional amount meaning that a taxpayer can choose CCA of anywhere between zero and the amount calculated. The maximum CCA would be the amount calculated, which would result in the lowest UCC at the ending of the year. C. An asset with a capital cost of $100,000 was sold June 30 for $80,000. An asset was purchased for $60,000, Maximum CCA for Class 10 is: D. The last asset in the class, with a capital cost of $105,000 wás sold on August 1 for $40,000. This would give rise to E. The last asset in the class, with a capital cost of $105,000 was sold on July 15 for $125,000. This would give rise to: Minimum UCC at December 31 is, A. An asset was purchased on April 1 for $10,000. B. An asset was purchased on April 1 for $10,000. Maximum CCA is Choose... Choose... Choose... Choose... Choose... : + 47

The Nissen Company has a taxation year end of December 31. On January 1, taxation year the UCC of Class 10 was $60,000. The Nissen Company has a policy of always deducting maximum CCA. Calculate the maximum CCA or minimum UCC in the following situations (each situation is independent): Remember that CCA is an optional amount meaning that a taxpayer can choose CCA of anywhere between zero and the amount calculated. The maximum CCA would be the amount calculated, which would result in the lowest UCC at the ending of the year. C. An asset with a capital cost of $100,000 was sold June 30 for $80,000. An asset was purchased for $60,000, Maximum CCA for Class 10 is: D. The last asset in the class, with a capital cost of $105,000 wás sold on August 1 for $40,000. This would give rise to E. The last asset in the class, with a capital cost of $105,000 was sold on July 15 for $125,000. This would give rise to: Minimum UCC at December 31 is, A. An asset was purchased on April 1 for $10,000. B. An asset was purchased on April 1 for $10,000. Maximum CCA is Choose... Choose... Choose... Choose... Choose... : + 47

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

K Ltd. paid an employee a tax-free travel allowance of $7, 700 based on 7,000 kilometres of out-of - town driving in 2023. What amount can K deduct for tax purposes? Please can you solve this based on the CRA thank you!
Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense is deducted when the warranty work is completed. At December 31, 2021, Lance has a warranty liability of $2 million and taxable income of $75 million. At December 31, 2020, Lance reported a deferred tax asset of $471,000 related to this difference in reporting warranties, its only temporary difference. The enacted tax rate is 25% each year. Required: Prepare the appropriate journal entry to record Lance's income tax provision for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet > Record 2021 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
You just completed your taxes and had $3,790 withheld for income taxes and a final tax liability of $3,600. Would you be entitled to a/an (refund or additional amount due) and for what amount ?
Please do not give solution in image format ?
Bb.73.
the rate 0.6% was used for the net FUTAIn April of the current year, Steelman Press Company transferred Ken Sherm from its factory in Louisiana to its plant in Florida. The company's SUTA tax rates based on its experience ratings are 3.2% in Louisiana and 3.8% in Florida. The taxable wage limits are $7,700 in Louisiana and $7,000 in Florida. This year, Steelman Press Company paid Ken Sherm wages of $14,190; $4,950 were paid in Louisiana and the remainder in Florida. Compute the following; round your answers to the nearest cent. tax rate for employers. a)Amount of SUTA tax the company must pay to Florida on Sherm's wages? b) Amount of SUTA tax the company must pay to Louisiana on Sherm's wages? c). Amount of the net FUTA tax on Sherm's wages?
The statutory marginal tax rate for income levels between $0 and $100,000 is 25%. The statutory marginal tax rate for income levels above $100,000 is 50%. A family with a child purchases 800 hours of childcare per year. The hourly rate for childcare was $10 in 2020. Families can deduct childcare expenditures up to $8,000. One spouse worked during the year while the other spouse did not earn income. The spouse that worked can claim a tax credit of $6,000. There is an inflation rate of 100% between 2020 and 2021. The family that earned $100,000 in 2020 earns $200,000 in 2021. The hourly wage of childcare also doubles to $20 in 2021. There is no change in income brackets used to calculate tax liabilities, tax credits, or deduction limits. What is the effective tax rate?
Ace Computers has 6 employees and operates in Michigan. The Form 940 for the year contains the following information: Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees 4 Payments exempt from FUTA tax- Check all that apply: 5 6 Total of payments made to each employee in excess of $7,000 Subtotal (line 4+ line 5 = line 6) What amount should be entered on line 6? O $26,509.50 O $68,509.50 O $192,869.55 O $95,019.00 4a. Fringe benefits 4b. Group-term life insurance 4c. Retirement/Pension 4d. Dependent care 4 5 68,509.50 4e. Other 26,509.50 3 6 192,869.55
Please do not give image format
A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state income taxes paid. They have $4,000 from their Form(s) W-2 and they paid an outstanding balance in the current year for the prior year's balance of $2,500. What is the total amount of Line 5 income taxes that they can itemize? (Do not consider SALT limitations for this question) 2500 4000 6500
Christopher Corporation is subject to a 40% income tax rate. The following amounts were taken from the records: income before income taxes $100,000 and taxable income $120,000. Instructions: record the adjusting entry.
J-Matt, Inc., had pretax accounting income of $331,000 and taxable income of $376,000 in 2021. The only difference between accounting and taxable income is estimated product warranty costs of $45,000 for sales in 2021. Warranty payments are expected to be in equal amounts over the next three years (2022–2024) and will be tax deductible at that time. Recent tax legislation will change the tax rate from the current 25% to 20% in 2023. Determine the amounts necessary to record J-Matt’s income taxes for 2021 and prepare the appropriate journal entry.