Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 9, Problem 16MCQ
To determine

Concept Introduction:

The FUTA taxes: The Federal unemployment tax is paid by employers and not withheld from the employee’s wages. The calculation of the federal unemployment tax rate is calculated on employee’s wages up to $7,000 with 6 percent.

To explain: the FUTA tax

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PROBLEM 2 On July 1, 2022, LTU Contracting, Inc. purchased a new Peiner SK575 Tower Crane for a total cost of $875,000. The crane has an estimated useful life of five (5) years. For financial reporting (book) purposes, the company utilizes straight line depreciation. For tax purposes, the equipment is depreciated over five years utilizing the 200% declining balance method. A. Prepare a table that computes the book and tax depreciation for each year of the useful life and determine the difference in book value between each method at the end of each year. B. On July 1st, 2025, the company is considering selling the crane for $500,000. Compute what the gain or loss would have been at that time for both book and tax purposes.
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