Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN: 9780357033609
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2, Problem 4FPE
Summary Introduction
To prepare: The income and expenses statement of person R and person M for the year ending December 31, 2020.
A personal
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
answer the following questions and show your steps for your calculations (you must show the applicable details for each question; for example YMPE = $, YBE = $, Contribution Rate = %): . Assume the year is 2021.
Rachel who just turned 28 works for Tech Industries and makes an annual income of $52,000. Calculate total employee and employer contributions.
b) Sasha has been employed with Planters Inc. since 2012. She earned a salary of $85,000 this year. Calculate total employer and employee contributions.
c) Angela’s dad had hired her to work part time for his business while she was in grade 8. He had her doing some filing and answering phones over the summer and paid her $22,500. Calculate total employee and employer contributions.
d) Qui had just turned 18 and made $2,495 while going to school. Calculate total employee and employer contributions.
e) Terence is self-employed and made an income of $222,000 this year. Calculate both the employer and employee contribution.
f) Franco has a…
Pedro is about to prepare and file his annual income tax return for the year ending December 21, 2020. Pedro is an emloyed engineering manager and he practice his profession and as a consultant.
What BIR Form will be used?
Determine all items that will be included and excluded from gross income on Form 1040 based on the TCJA of 2018. List all included and excluded items in column A. In column B, explain why the item is either included or excluded.
Form 1040, Schedule C, Schedule D, Schedule E, Form 8949
Jenny Walters is a marketing assistant and earned $38,000 in 2018. She is 42 years old and has been divorced for five years. Jenny will claim head of household for 2018. She has a daughter, Julia, who is 20 years old. Julia is a full-time student. Here are some more tax facts:
Jenny's SSN is 123-34-4567 and Julia's is 654-32-1234.
Jenny's address is 100 N. Main St., Atlanta, GA 30301.
Jenny receives $1,200 per month in alimony from her ex-husband.
Jenny owns a rental property with the following financial data:
Rental Revenue - $50,000
Expenses:
Insurance - $5,000
Repairs - $10,500
Depreciation - $4,000
Jenny has interest income from corporate bonds of $2,200 and interest from municipal bonds…
Chapter 2 Solutions
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- Required: Discuss the following, including showing workings where appropriate (citing authority): Sonia's deductions regarding the laptop for the current 2023-24 tax year; and Tania's deduction for the lounge for the current 2023-24 tax year For both Sonia and Tania, where there is a choice of methods in calculating the deductions, use the method that will give the highest deductions for the tax year. Sonia is an employee accountant who buys a laptop for $1000 on 1 March 2024. She uses it 70% for work purposes, 10% for playing games and 20% for her studies (she is currently studying for her CPA qualifications). A month after owning this laptop Sonia accidentally dropped it and cracked its screen. Subsequently, on 1 April 2024 she pays $500 to have the screen replaced with a new screen that is of much higher resolution than the original one of the laptop. The effective life of the laptop is 3 years. Sonia’s friend Tania runs a small business (as a sole trader) with an aggregated…arrow_forwardCalculate Carmins adjusted gross income on her 2019 tax return. Then do one or both of the following, according to your professors instructions: a. Include a brief explanation of how you determined each item that affected adjusted gross income and any items you excluded from gross income. Your solution to the problem should contain a list of each item included in adjusted gross income and its amount, with the explanations attached. b. Write a letter to Carmin explaining how you determined each item that affected adjusted gross income and any items you excluded from gross income. You should include a list of each item included in adjusted gross income and its amount.arrow_forwardSubject - account Please help me. Thankyou.arrow_forward
- how do i answer thisarrow_forwardpre.6arrow_forwardCharacterize potential sources of income available for retirement years by addressing the following: Individual Retirement Account (IRA): describe the difference between a Traditional and a Roth IRA. Indicate how each provide income for retirement and how each are funded (i.e. employee, employer, or both). If you were planning on opening an IRA, indicate which type that you would select and provide your rationale.arrow_forward
- Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2019 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2020 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. or in Blackboard under course materials Scholarship used to pay Tuition $ 5,650 Scholarship used to pay room, and board 1,750 Salary 47,000 Interest income 285 Itemized Deductions 4,000 Income taxes withheld 2,800 a. Prepare Liam’s 2020 tax return, using the 2020 standard deduction and the tax schedule.arrow_forwardRichard Cook Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare. • Richard declined to receive advance child tax credit payments in 2021. • Richard’s earned income in 2019 was $19,000. • Richard and Isabella are U.S. citizens and lived in the United States all year in 2021. • Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 33. Richard does not qualify to claim a retirement savings contribution…arrow_forwardcoparrow_forward
- Basic Scenario 8: Zoe Watson Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes Zoe is single and 47 years old. • Zoe has two children. Yvonne, age 19, has a job and earned wages of $5,200. Joshua, age 26 is totally and permanently disabled and received Social Security benefits of $4,500. Both children lived with her all year. Zoe paid all the cost of keeping up the home and more than half the support for her children. • Zoe received disability pension benefits, but she has not reached the minimum retirement age of her employer's plan. • She does not have enough expenses to itemize for the 2023 tax year. Zoe, Yvonne, and Joshua are U .S. citizens and have valid Social Security numbers. They…arrow_forwardPlease help with this calculation and show how was calculated thank you in advancearrow_forwardChoosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2018 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2018 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. Scholarship used to pay Tuition $ 5,750 Scholarship used to pay room, and board 1,850 Salary 55,000 Interest income 185 Itemized Deductions 3,000 Income taxes withheld 2,600 Prepare Liam’s 2018 tax return, using a $12,000 standard deduction and the tax rates given in Exhibit 3.3.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT