what is Paul's taxable income for 2013? A). $90,000 B). $210,000 C). $315,000 D). $405,000
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Paul is a lawyer who left a national law firm to start his own law practice as a sole proprietor on June 1,2013. Paul is working on a large lawsuit on a contingency basis, whereby he will be entitled to 30% of the $1 million amount if the lawsuit is successful, which is expected to be determined in June 2014. From June 1 to December 31,2013, Paul worked 650 hours on the contingency-based lawsuit and 400 hours on other clients, all of which have paid him in full Paul's charge out rate is $300 per hour and his 2013 employment income from the national law firm was $90,000. Assuming no other income or deductions, what is Paul's taxable income for 2013?
A). $90,000
B). $210,000
C). $315,000
D). $405,000
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- Sandra earns $21,000 in employment income in 2020 and her spouse Susan earns$18,000. They have two children: Mike, who is 5 years old, and Eric, who is 9 yearsold. They spent $2,500 on after school care from 3:30 - 5:30 each day, since theywork until 5:30, and they also sent Eric to a 2-week biking training camp for $1,000where he stayed overnight in cabins.Calculate the maximum child care expense deduction the family can take.In September, Amina hired Bryan as a delivery man. Bryan was to commence work on 1 November. On 1 October, Amina wrote to Bryan telling him that, despite their agreement, economic circumstances were such that she no longer required his services. Can Bryan sue Amina? Explain your answers in light of the principles learned on breach of contract. (maximum 500 words)In September of year 1, Jason agreed to a contract in which he agreed to redo the floors in an office building and be paid $15,000 for the job. The owner of the office building gave Jason the first $5,000 payment toward the contract on the day the contract was signed. Jason started and completed the work in November of year 1. Upon completion of the project, Jason's bookkeeper mailed an invoice to the building owner for the balance owed, with a due date of February 15th of year 2. Jason received payment in full from the building owner in January of year 2. Jason uses the accrual basis method of accounting for both financial and tax reporting purposes. Which amounts should Jason report as income from this job when filing taxes in year 1 and year 2?
- Alicia has been working for JMM Corp. for 32 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $570,000, $600,000, and $630,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020?Virginia is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2020, and will be out of the country for four years. She sells her personal residence on September 30, 2020, for $255,000 (her adjusted basis is $230,000). Upon her return to the United States in 2024, she purchases a new residence in Los Angeles for $245,000, where she will continue working for the same firm. Required: What are Virginia’s realized and recognized gain or loss? (If there is no gain or loss is recognized, select "No gain/loss".) What is Virginia’s basis in the new residence?On March 1, 2023, Dak Prescott leases and places in service a passenger automobile. The lease will run for five years and the payments are $500 per month. During 2023, he uses his car 60% for business and 40% for personal activities. Assuming the dollar amount from the IRS table for auto leases is $70, determine Dak's gross income attributable to the lease. The car was in service for 305 out of 365 days. a. $0 b. $35 c. $59 d. $70
- John and Sandy ferguson got married 8 years a go and have a 7 year old duaghter, Samantha. In 2019, john workes as a computer technician at a local university, earning a salary of $152,000 and Sandy worked part-time as a receptiolist for a law firm, earnig $29,000.John also does some web design work on the side and reported a revenue of $4,000 and associated expenses of $750.Ferguson received $800 in qualified dividends and a $200 refund of their state income taxes. They always itemized their deductions, and thier itemized deductions were well over standard deductions amount last year. They had a qulified insurance for purposes of affordable care Act. The Ferguson reported making the following payments during the year. .State income taxes $4,000 .federal tax witholding of $21,000 .Alimony payment to Johns former wife of $10,000 (divorced 2014) .$4,000 for child support payment .$12,200 of real property taxes. $3,600 to kid care day care centre. $14,000 interest on their home mortgage…Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description Engagement 1 Engagement 2 (1) Gross income before new work engagement $ 120,000 $ 120,000 (2) Income from engagement 7,000 5,000 (3) Additional for AGI deduction (3,000) (4) Adjusted gross income $ 124,000 $ 125,000 (5) Greater of itemized deductions or standard deduction (6) Deduction for QBI (1,000) Taxable incomeReba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2021. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental.Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather’s support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,210 to move their personal belongings, and she and Heather spent two days driving the 1,560 miles to Georgia.Reba rented a home in…
- Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer, and he did not contribute to charity during the year. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions.Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $591,000, $621,000, and $651,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Answer is complete but not entirely correct. Maximum benefit in 2020 $ 409,860Through November, Cameron has received gross income of $131,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $9,860 of revenue at a cost to Cameron of $4,100, which is deductible for AGI. In contrast, engagement 2 will generate $7,200 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income (6) Deduction for QBI Taxable income Engagement 1 Engagement 2
