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Explain why these key points are important.
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Click the Assignment Files tab to submit your assignment as a Microsoft® Word document.
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ACC 456 study Education on Your Terms/acc456study.comrock1234591
FOR MORE CLASSES VISIT
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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 ...
·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.
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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:
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 ...
Peter and Eileen are married and live in a common law state. Peter.docxherbertwilson5999
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period. On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I. If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II. If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III. If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months. After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills. Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value of the policy. Henry enjoys excellent health, but he cashed in his life insur.
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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.
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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Multiple choice Tax QuestionsPeter and Eileen are marrie.docxadelaidefarmer322
Multiple choice Tax Questions
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period.
On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I.
If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II.
If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III.
If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months.
After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills.
Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value .
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 ...
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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
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
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 ...
·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.
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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:
For more classes visit
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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:
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 ...
Peter and Eileen are married and live in a common law state. Peter.docxherbertwilson5999
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period. On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I. If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II. If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III. If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months. After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills. Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value of the policy. Henry enjoys excellent health, but he cashed in his life insur.
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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.
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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Multiple choice Tax QuestionsPeter and Eileen are marrie.docxadelaidefarmer322
Multiple choice Tax Questions
Peter and Eileen are married and live in a common law state. Peter wants to make gifts to their five children in 2009. What is the maximum amount of the annual exclusion they will be allowed for these gifts?
A) $60,000.
B) $65,000.
C) $120,000.
D) $130,000.
E) None of the above.
2.
Which is a primary source of tax law?
A) J. W. Yarbo v. Comm., 737 F.2d 479 (CA-5, 1984).
B) Article by a Federal judge in Harvard Law Review.
C) Technical Advice Memoranda.
D) Letter ruling.
E) All of the above are primary sources.
3.
Jerry purchased a U.S. Series EE savings bond for $279. The bond has a maturity value in 10 years of $500 and yields 6% interest. This is the first Series EE bond that Jerry has ever owned.
A) Jerry must report the interest income each year using the original issue discount rules.
B) Jerry can report all of the $221 interest income in the year the bond matures.
C) The interest on the bonds is exempt from Federal income tax.
D) Jerry must report ($500 – $279)/10 = $22.10 interest income each year he owns the bond.
E) None of the above.
4.
Home Office, Inc., leased a copying machine to a new customer on December 27, 2009. The machine was to rent for $500 per month for a period of 36 months beginning January 1, 2010. The customer was required to pay the first and last month’s rent at the time the lease was signed. The customer also was required to pay an $800 damage deposit. Home Office must recognize as income for the lease:
A) $1,000 in 2009, if Home Office is an accrual basis taxpayer.
B) $1,000 in 2010, if Home Office is a cash basis taxpayer.
C) $1,800 in 2009, if Home Office is a cash basis taxpayer.
D) $0 in 2009, if Home Office is an accrual basis taxpayer.
E) None of the above.
5.
Kathy operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period.
On July 1, 2009, Kathy sold a one-year membership and a two-year membership.
I.
If Kathy is a cash basis taxpayer, her 2009 gross income from the contracts is $960 ($360 + $600).
II.
If Kathy is an accrual basis taxpayer, her 2009 gross income from the contracts is $330 [(6/12 $360) + (6/24 $600)].
III.
If Kathy is an accrual basis taxpayer, her 2010 gross income from the contracts is $630 [(6/12)($360) + $450].
A) Only I is true.
B) Only I and II are true.
C) Only II and III are true.
D) I, II, and III are true.
E) None of the above.
6.
Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months.
After he received the doctor’s diagnosis, Ben cashed in his life insurance policy to pay some medical bills.
Ben had paid $12,000 in premiums on the policy, and he collected $50,000, the cash surrender value .
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 ...
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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
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
1. ACC 456 Week 1 Key Points
For more classes visit
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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.
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ACC 456 Week 1 Practice Problem 1-39, 1-40, 1-
41,1-42,1-43
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Complete the following problems in Chapter 1:
• I:1-39
• I:1-40
• I:1-41
• I:1-42
2. • 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 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?
3. 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
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ACC 456 Week 2 Key Points (Simple Income
Tax)
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4. www.snaptutorial.com
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
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.
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)
For more classes visit
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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
5. 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.
· 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
6. 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, 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
7. 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
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
8. of Quebec, Canada. What amount, if any, of gross income must Holly
report?
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ACC 456 Week 2 Short Response (1-5, 1-6, 1-7,
2-1, 2-4, 3-11, 3-15)
For more classes visit
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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.
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.
9. 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.
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
10. 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?
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ACC 456 Week 3 Key Points
For more classes visit
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11. 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
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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
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Complete the problems in Chapter 4:
• 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 Assignment Files tab to submit your assignment as 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.
12. · b.Bart received $500 from his employer because he developed an idea that reduced 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 of a $50,000 insurance policy on the life of his mother,
Anna. To date, Anna has paid premiums of $16,000. What amount of gross income must be 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 amount of 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 of a $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 must Amy report if she collects the face value of the policy upon the death of her
mother?
· b.Would Amy have to report any income if her brother had given her the policy? Assume the only payment
she made was $9,000 for the premiums.
6-33
For or From AGI Deductions. Roberta is an accountant employed by a local firm. During the year, Roberta incurs the
following unreimbursed expenses:
a. Identify which of these expenses are deductible and the amount that is 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 apartment building (this is the only rental building Sam owns). During
the year Sam incurs the following expenditures:
Discuss the proper tax treatment for these expenditures.
I: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?
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 amount of 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
13. 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?
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ACC 456 Week 3 Short Response (4-13, 4-15 6-
1, 6-13, 6-20, 7-31, 7-32)
For more classes visit
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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?
14. 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 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
15. 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?
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ACC 456 Week 4 Key Points
For more classes visit
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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.
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16. 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
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Complete the following problems in Chapter 5:
• I:5-33, I:5-43
Complete the following problems in Chapter 8:
• 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
17. 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 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
18. 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 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.
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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
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19. 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 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.
20. · 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 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?
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ACC 456 Week 5 Key Points
For more classes visit
21. www.snaptutorial.com
Write a 350-to 700-word paper.
Explain your perspective on tax planning.
Define and differentiate tax avoidance and tax evasion.
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document
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.
ACC 456 Week 5 Practice Problem (10-5, 11-37,
11-41, 12-36)
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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
22. 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.
· 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.
23. 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 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.
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ACC 456 Week 5 Summary Of Learning
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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?
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
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