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·You have been engaged to prepare the 2015 federal income tax re.docxbudbarber38650
·
You have been engaged to prepare the 2015 federal income tax return for Bob and Melissa Grant.
·
Your tax form submission should include: Form 1040, Schedules A, B, D, E, and Forms 4684 and 8949 as applicable. You will come across many items on the tax return we have not talked about in class; if we have not covered it in class, and it is not included in the information below, you do
not
need to address it on this assignment.
·
Your solution should contain a detailed workpaper that calculates the tax due or refunded with the return and calculated in the form of the tax formula (see Ch. 4 lecture slides). The calculation should be well labeled and EASY to follow. This presentation will be factored into your grade. Do NOT include any references or citations on your workpaper.
·
You may complete the return by hand (
neatly
) or typed using 2015 forms found on Blackboard or the IRS website. You may complete the form using software, one version of which is available in the ACELAB.
o
Note – ACELAB software is for the 2014 tax year; if you choose to use this method, you do not need to override the automatically calculated 2014 information, but your workpaper must detail each line item that will differ between the 2014 form generated and the 2015 forms).
·
Use the following assumptions in preparing the return:
o
The general method of accounting used by the Grants is the cash method.
o
Use all opportunities under law to minimize the 2015 federal income tax.
o
Use whole dollars when preparing the tax return.
o
Do not prepare a state income tax return.
o
Ignore the Line 45 calculation for alternative minimum tax.
o
If required information is missing, use reasonable assumptions to fill in the gaps.
Client memo (5 points)
·
Complete a letter to the client regarding tax planning advice. Identify and explain two reasonable tax planning items the family could use to minimize their tax liability and/or maximize their wealth. All items would be implemented in future years and do not impact the current tax return.
BOB AND MELISSA GRANT
INDIVIDUAL FEDERAL INCOME TAX RETURN
Bob (age 43, SSN #987-45-1234) and Melissa Grant (age 43, SSN #494-37-4893) are married and live in Lexington, Kentucky. The Grants would like to file a joint tax return for the year. The Grants’ mailing address is 95 Hickory Road, Lexington, Kentucky 40502.
The Grants have two children Jared (SSN #412-32-5690), age 18, and Alese (SSN #412-32-6940), age 12. Jared is still in high school and works part time as a waiter and earns about $2,000 a year. The Grant’s also provide financial support to Bob’s aged (85 years) grandfather, Michael Sr., who is widowed and lives alone. Michael Sr.’s Social Security number is 982-21-5543. He has no income and the Grant’s provide 100 percent of his support.
Bob Grant’s Forms W-2 provided the following wages and withholding for the year:
Employer
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
National Sto.
Problem Please complete the comprehensive problem providing .docxsleeperharwell
Problem: Please complete the comprehensive problem providing detailed computations with labels. The problem is
worth 40% of your grade.
Mike and Laura Weiss are married and file a joint return. Mike is a self-employed orthodontist, and Laura is a college
professor. Mike and Laura have three children. The oldest is Matt, 23, who lives at home and is a Medical student at the
University of Cincinnati. He worked part-time this year and earned $2,500 that he used to pay his own support. Matt and
Laura provided $9,500 toward Matt’s support not including $12,000 they paid for medical school tuition. They also
provided over half the support of their daughter Diane, who is a full-time student at Kenyon College. Diane worked part-
time as a waitress this year, earning $4,500 but received $20,000 for tuition from her parents during 2015. Diane lived at
home until she was married in December 2015 and then moved in with her husband, Patrick. She filed a joint return with
Patrick who made $25,000 during the year. Alice is the youngest and lived in the Weiss’ home for the entire year. She is
14 and attends the local middle school. She made $900 this year in babysitting revenue.
Laura is a math professor at Xavier University in Cincinnati, where she earned $35,000. The university withheld federal
income tax of $3,575, state income tax of $850, Cincinnati city income tax of $350, $1,920 of social security and $485 of
medicare tax. She also worked part-time for the Cincinnati Bengals. The NFL franchise paid her $12,000 in salary and
withheld $1,205 of federal income tax, $350 of state income tax, $155 of Cincinnati city income tax, $590 for social
security and $145 for medicare tax.
Laura is required by the university to visit several high schools in the area to evaluate students who are completing their
student teaching. However, she is not reimbursed for the expenses she incurs in doing this. During the spring and fall
semesters of 2015 she drove her personal automobile 6,350 miles in fulfilling this obligation. She has always used the
standard mileage method for computing this deduction.
The Weiss’s received $1100 of interest from State Savings Bank on a joint account. They also received interest of $1,050
on City of Cincinnati School District Bonds. They own stock in Charter Corporation and Delhi Company which they
received a total of $1,405 in qualified dividends during the year. Mike felt the market was going to crash during 2015 so
he decided to liquidate some stocks and invest the money in his business. They sold the following stock in the beginning
of the year:
Company Date Purch. Date Sold Sales Price Original Cost
Rose Company 500 shares 8/10/2001 1/2/2015 $29,000 $37,000
Big Sky Industries 200 shares 9/12/2015 12/2/2015 $12,000 $15,000
Blue Hat Inc. 150 shares 9/23/2000 1/2/2015 $13,000 $5,500
Laura also sold a painting from her grandmother. Her grandmother died this year and.
1. Where is the store based2. How do I pay for my order Is i.docxjackiewalcutt
1. Where is the store based?
2. How do I pay for my order? Is it secure?
3. How much does shipping cost?
4. How long will it take for me to receive my order?
6. I did not get what I ordered. What do I do?
7. Can I return/exchange my t-shirt?
Payroll Chapter
Homework Assignment
Problem 1
Dave earns $16 per hour for up to 40 hours. Over 40 hours is paid at time and one half.
Assume the FICA tax rate of 7.65% (6.2% for social security, 1.45% for medicare) with
the social security limit of $102,000 of annual earnings. Using the information below,
calculate Dave's paycheck:
Hours worked this week: 44
Year-to-date earnings before this week: $101,200
Federal income tax: 20%
Medical withholding: $60
Problem 2
Assume that the total earnings of all the employees for this payroll period is $800,000.
Of the $800,000, $90,000 is exempt from social security as a group of employees are
over the annual limit. Also assume that $25,000 was earned by employees who had not
yet earned $7,000 for the year. Calculate the employer's payroll tax expense for the
week assuming the rates of 5.4% state unemployment and .8% federal unemployment.
Problem 3
Assume the following for the Smith Company:
Total salaries earned:
Administrative $15,000
Sales salaries $10,000
Total $25,000
Withholdings:
FIT $4,750
Social Security $1,550
Medicare $363
Medical insurance $1,200
United Way $250
Total $8,113
Assume the following tax rates:
FICA 7.65% - no employee has gone over the $102,000 limit FICA tax
SUTA 5.4% - only $8,000 of the above payroll is still subject to this tax
FUTA .8% - only $8,000 of the above payroll is still subject to this tax.
Required:
a. Record the general journal entry for the above payroll.
b. Record the general journal entry for the related employer payroll taxes.
Problem 4
Prior Week
EE Hours Rate Salary FIT Medical YTD Earnings Dept
Leonard 40 $16 $125 $30 $6,500 Office
James 45 $18 $200 $50 $54,000 Office
McIntire $5,000 $500 $50 $125,400 Admin
Johnson $2,500 $300 $50 $100,700 Admin
Rose 42 $14 $100 $4,000 Office
Assume the following:
Overtime after 40 hours at time and one-half.
FICA - Social security 6.2% on the first $102,000 of annual earnings
Medicare 1.45%
SUTA - 5.4% of the first $7,000 of annual earnings
FUTA - .8% of the first $7,000 of annual earnings
Required:
a. Record the payroll entry for the current week.
b. Record the employer payroll tax for the current week.
c. Record the entry to pay the FICA for the current week.
Current week
As part of the course, you will be required to complete and submit an information literacy/plagiarism assignment at the end of the course (Pod 8). The assignment details are below, and you will have the entire course to complete the assignment before the final submission.
Assignment Introduction
Sandra and Pierre want to start a business. Pierre has $200,000 in cash and Sandra $350,000 in cash and eq ...
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1. Amy works as an auditor for a large major CPA firm. During the months of September through November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and returns home after work. Mileage is as follows:
Acc 307 Enthusiastic Study / snaptutorial.comGeorgeDixon35
1. Amy works as an auditor for a large major CPA firm. During the months of September through November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and returns home after work. Mileage is as follows:
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1. Amy works as an auditor for a large major CPA firm. During the months of September through November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and returns home after work. Mileage is as follows:
1. Amy works as an auditor for a large major CPA firm. During the months of September through November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and returns home after work. Mileage is as follows:
Income Tax 1. Which of the following can be deducted as an itemiz.docxdoylymaura
Income Tax
1. Which of the following can be deducted as an itemized deduction on am individual taxpayers tax return
a. Medical expenses,
b. casualty losses,
c. Employee business expenses
d. None
e. All of the aboce
2. Frank celebrates his 65th birthday on January 1, 2015. Frank lives with his wife, Mary who is 66 years of age. Neither Frank nor Mary is blind. on their join tax return for 2014 Frank and Mary claim a standard deduction of
a. 13600 b. 12400 c. 14800 d. 15500 e. 13950
3. The minimum percentage of support that a member of a multiple support group must provide to claim the supported person as a dependent
a. 10% b. 15% c. 20% d. 25% e. none
4. Dorsey and Thelma Packard age 42 and 45 file a joint return, they claim Dorsey’s blind mother age 67 as a dependent the packards 2014 standard deduction is
a. $13600
b. $12400
c. 13950
d. 14800
e. 15500
5. Arthur and Mary Mitchell age 64 and 52 file a joint tax return Mary is legally blind. The Mitchells provided over half the support of their two unmarried children Larry and Tammy and Mary’s mother Alice Fisher. Larry and Tammy and Alice live with the Mitchells he entire year. Alice has no gross income. Larry age 25 is full time university student with $4400 of earned income.Tammy age 21 is a exemptions Arthur and Mary Mitchel can claim on 2014 joint tax return is
a. 2 b. 3 c. 4 d. 5 e. 6
6. Which of the following persons don not pass both the age and relationship tests for a qualifying child
a. the taxpayers 24 years old son who is a full time college student
b. the taxpayes 17 years old niece who is a senior in high school
c. the taxpayers 30 years old daughter who is permanently and tottaly disabled
d. none
e. all
7. Tammy agr 56 unmarried claims her elderly mother age 74 as a dependent. Tammy’s mother doesn not live with her but Tammy pays for almost all of the cost of maintaining her mother’s household. Tammy’s 2014 deduction is $
9100, 10650, 6200, 7750, 10300
8. Bobby unmarried age 66 maintains a household where his elderly father age 88 lives. Bobby cannot clam his father as dependent because his father does no pass the gross income test. Bobby’s 2014 deduction $
9100, 6200, 10650, 7750, 9300
9. A dependent’s only income for 2014 is $6000 of taxable wages $840 of taxable interest on a savings account the dependent’s 2014 taxable income is $
0, 840, 640, 290, 590
10. Toni claims her father as a dependent. The father is 80 years old. The father’s only source of gross income is some interest he earns from a savings account. The father’s gross income threshold for purposes of having to file a tax return for 2014 is $
2200, 2550, 10150, 1000, 7750
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Strayer ACC 307 Final Exam Part 1 NEW
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1. The § 222 deduction for tuition and related expenses is available:
2. A worker may prefer to be classified as an employee (rather than an independent contractor) for which of the following reasons:
3. Aaron is a self-employed practical nurse who works out of his home. He provides nursing care for disabled persons living in their residences. During the day he drives his car as follows
4. Jordan performs services for Ryan. Which of the following factors indicate that Jordan is an independent contractor, rather than an employee
Tax Return-Individual Number Five (after Chapter 12)Instructio.docxmattinsonjanel
Tax Return-Individual Number Five (after Chapter 12)
Instructions:
Please complete the required federal individual income tax return forms for Joseph and Diana Cohen for the 2013 tax year. Ignore the requirement to attach the Form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps.
Joseph and Diana Cohen live in Pleasantville, New Jersey. Joseph is the Vice President of Sales at a small start-up company. Diana is a former advertising executive who currently consults with former clients. She also serves on the board of directors of an advertising company. The Cohens have three children: Rebecca (age 18), Alan (age 15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify as Joseph and Diana’s federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens provided the following information:
· Joseph’s social security number is 598-94-2583
· Diana’s social security number is 301-52-2942
· Rebecca’s social security number is 887-44-8710
· Alan’s social security number is 810-42-9092
· David’s social security number is 855-11-3021
· The Cohen’s mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233
Joseph Cohen reported the following the following information relating to his employment during the year:
Company
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
Alternative Energy
$115,325
$29,230
$14,400
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll taxes it was required to withhold.
Diana Cohen received the following revenue during the year (she uses the cash method of accounting).
Consulting revenue reported to her on a Form 1099-MISC, Box 7
High-end Retail$32,000
Jensen’s Health Products$8,500
Strategic
Solution
s$3,750
Board of director compensation reported to her on a Form 1099-MISC, Box 7
Natural Sunshine, Inc.$6,500
During the year, Diana paid the following business expenses:
Consultant-related:
Airfare$2,900
Hotel$1,450
Meals$390
Parking$320
Diana drove 290 business miles for her consulting-related activities (she has documentation to verify)
Board of Director-related:
Meals$125
Hotel$225
Diana drove 315 business miles for her board of director activities (she has documentation to verify)
Neither of Diana’s business activities s required the filing of Form(s) 1099 to report payments she made during the tax year. In addition, Ms. Cohen drove a 2011 Lexus purchased on January 1, 2011 for all of her business mileage. She drove the vehicle a total of 10,605 miles during the year for all purposes. Diana has written documentation to support the mileage amounts. She also has access to another vehicle for personal purposes.
The Cohens also received the following during the year:
Interest income from First Bank of New Jersey$320
Interest income from Patterson ...
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1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of
2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.
Tax Return Assignment Rutgers - Spring 2017 – Larson 1.docxssuserf9c51d
Tax Return Assignment
Rutgers - Spring 2017 – Larson
1
Instructions:
Please complete the 2016 federal income tax return for Joseph and Diana Cohen. Ignore the requirement to
attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable
assumptions to fill in the gaps.
Information and Background:
Joseph and Diana Cohen live in Pleasantville, New Jersey. Joseph is the Vice-President of Sales at a small start-up
company. Diana is a former advertising executive who currently consults with former clients. She also serves on
the board of directors of an advertising company. The Cohens have three children Rebecca (age 18), Alan (age
15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify
as Joseph and Diana’s federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens
provided the following information:
Joseph’s social security number is 598-94-2583
Diana’s social security number is 301-52-2942
Rebecca’s social security number is 887-44-8710
Alan’s social security number is 810-42-9092
David’s social security number is 855-11-3021
The Cohen’s mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233
Joseph Cohen reported the following the following information relating to his employment during the year:
Employer Gross Wages Federal Income Tax
Withholding
State Income Tax
Withholding
Alternative Energy $118,325 $29,230 $15,000
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll
taxes it was required to withhold. The entire Cohen family was covered by minimum essential health insurance
during each month in 2016. The insurance was provided by Joseph’s employer, Alternative Energy.
Diana Cohen received the following revenue during the year (she uses the cash method of accounting).
Consulting revenue reported to her on a Form 1099-MISC, Box 7
High-end Retail $32,000
Jensen’s Health Products $ 8,500
Strategic
Solution
s $ 3,750
Board of director compensation reported to her on a Form 1099-MISC, Box 7
Natural Sunshine, Inc. $ 6,500
Tax Return Assignment
Rutgers - Spring 2017 – Larson
2
During the year, Diana paid the following business expenses:
Consultant-related:
Airfare $2,900
Hotel $1,450
Meals $ 390
Parking $ 320
Diana drove 290 business miles for her consulting-related activities (she has documentation to verify)
Board of Director-related:
Meals $ 125
Hotel $ 225
Diana drove 315 business miles for her board of director activities (she has documentation to verify)
Neither of Diana’s business activities required the filing of Form(s) 1099 to report payments she made during the
tax year. In addition, Ms. Cohen drove a 2014 Lexus purchased on January 1, 2014 for all ...
how to sell pi coins in all Africa Countries.DOT TECH
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Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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·You have been engaged to prepare the 2015 federal income tax re.docxbudbarber38650
·
You have been engaged to prepare the 2015 federal income tax return for Bob and Melissa Grant.
·
Your tax form submission should include: Form 1040, Schedules A, B, D, E, and Forms 4684 and 8949 as applicable. You will come across many items on the tax return we have not talked about in class; if we have not covered it in class, and it is not included in the information below, you do
not
need to address it on this assignment.
·
Your solution should contain a detailed workpaper that calculates the tax due or refunded with the return and calculated in the form of the tax formula (see Ch. 4 lecture slides). The calculation should be well labeled and EASY to follow. This presentation will be factored into your grade. Do NOT include any references or citations on your workpaper.
·
You may complete the return by hand (
neatly
) or typed using 2015 forms found on Blackboard or the IRS website. You may complete the form using software, one version of which is available in the ACELAB.
o
Note – ACELAB software is for the 2014 tax year; if you choose to use this method, you do not need to override the automatically calculated 2014 information, but your workpaper must detail each line item that will differ between the 2014 form generated and the 2015 forms).
·
Use the following assumptions in preparing the return:
o
The general method of accounting used by the Grants is the cash method.
o
Use all opportunities under law to minimize the 2015 federal income tax.
o
Use whole dollars when preparing the tax return.
o
Do not prepare a state income tax return.
o
Ignore the Line 45 calculation for alternative minimum tax.
o
If required information is missing, use reasonable assumptions to fill in the gaps.
Client memo (5 points)
·
Complete a letter to the client regarding tax planning advice. Identify and explain two reasonable tax planning items the family could use to minimize their tax liability and/or maximize their wealth. All items would be implemented in future years and do not impact the current tax return.
BOB AND MELISSA GRANT
INDIVIDUAL FEDERAL INCOME TAX RETURN
Bob (age 43, SSN #987-45-1234) and Melissa Grant (age 43, SSN #494-37-4893) are married and live in Lexington, Kentucky. The Grants would like to file a joint tax return for the year. The Grants’ mailing address is 95 Hickory Road, Lexington, Kentucky 40502.
The Grants have two children Jared (SSN #412-32-5690), age 18, and Alese (SSN #412-32-6940), age 12. Jared is still in high school and works part time as a waiter and earns about $2,000 a year. The Grant’s also provide financial support to Bob’s aged (85 years) grandfather, Michael Sr., who is widowed and lives alone. Michael Sr.’s Social Security number is 982-21-5543. He has no income and the Grant’s provide 100 percent of his support.
Bob Grant’s Forms W-2 provided the following wages and withholding for the year:
Employer
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
National Sto.
Problem Please complete the comprehensive problem providing .docxsleeperharwell
Problem: Please complete the comprehensive problem providing detailed computations with labels. The problem is
worth 40% of your grade.
Mike and Laura Weiss are married and file a joint return. Mike is a self-employed orthodontist, and Laura is a college
professor. Mike and Laura have three children. The oldest is Matt, 23, who lives at home and is a Medical student at the
University of Cincinnati. He worked part-time this year and earned $2,500 that he used to pay his own support. Matt and
Laura provided $9,500 toward Matt’s support not including $12,000 they paid for medical school tuition. They also
provided over half the support of their daughter Diane, who is a full-time student at Kenyon College. Diane worked part-
time as a waitress this year, earning $4,500 but received $20,000 for tuition from her parents during 2015. Diane lived at
home until she was married in December 2015 and then moved in with her husband, Patrick. She filed a joint return with
Patrick who made $25,000 during the year. Alice is the youngest and lived in the Weiss’ home for the entire year. She is
14 and attends the local middle school. She made $900 this year in babysitting revenue.
Laura is a math professor at Xavier University in Cincinnati, where she earned $35,000. The university withheld federal
income tax of $3,575, state income tax of $850, Cincinnati city income tax of $350, $1,920 of social security and $485 of
medicare tax. She also worked part-time for the Cincinnati Bengals. The NFL franchise paid her $12,000 in salary and
withheld $1,205 of federal income tax, $350 of state income tax, $155 of Cincinnati city income tax, $590 for social
security and $145 for medicare tax.
Laura is required by the university to visit several high schools in the area to evaluate students who are completing their
student teaching. However, she is not reimbursed for the expenses she incurs in doing this. During the spring and fall
semesters of 2015 she drove her personal automobile 6,350 miles in fulfilling this obligation. She has always used the
standard mileage method for computing this deduction.
The Weiss’s received $1100 of interest from State Savings Bank on a joint account. They also received interest of $1,050
on City of Cincinnati School District Bonds. They own stock in Charter Corporation and Delhi Company which they
received a total of $1,405 in qualified dividends during the year. Mike felt the market was going to crash during 2015 so
he decided to liquidate some stocks and invest the money in his business. They sold the following stock in the beginning
of the year:
Company Date Purch. Date Sold Sales Price Original Cost
Rose Company 500 shares 8/10/2001 1/2/2015 $29,000 $37,000
Big Sky Industries 200 shares 9/12/2015 12/2/2015 $12,000 $15,000
Blue Hat Inc. 150 shares 9/23/2000 1/2/2015 $13,000 $5,500
Laura also sold a painting from her grandmother. Her grandmother died this year and.
1. Where is the store based2. How do I pay for my order Is i.docxjackiewalcutt
1. Where is the store based?
2. How do I pay for my order? Is it secure?
3. How much does shipping cost?
4. How long will it take for me to receive my order?
6. I did not get what I ordered. What do I do?
7. Can I return/exchange my t-shirt?
Payroll Chapter
Homework Assignment
Problem 1
Dave earns $16 per hour for up to 40 hours. Over 40 hours is paid at time and one half.
Assume the FICA tax rate of 7.65% (6.2% for social security, 1.45% for medicare) with
the social security limit of $102,000 of annual earnings. Using the information below,
calculate Dave's paycheck:
Hours worked this week: 44
Year-to-date earnings before this week: $101,200
Federal income tax: 20%
Medical withholding: $60
Problem 2
Assume that the total earnings of all the employees for this payroll period is $800,000.
Of the $800,000, $90,000 is exempt from social security as a group of employees are
over the annual limit. Also assume that $25,000 was earned by employees who had not
yet earned $7,000 for the year. Calculate the employer's payroll tax expense for the
week assuming the rates of 5.4% state unemployment and .8% federal unemployment.
Problem 3
Assume the following for the Smith Company:
Total salaries earned:
Administrative $15,000
Sales salaries $10,000
Total $25,000
Withholdings:
FIT $4,750
Social Security $1,550
Medicare $363
Medical insurance $1,200
United Way $250
Total $8,113
Assume the following tax rates:
FICA 7.65% - no employee has gone over the $102,000 limit FICA tax
SUTA 5.4% - only $8,000 of the above payroll is still subject to this tax
FUTA .8% - only $8,000 of the above payroll is still subject to this tax.
Required:
a. Record the general journal entry for the above payroll.
b. Record the general journal entry for the related employer payroll taxes.
Problem 4
Prior Week
EE Hours Rate Salary FIT Medical YTD Earnings Dept
Leonard 40 $16 $125 $30 $6,500 Office
James 45 $18 $200 $50 $54,000 Office
McIntire $5,000 $500 $50 $125,400 Admin
Johnson $2,500 $300 $50 $100,700 Admin
Rose 42 $14 $100 $4,000 Office
Assume the following:
Overtime after 40 hours at time and one-half.
FICA - Social security 6.2% on the first $102,000 of annual earnings
Medicare 1.45%
SUTA - 5.4% of the first $7,000 of annual earnings
FUTA - .8% of the first $7,000 of annual earnings
Required:
a. Record the payroll entry for the current week.
b. Record the employer payroll tax for the current week.
c. Record the entry to pay the FICA for the current week.
Current week
As part of the course, you will be required to complete and submit an information literacy/plagiarism assignment at the end of the course (Pod 8). The assignment details are below, and you will have the entire course to complete the assignment before the final submission.
Assignment Introduction
Sandra and Pierre want to start a business. Pierre has $200,000 in cash and Sandra $350,000 in cash and eq ...
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1. Amy works as an auditor for a large major CPA firm. During the months of September through November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and returns home after work. Mileage is as follows:
Acc 307 Enthusiastic Study / snaptutorial.comGeorgeDixon35
1. Amy works as an auditor for a large major CPA firm. During the months of September through November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and returns home after work. Mileage is as follows:
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1. Amy works as an auditor for a large major CPA firm. During the months of September through November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and returns home after work. Mileage is as follows:
1. Amy works as an auditor for a large major CPA firm. During the months of September through November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and returns home after work. Mileage is as follows:
Income Tax 1. Which of the following can be deducted as an itemiz.docxdoylymaura
Income Tax
1. Which of the following can be deducted as an itemized deduction on am individual taxpayers tax return
a. Medical expenses,
b. casualty losses,
c. Employee business expenses
d. None
e. All of the aboce
2. Frank celebrates his 65th birthday on January 1, 2015. Frank lives with his wife, Mary who is 66 years of age. Neither Frank nor Mary is blind. on their join tax return for 2014 Frank and Mary claim a standard deduction of
a. 13600 b. 12400 c. 14800 d. 15500 e. 13950
3. The minimum percentage of support that a member of a multiple support group must provide to claim the supported person as a dependent
a. 10% b. 15% c. 20% d. 25% e. none
4. Dorsey and Thelma Packard age 42 and 45 file a joint return, they claim Dorsey’s blind mother age 67 as a dependent the packards 2014 standard deduction is
a. $13600
b. $12400
c. 13950
d. 14800
e. 15500
5. Arthur and Mary Mitchell age 64 and 52 file a joint tax return Mary is legally blind. The Mitchells provided over half the support of their two unmarried children Larry and Tammy and Mary’s mother Alice Fisher. Larry and Tammy and Alice live with the Mitchells he entire year. Alice has no gross income. Larry age 25 is full time university student with $4400 of earned income.Tammy age 21 is a exemptions Arthur and Mary Mitchel can claim on 2014 joint tax return is
a. 2 b. 3 c. 4 d. 5 e. 6
6. Which of the following persons don not pass both the age and relationship tests for a qualifying child
a. the taxpayers 24 years old son who is a full time college student
b. the taxpayes 17 years old niece who is a senior in high school
c. the taxpayers 30 years old daughter who is permanently and tottaly disabled
d. none
e. all
7. Tammy agr 56 unmarried claims her elderly mother age 74 as a dependent. Tammy’s mother doesn not live with her but Tammy pays for almost all of the cost of maintaining her mother’s household. Tammy’s 2014 deduction is $
9100, 10650, 6200, 7750, 10300
8. Bobby unmarried age 66 maintains a household where his elderly father age 88 lives. Bobby cannot clam his father as dependent because his father does no pass the gross income test. Bobby’s 2014 deduction $
9100, 6200, 10650, 7750, 9300
9. A dependent’s only income for 2014 is $6000 of taxable wages $840 of taxable interest on a savings account the dependent’s 2014 taxable income is $
0, 840, 640, 290, 590
10. Toni claims her father as a dependent. The father is 80 years old. The father’s only source of gross income is some interest he earns from a savings account. The father’s gross income threshold for purposes of having to file a tax return for 2014 is $
2200, 2550, 10150, 1000, 7750
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Strayer ACC 307 Final Exam Part 1 NEW
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1. The § 222 deduction for tuition and related expenses is available:
2. A worker may prefer to be classified as an employee (rather than an independent contractor) for which of the following reasons:
3. Aaron is a self-employed practical nurse who works out of his home. He provides nursing care for disabled persons living in their residences. During the day he drives his car as follows
4. Jordan performs services for Ryan. Which of the following factors indicate that Jordan is an independent contractor, rather than an employee
Tax Return-Individual Number Five (after Chapter 12)Instructio.docxmattinsonjanel
Tax Return-Individual Number Five (after Chapter 12)
Instructions:
Please complete the required federal individual income tax return forms for Joseph and Diana Cohen for the 2013 tax year. Ignore the requirement to attach the Form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps.
Joseph and Diana Cohen live in Pleasantville, New Jersey. Joseph is the Vice President of Sales at a small start-up company. Diana is a former advertising executive who currently consults with former clients. She also serves on the board of directors of an advertising company. The Cohens have three children: Rebecca (age 18), Alan (age 15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify as Joseph and Diana’s federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens provided the following information:
· Joseph’s social security number is 598-94-2583
· Diana’s social security number is 301-52-2942
· Rebecca’s social security number is 887-44-8710
· Alan’s social security number is 810-42-9092
· David’s social security number is 855-11-3021
· The Cohen’s mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233
Joseph Cohen reported the following the following information relating to his employment during the year:
Company
Gross Wages
Federal Income Tax Withholding
State Income Tax Withholding
Alternative Energy
$115,325
$29,230
$14,400
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll taxes it was required to withhold.
Diana Cohen received the following revenue during the year (she uses the cash method of accounting).
Consulting revenue reported to her on a Form 1099-MISC, Box 7
High-end Retail$32,000
Jensen’s Health Products$8,500
Strategic
Solution
s$3,750
Board of director compensation reported to her on a Form 1099-MISC, Box 7
Natural Sunshine, Inc.$6,500
During the year, Diana paid the following business expenses:
Consultant-related:
Airfare$2,900
Hotel$1,450
Meals$390
Parking$320
Diana drove 290 business miles for her consulting-related activities (she has documentation to verify)
Board of Director-related:
Meals$125
Hotel$225
Diana drove 315 business miles for her board of director activities (she has documentation to verify)
Neither of Diana’s business activities s required the filing of Form(s) 1099 to report payments she made during the tax year. In addition, Ms. Cohen drove a 2011 Lexus purchased on January 1, 2011 for all of her business mileage. She drove the vehicle a total of 10,605 miles during the year for all purposes. Diana has written documentation to support the mileage amounts. She also has access to another vehicle for personal purposes.
The Cohens also received the following during the year:
Interest income from First Bank of New Jersey$320
Interest income from Patterson ...
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1. In 2016, Sayers, who is single, gave an outright gift of $50,000 to a friend, Johnson, who needed the money to pay medical expenses. In filing the 2016 gift tax return, Sayers was entitled to a maximum exclusion of
2. On July 1, 2016, Vega made a transfer by gift in an amount sufficient to require the filing of a gift tax return. Vega was still alive in 2016.
Tax Return Assignment Rutgers - Spring 2017 – Larson 1.docxssuserf9c51d
Tax Return Assignment
Rutgers - Spring 2017 – Larson
1
Instructions:
Please complete the 2016 federal income tax return for Joseph and Diana Cohen. Ignore the requirement to
attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable
assumptions to fill in the gaps.
Information and Background:
Joseph and Diana Cohen live in Pleasantville, New Jersey. Joseph is the Vice-President of Sales at a small start-up
company. Diana is a former advertising executive who currently consults with former clients. She also serves on
the board of directors of an advertising company. The Cohens have three children Rebecca (age 18), Alan (age
15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify
as Joseph and Diana’s federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens
provided the following information:
Joseph’s social security number is 598-94-2583
Diana’s social security number is 301-52-2942
Rebecca’s social security number is 887-44-8710
Alan’s social security number is 810-42-9092
David’s social security number is 855-11-3021
The Cohen’s mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233
Joseph Cohen reported the following the following information relating to his employment during the year:
Employer Gross Wages Federal Income Tax
Withholding
State Income Tax
Withholding
Alternative Energy $118,325 $29,230 $15,000
The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll
taxes it was required to withhold. The entire Cohen family was covered by minimum essential health insurance
during each month in 2016. The insurance was provided by Joseph’s employer, Alternative Energy.
Diana Cohen received the following revenue during the year (she uses the cash method of accounting).
Consulting revenue reported to her on a Form 1099-MISC, Box 7
High-end Retail $32,000
Jensen’s Health Products $ 8,500
Strategic
Solution
s $ 3,750
Board of director compensation reported to her on a Form 1099-MISC, Box 7
Natural Sunshine, Inc. $ 6,500
Tax Return Assignment
Rutgers - Spring 2017 – Larson
2
During the year, Diana paid the following business expenses:
Consultant-related:
Airfare $2,900
Hotel $1,450
Meals $ 390
Parking $ 320
Diana drove 290 business miles for her consulting-related activities (she has documentation to verify)
Board of Director-related:
Meals $ 125
Hotel $ 225
Diana drove 315 business miles for her board of director activities (she has documentation to verify)
Neither of Diana’s business activities required the filing of Form(s) 1099 to report payments she made during the
tax year. In addition, Ms. Cohen drove a 2014 Lexus purchased on January 1, 2014 for all ...
Similar to Acc 456 Education Organization -- snaptutorial.com (20)
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
1. ACC 456 Week 1 Key Points
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Resource: This week's Lynda.com videos.
Write a 350- to 700-word paper describing the key points in the
videos.
Explain why these key points are important.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
**************************************************************
ACC 456 Week 1 Practice Problem 1-39, 1-40,
1-41,1-42,1-43
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2. Complete the following problems in Chapter 1:
I:1-39
I:1-40
I:1-41
I:1-42
I:1-43
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
1-39
Tax Rates. Latesha, a single taxpayer, had the following income and
deductions for the tax year 2015:
• Compute Latesha’s taxable income and federal tax liability for
2015 (round to dollars).
• b.Compute Latesha’s marginal, average, and effective tax
rates.
• c.For tax planning purposes, which of the three rates in Part b
is the most important?
Tax Rates. Based on the amounts of taxable income below, compute
the federal income tax payable in 2015 on each amount assuming the
taxpayers are married filing a joint return. Also, for each amount of
taxable income, compute the average tax rate and the marginal tax
rate.
• a.Taxable income of $30,000.
• b.Taxable income of $100,000.
• c.Taxable income of $375,000.
• d.Taxable income of $600,000.
I:1-41
Marginal Tax Rate. Jill and George are married and file a joint return.
They expect to have $425,000 of taxable income in the next year and
are considering whether to purchase a personal residence that would
3. provide additional tax deductions of $80,000 for mortgage interest
and real estate taxes.
• a.What is their marginal tax rate for purposes of making this
decision?
• b.What is the tax savings if the residence is acquired?
I:1-42
Gift Tax. Betty, a married taxpayer, makes the following gifts during
the current year (2015): $20,000 to her church, $50,000 to her
daughter, and $40,000 to her husband. What is the amount of Betty’s
taxable gifts for the current year (assuming that she does not elect to
split the gifts with her spouse)?
I:1-43
Estate Tax. Clay, who was single, died in 2015 and has a gross estate
valued at $8,500,000. Six months after his death, the gross assets are
valued at $9,000,000. The estate incurs funeral and administration
expenses of $125,000. Clay had debts amounting to $150,000 and
bequeathed all of his estate to his children. During his life, Clay made
no taxable gifts.
• a.What is the amount of Clay’s taxable estate?
• b.What is the tax base for computing Clay’s estate tax?
• c.What is the amount of estate tax owed if the tentative estate
tax (before credits) is $3,235,800?
• d.Alternatively, if, six months after his death, the gross assets
in Clay’s estate declined in value to $7,500,000, can the administrator
of Clay’s estate elect the alternate valuation date? What are the
important factors that the administrator should consider as to whether
the alternate valuation date should be elected?
**************************************************************
4. ACC 456 Week 2 Key Points (Simple Income
Tax)
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Write a 350- to 700-word paper describing the key points in the
videos.
Explain why these key points are important.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
**************************************************************
ACC 456 Week 2 Practice Problem (I:2-30, I:2-
31, I:2-33, I:2-39, I:3-36, I:3-42, I:3-43, I:3-
44)
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5. www.snaptutorial.com
Complete the following problems in Chapter 2:
I:2-30
I:2-31
I:2-33
I:2-39
Complete the following problems in Chapter 3:
I:3-36
I:3-42
I:3-43
I:3-44
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
I:2-30
Computation of Taxable Income. The following information relates
to Tom, a single taxpayer, age 18:
· a.Compute Tom’s taxable income assuming he is self-
supporting.
· b.Compute Tom’s taxable income assuming he is a dependent
of his parents.
I:2-31
Joint Versus Separate Returns. Carl and Carol have salaries of
$14,000 and $22,000, respectively. Their itemized deductions total
$8,500. They are married and both are under age 65.
· a.Compute their taxable income assuming they file jointly.
· b.Compute their taxable incomes assuming they file separate
returns and that Carol claims all of the itemized deductions.
I:2-33
Dependency Exemptions. Wes and Tina are a married couple and
provide financial assistance to several persons during the current year.
For the situations below, determine whether the individuals qualify as
Wes and Tina’s dependents. In all of the situations below, assume that
any dependency tests not mentioned have been met.
6. · a.Brian is age 24 and Wes and Tina’s son. He is a full-time
student and lives in an apartment near campus. Wes and Tina provide
over 50% of his support. Brian works as a waiter and earned $4,200.
· b.Same as Part a except that Brian is a part-time student.
· c.Sherry is age 22 and Wes and Tina’s daughter. She is a full-
time student and lives in the college dormitory. Wes and Tina provide
over 50% of her support. Sherry works part-time as a bookkeeper and
earned $5,000.
· d.Same as Part c except that Sherry is a part-time student.
· e.Granny, age 82, is Tina’s grandmother and lives with Wes
and Tina. During the current year, Granny’s only sources of income
were her Social Security of $4,800 and interest on U.S. bonds of
$4,500. Granny uses her income to pay for 40% of her total support,
Wes and Tina provide the remainder of Granny’s support.
I:2-39
Filing Status, Dependency Exemptions, and Child Credit. For the
following taxpayers, indicate which tax form should be used, the
applicable filing status, and the number of personal and dependency
exemptions available, and the number of children who qualify for the
child credit.
· a.Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
· b.Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000 of
support from his parents.
· c.Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for her son who lives with her.
According to a written agreement, her former husband is entitled to
receive the dependency exemption.
· d.Debbie is a widow, age 68, who receives a pension of $8,000,
nontaxable social security benefits of $8,000, and interest of $4,000.
She has no dependents.
· e.Edith is married, but her husband left her two years ago and
she has not seen him since. Edith supported herself and her daughter,
7. age 6. She paid all household expenses. Her income of $26,000
consisted of a salary of $25,200 and interest of $800.
3-36
Cash and Accrual Methods. Carmen opens a retail store. Her sales
during the first year are $600,000,of which $30,000 has not been
collected at year-end. Her purchases are $400,000.She still owes
$20,000 to her suppliers, and at year-end she has $50,000 of inventory
on hand. She incurred operating expenses of $160,000. At year-end
she has not paid $15,000 of the expenses.
· a.Compute her net income from the business assuming she
elects the accrual method.
· b.Compute her net income from the business assuming she
elects the cash method.
· c.Would paying the $15,000 she owes for operating expenses
before year-end change her net income under accrual method of
reporting? Under the cash method?
3-42
Rental Income. Ed owns Oak Knoll Apartments. During the year,
Fred, a tenant, moved to another state. Fred paid Ed $1,000 to cancel
the two-year lease he had signed. Ed subsequently rented the unit to
Wayne. Wayne paid the first and last months’ rents of $800 each and
a security deposit of $500. Ed also owns a building that is used as a
health club. The club has signed a fifteen-year lease at an annual
rental of $17,000. The owner of the club requested that Ed install a
swimming pool on the property. Ed declined to do so. The owner of
the club finally constructed the pool himself at a cost of $15,000.
What amount must Ed include in gross income?
3-43
Gross Income. Susan’s salary is $44,000 and she received dividends
of $600. She received a statement from SJ partnership indicating that
her share of the partnership’s income was $4,000. The partnership
distributed $1,000 to her during the year and $600 after yearend. She
8. won $2,000 in the state lottery and spent $50 on lottery tickets. Which
amounts are taxable?
3-44
Interest Income. Holly inherited $10,000 of City of Atlanta bonds in
February. In March, she received interest of $500, and in April she
sold the bonds at a $200 gain. Holly redeemed Series EE U.S. savings
bonds that she had purchased several years ago. The accumulated
interest totaled $800. Holly received $300 of interest on bonds issued
by the City of Quebec, Canada. What amount, if any, of gross income
must Holly report?
**************************************************************
ACC 456 Week 2 Short Response (1-5, 1-6, 1-7,
2-1, 2-4, 3-11, 3-15)
For more classes visit
www.snaptutorial.com
Respond to the following questions in 45-90 words each.
Chapter 1: I:1-5,I:1-6, and I;1-7
Chapter 2: I:2-1 and I:2-4
Chapter 3: I:3-11 and I:3-15
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
9. I:1-5
Carmen has computed that her average tax rate is 16% and her
marginal tax rate is 25% for the current year. She is considering
whether to make a charitable contribution to her church before the end
of the tax year. Which tax rate is of greater significance in measuring
the tax effect for her decision? Explain.
I:1-6
Why are the gift and estate taxes called wealth transfer taxes? What is
the tax base for computing each of these taxes?
I:1-7
Cathy, who is single, makes gifts of $50,000 to each of her two adult
children.
· a.Who is primarily liable for the gift tax on the two gifts, Cathy
or the two children?
· b.If Cathy has never made a taxable gift in prior years, is a gift
tax due on the two gifts?
2-1
· a.
10. The tax law refers to gross income, yet the term gross income is not
found on Form 1040. Explain.
· b.Why is it important to understand the concept of gross
income even though the term is not found on Form 1040?
2-4
List the conditions that must be met in order to claim a dependency
exemption for qualifying children and qualifying relatives. Briefly
explain each one.
3-11
Ricardo owns a small unincorporated business. His 15-year-old
daughter Jane works in the business on a part-time basis and was paid
wages of $3,000 during the current year. Who is taxed on the child’s
earnings: Jane or her father? Explain.
3-15
· a.Explain the difference between the treatment of prepaid
income under the tax law and under financial accounting.
· b.Why are the two treatments so different?
· c.What problem does this treatment create for taxpayers?
**************************************************************
ACC 456 Week 3 Key Points
11. For more classes visit
www.snaptutorial.com
Write a 350- to 700-word paper.
Explain how loopholes affect tax fairness and make the taxcodemore
complex.
Provide two examples.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
**************************************************************
ACC 456 Week 3 Practice Problem (4-33, 4-34,
4-35, 6-33, 6-35, 7-31, 7-40, 7-42)
For more classes visit
www.snaptutorial.com
Complete the problems in Chapter 4:
12. I:4-33
I:4-34
I:4-35
Complete the problems in Chapter 6:
I:6-33
I:6-35
Complete the problems in Chapter 7:
I:7-31
I:7-40
I:7-42
Click the AssignmentFiles tab to submityour assignmentas a Microsoft® Word document.
4-34
Excludable Gifts. Which of the following would be includable in gross income?
· a.Alice appeared on a TV quiz show and received a prize of$5,000.
· b.Bart received $500 from his employer because he developed an idea thatreduced the employer’s
production costs.
· c.Chuck borrowed $500 from his mother in order to finance his last year in college.Upon his
graduation,Chuck’s mother told him he did not have to repay the $500.She intended the $500 to be a
graduation present.
I:4-35
Life Insurance Proceeds. Don is the beneficiary ofa $50,000 insurance policy on the life of his mother,
Anna. To date, Anna has paid premiums of$16,000.What amountof gross income mustbe reported in
each of the following cases?
· a.Anna elects to cancel the policy and receives $20,000,the cash surrender value of the policy.
· b.Anna dies and Don receives the face amountof the policy,$50,000.
· c.Anna dies and Don elects to receive $15,000 per year for four years.
I:4-36
Transfer of Life Insurance. Ed is the beneficiary ofa $20,000 insurance policy on the life of his
mother.Because Ed needs funds, he sells the policy to his sister, Amy,for $6,000.Amy subsequently
pays premiums of$9,000.
· a.How much income mustAmy report if she collects the face value of the policy upon the death of her
mother?
· b.Would Amy have to report any income ifher brother had given her the policy? Assume the only
paymentshe made was $9,000 for the premiums.
6-33
For or From AGI Deductions.Roberta is an accountantemployed by a local firm.During the year, Roberta incurs
the following unreimbursed expenses:
a. Identify which of these expenses are deductible and the amountthatis deductible by Roberta.Indicate
whether they are deductible for or from AGI.
b.Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses under an
accountable plan?
c. Assume all of the same facts as in Part a, except that Roberta is self-employed.Identify which of the expenses
are deductible,and indicate whether they are deductions for or from AGI.
I:6-35
Capitalization vs.Expense.Sam owns a small apartmentbuilding (this is the only rental building Sam owns).
During the year Sam incurs the following expenditures:
Discuss the proper tax treatmentfor these expenditures.
I:7-31
13. Wayne and Maria file a jointtax return on which they itemize their deductions and reportAGI of
$50,000.During the year they incurred $1,500 of medical expenses when Maria broke her leg.
Furthermore,their dentist informed them that their daughter,Alicia, needs $3,000 of orthodontic work to
correct her overbite.Wayne also needs a new pair of eyeglasses that will cost $300. What tax issues
should Wayne and Maria consider?
7-40
Deduction of Taxes. Joyce is a single,cash-method taxpayer.On April 11, 2014, Joyce paid $120 in
state income taxes with her 2013 state income tax return. During 2014,Joyce had $1,600 in state
income taxes withheld. On April 13, 2015,Joyce paid $200 with her 2014 state tax return. During 2015,
she had $2,100 in state income taxes withheld from her paycheck.Upon filing her 2015 tax return on
April 15, 2016, she received a refund of $450 for excess state income taxes withheld. Joyce had total
AGI in 2015 and 2016 of $51,000 and $53,500,respectively.In 2015,Joyce also paid $5,500 in
qualified residence interest.
· a.What is the amountof state income taxes Joyce may include as an itemized deduction for 2014?
· b.What is Joyce’s allowed itemized deduction for state income taxes for 2015?
· c.What is Joyce’s taxable income for 2015?
· d.What is her AGI for 2016?
7-42
Deduction of Taxes. Dawn, a single,cash-method taxpayer,paid the following taxes in 2015:Dawn’s
employer withheld $5,400 for federal income taxes,$2,000 for state income taxes,and $3,800 for FICA
from her 2015 paychecks.Dawn purchased a new car and paid $600 in sales tax and $70 for the
license.The car’s FMV was $20,000 and it weighed 3,000 pounds.The county also assessed a
property tax on the car. The tax was 2% of the car’s value and $10 per hundredweight.Dawn uses the
car 100% of the time for personal purposes.Dawn sold her house on April 15, 2015. The county’s
property tax on the home for 2015 is $1,850, payable on February 1,2015.The county’s real property
tax year is the calendar year.Dawn’s AGI for 2015 is $50,000 and her other itemized deductions
exclusive of taxes are $4,000 (disregard any leap year).
· a.What is Dawn’s deduction for taxes in 2015?
· b.Where on Dawn’s tax return should she report her deduction for taxes?
**************************************************************
ACC 456 Week 3 Short Response (4-13, 4-15 6-
1, 6-13, 6-20, 7-31, 7-32)
For more classes visit
www.snaptutorial.com
14. Write your responsesto the following questions in 45-to 90- words
each:
Chapter4: I:4-13 ,I:4-15, and I;6-1
Chapter 6: I:6-13 and I:6-20
Chapter 7:-31 and I:7-32
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
4-13
Answer the following questions relative to employer-financed medical
and health, disability, and life insurance plans.
· a.May employers deduct premiums paid on employee
insurance?
· b.Do employees have to include such premiums in gross
income?
· c.Are benefits paid to the employee included in the employee’s
gross income?
4-15
· a.What are the seven major types of fringe benefits covered by
Sec. 132?
· b.What tax advantage is offered relative to such benefits?
· c.Are such benefits available to employees only or may the
benefits also be offered to spouses, dependents, and retirees?
· d.Is discrimination prohibited relative to Sec. 132 benefits?
· e.What is the tax impact on the employer and employees if an
employer’s plan is discriminatory?
6-1
Why is the distinction between deductions for AGI and
deductions from AGI important for individuals?
6-13
Michelle pays a CPA $400 for the preparation of her federal income
tax return. Michelle’s only sources of income are her salary from
employment and interest and dividends from her investments.
· a.Is this a deductible expense? If so, is it a
deduction for or from AGI?
· b.Assume the same facts as in Part a except that in addition to
her salary and investment and dividend income, Michelle also owns a
15. small business. Of the $400 fee paid to the CPA, $250 is for the
preparation of her Schedule C (Profit or Loss from Business). How
much, if any, of the $400 is a deductible expense? Identify it as
either for or from AGI.
6-20
Why did Congress enact the wash sale provisions?
7-31
Wayne and Maria file a joint tax return on which they itemize their
deductions and report AGI of $50,000. During the year they incurred
$1,500 of medical expenses when Maria broke her leg. Furthermore,
their dentist informed them that their daughter, Alicia, needs $3,000
of orthodontic work to correct her overbite. Wayne also needs a new
pair of eyeglasses that will cost $300. What tax issues should Wayne
and Maria consider?
I:7-32
This year, Chuck took out a loan to purchase some raw land for
investment. He paid $40,000 for the land, and he expects that within 5
years the land will be worth at least $75,000. Chuck is married, and
his AGI for the year is $230,000.Chuck paid $4,300 in interest on the
loan this year. Chuck has $2,600 in interest income and $1,300 in
dividend income for the year. He plans to itemize his deductions so he
can use the interest expense to offset his investment income. What tax
issues should Chuck consider?
**************************************************************
ACC 456 Week 4 Key Points
16. For more classes visit
www.snaptutorial.com
Write a 350- to 700-word paper.
Explain your perspective on how simple preparing a return might be
for an ordinary citizen.
Describe your top three requirements for creating a tax return that is
proper and maximizes the taxpayer return at the same time.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
**************************************************************
ACC 456 Week 4 Practice Problem (5-33,5-43,
8-51, 8-56,9-49, 9-50, 13-33, 13-37)
For more classes visit
www.snaptutorial.com
Complete the following problems in Chapter 5:
I:5-33, I:5-43
Complete the following problems in Chapter 8:
17. I:8-51 and I;8-56
Complete the following problems in Chapter 9:
I:9-49 and I:9-50
Complete the following problems in Chapter 13:
I:13-33 and I:13-37
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
I:5-33
Amount Realized. Tracy owns a nondepreciable capital asset held for
investment. The asset was purchased for $250,000 six years earlier
and is now subject to a $75,000 liability. During the current year,
Tracy transfers the asset to Tim in exchange for $94,000 cash and a
new automobile with a $50,000 FMV to be used by Tracy for
personal use; Tim assumes the $75,000 liability. Determine the
amount of Tracy’s LTCG or LTCL.
I:5-43
Marginal Tax Rates. Mr. and Mrs. Dunbar have taxable income of
$260,000 without considering the following sales. Consider the
following independent cases where capital gains are recognized and
determine the marginal tax rate for the capital gain in each case.
Ignore the effect of increasing AGI on deductions.
· CASE A: $10,000 gain from sale of Storm Lake common stock
held for seven months.
· CASE B: $10,000 gain from sale of antique clock held for six
years.
· CASE C: $10,000 gain from sale of Ames preferred stock held
for three years.
I:8-51
Personal-Use Casualty Losses. In the current year Ned completely
destroys his personal automobile (purchased two years earlier for
$28,000) in a traffic accident. Fortunately none of the occupants are
injured. The FMV of the car before the accident is $18,000; after the
accident it is worthless. Ned receives a $14,000 settlement from the
insurance company. Later in the same year his house is burglarized
and several antiques are stolen. The antiques were purchased a
number of years earlier for $8,000. Their value at the time of the theft
18. is estimated at $12,000. They are not insured. Ned’s AGI for the
current year is $60,000. What is the amount of Ned’s deductible
casualty loss in the current year, assuming the thefts are discovered in
the same year?
I:8-56
Net Operating Loss Deduction. Michelle and Mark are married and
file a joint return. Michelle owns an unincorporated dental practice.
Mark works part-time as a high school math teacher, and spends the
remainder of his time caring for their daughter. During 2015, they
report the following items:
I:9-49
Employment-Related Expenses. Mike incurs the following
employment-related expenses in the current year:
I:9-50
Travel and Entertainment. Monique is a self-employed
manufacturer’s representative (i.e., an independent contractor) who
solicits business for numerous clients and receives a commission
based on sales. She incurs the following expenditures during the
current year:
I:13-33
Sec. 1231 Gains and Losses. Vivian’s AGI is $40,000 without
considering the gains and losses below. Determine her revised AGI
after the inclusion of any applicable gains or losses for the following
independent cases. Assume she has no nonrecaptured net Sec. 1231
losses at the beginning of the year.
Mike’s AGI is $120,000 before any of the above expenses are
deducted. None of the expenses listed above are reimbursed by
Mike’s employer. He has no other miscellaneous itemized deductions
and does not use the standard deduction.
· a.What is the amount of Mike’s deduction for employment-
related expenses?
· b.How are these items reported in Mike’s tax return?
I:13-37
Ordinary Income Versus Sec. 1231 Gain. At the beginning of 2015,
Silver Corporation has a $95,000 capital loss carryforward from 2014.
During 2015, the corporation sells land, held for four years, and
realizes an $80,000 gain. Silver has no unrecaptured net Sec. 1231
19. losses, and it made no other sales during the current year. Determine
the amount of capital loss carryforward that Silver can use in 2015 if
the land is:
· a.Sec. 1231 property.
· b.Not a capital asset or Sec. 1231 property.
**************************************************************
ACC 456 Week 4 Short Response (5-1, 5-7, 8-5,
,8-14, 9-4, 9-6, 13-3, 13-11)
For more classes visit
www.snaptutorial.com
Write a response to the following questions in 45-to 90- words each:
Chapter 5: I:5-1 and I:5-7
Chapter 8: I:8-5 and I:8-14
Chapter 9: 9:-4 and I:9-6
Chapter 13 I:13-3 and I:13-11
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
I:5-1
What problem may exist in determining the amount realized for an
investor who exchanges common stock of a publicly traded
20. corporation for a used building? How is the problem likely to be
resolved?
I:5-7
Martha owns 500 shares of Columbus Corporation common stock at
the beginning of the year with a basis of $82,500. During the year,
Columbus declares and pays a 10% nontaxable stock dividend. What
is her basis for each of the 50 shares received?
I:8-5
What two general requirements must be met for a transaction to result
in a capital loss?
I:8-14
Explain the difference between materially participating and actively
participating in an activity. When is the active participation test used?
I:9-4
In each of the following cases involving travel expenses, indicate how
each item is reported on the taxpayer’s tax return. Include any
limitations that might affect its deductibility.
· a.Marilyn lives in Houston and owns several rental properties
in Denver. To supervise the management of these properties, Marilyn
incurs travel expenses including airfare, lodging, and meals while
traveling to and from the location of the rental properties.
· b.Marc is an employee who incurs travel expenses as a
salesperson. The expenses are fully reimbursed by his employer after
an adequate accounting has been made.
· c.Assume the same facts as in Part b, except that the expenses
are not reimbursed.
· d.Kay is a self-employed attorney who incurs travel expenses
(including meals) to prepare a court case in a nearby city where she
spends the night.
I:9-6
Latoya, a college professor, takes a nine-month leave of absence from
her employment at a college in Ohio and accepts a visiting
professorship (temporary assignment) at a college in Texas. Latoya
21. leaves her husband and children in Ohio and incurs the following
expenses in connection with the temporary assignment:
I:13-3
Alice owns timber, purchased six years ago, with an adjusted basis of
$50,000. The timber is cut for use in her furniture business on
October 1, when the FMV of the timber is $200,000. The FMV of the
timber on January 1 is $190,000. May Alice treat any of the gain as
Sec. 1231 gain? If so, how much?
I:13-11
Karen purchased a computer three years ago for $15,300 to use
exclusively in her business. She expensed the entire cost of the
computer under Sec. 179. If she sells the computer during the current
year for $3,721, what is the amount and character of her recognized
gain?
**************************************************************
ACC 456 Week 5 Key Points
For more classes visit
www.snaptutorial.com
Write a 350-to 700-word paper.
Explain your perspective on tax planning.
Define and differentiate tax avoidance and tax evasion.
22. Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
**************************************************************
ACC 456 Week 5 Practice Problem (10-5, 11-
37, 11-41, 12-36)
For more classes visit
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Complete the following problem in Chapter 10:
I:10-5
Complete the following problems in Chapter 11:
I:11-37
I:11-41
Complete the following problems in Chapter 12:
I:12-36
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Microsoft® Word document.
I:10-5
Robert is a sole proprietor who uses the calendar year as his tax year.
On July 20, 2015 he acquired and placed in service a business
machine, a 7-year asset, for $50,000. No other property was acquired
in 2015.
23. · a.What is the amount of depreciation allowed in 2015 and 2016
if Sec. 179 depreciation (first-year expense election) was not elected?
· b.What is the amount of depreciation allowed in 2015 and 2016
if Sec. 179 was elected?
I:11-37
Allowable Taxable Year. For each of the following cases, indicate
whether the taxpayer has selected an allowable tax year in an initial
year. If the year selected is not acceptable, indicate what an
acceptable year would be.
· a.A corporation selects a January 15 year-end.
· b.A corporation selects a March 31 year-end.
· c.A corporation selects a year that ends on the last Friday in
March.
· d.A partnership selects a year that ends on December 31 and
has three equal partners whose years end on March 31, April 30, and
June 30.
· e.An S corporation selects a December 31 year-end.
I:11-41
Cash Basis Expenses. How much of the following expenses are
currently deductible by a cash basis taxpayer?
· a.Medical prescriptions costing $20 paid by credit card
(medical expenses already exceed the 10% of AGI floor).
· b.Prepaid interest (not related to points) of $200 on a
residential loan.
· c.Taxpayer borrows $300 from the bank to make a charitable
contribution. The $300 is paid to the charitable organization before
the end of the tax year.
· d.Taxpayer gives a note to his church indicating an intent to
contribute $300.
· e.A calendar-year individual mails a check for $200 to his
church on December 31. The check is postmarked December 31 and
clears the bank on January 4.
I:12-36
Like-Kind Exchange: Related Parties. Bob owns a duplex used as
rental property. The duplex has a basis of $86,000 and $300,000
FMV. He transfers the duplex to Cindy, his sister, in exchange for a
triplex that she owns. The triplex has a basis of $279,000 and
24. a $300,000 FMV. Two months after the exchange, Cindy sells the
duplex to a business associate for $312,000. Determine:
· a.Bob’s realized and recognized gain on the exchange.
· b.Cindy’s realized and recognized gain on the exchange.
**************************************************************
ACC 456 Week 5 Summary Of Learning
For more classes visit
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Write a 350- to 700-word summary of the concepts you learned in
this class. Include the following:
Summarize at least three key concepts that were new to you.
Describe at least one concept of which you need to gather more
information.
Apply the information to the "real world". How will you use the
information you learned to better yourself professionally?
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Microsoft® Word document.