Tony and Jeannie Nelson are married and file a joint return. They ha.pdf
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Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 5,17,18 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2021 and lives with his wife, Jane. The 18 year- old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with the following information regarding their 2021 upcoming tax return: 1) Tony Nelson is an aerospace engineer he runs an engineering firm, Nelson Engineering (NE), as a sole proprietorship since 2010. a) NE has very lucrative contracts with numerous aerospace companies and during 2021 it earned $647,000. b) NE rents an office downtown where they meet with clients and conducts business. The rent includes all utilities. NE paid $36,000 in rent expense for 2021. In December 2021, the landlord offered to maintain the same yearly rent cost and Tony could receive an additional month's rent for free if he prepaid his 2022-year rent in advance. Tony agreed and paid an additional $36,000 on December 1, 2021 to cover January 2022 through January 2023 rent. c) NE obtained a business loan from SunTrust Bank and paid $2,400 in prepaid interest for July 1, 2021 through June 30, 2022. d) NE has a few employees, including an electrical engineer, a part-time engineering intern and an office manager. The combined wages for these employees were $197,000. Payroll taxes including for these employees is $15,000. e) Tony took different business clients to see several home Miami Heat games during January and February of 2021 followed by dinners at nearby restaurants where business was discussed. The meals were not considered lavish. The total cost for the Heat tickets and accompanying meals were $900 and $600, respectively. f) In April 2021, Tony flew to a two-day engineering convention held in Phoenix, AZ requiring a two-night hotel stay. While there, Tony noted that the convention dress code was formal when he thought it would be casual. Tony immediately purchased a business suit for $400 (not considered lavish) at a nearby department store. All food costs were covered by the convention organizers. Other trip costs that Tony paid were airplane ticket $400 and hotel lodgings cost $100/night for two nights. g) The depreciation for the year on the fixed assets owned by NE are estimated to total $3,500. h) All of NEs business transactions are properly documented and supported by receipts/invoices. In addition to deductible portion of the items listed above the business will have an additional $4,700 of deductible other expenses. 2) Jeannie Nelson is an artist; she works part-time teaching art 2 days a week at a magnet art school in their town. She earned $10,000 in salary from Cocoa Beach, School of the Arts, the following items were withheld from her gross wages, $1,000 federal income taxes, $100 state income tax, $620 social secu.
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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.
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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).
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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.
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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.
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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:
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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].
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Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months.
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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.
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D) $130,000.
E) None of the above.
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Which is a primary source of tax law?
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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.
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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:
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
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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?
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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:
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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.
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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].
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Ben was diagnosed with a terminal illness. His physician estimated that Ben would live no more than 18 months.
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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.
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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.
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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.
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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)].
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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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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
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1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
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b. $100,000
c. $200,000
d. $175,000
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b. $444,000
c. $408,000
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How much did Cracker pay for its 40% interest in Dallas?
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b. $500,000
c. $560,000
d. $760,000
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Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
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D)Purchased additional equipment on August 4, $3 cash.
E)Purchased, on account, supplies on September 5 for future use, $10.
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J)Received a $3 deposit on December 10 for work to start January 15, 2022.
Data for adjusting journal entries on December 31:
K)Amortization for 2021, $3.
L)Supplies of $4 were counted on December 31, 2021.
M)Depreciation for 2021, $2.
N)Accrued interest on notes payable of $1.
O)Salaries and wages earned but not yet paid, $3.
P)Income tax for 2021 was $4 and will be paid in 2022.
Required:
Record journal entries for transactions (a) through (j). (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field. Enter your
answers in thousands of dollars.)
Please don't provide a definition of what Journal entry is. Please prepare Journal Entries
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Account Titles Debit Credit
Cash $ 5
Accounts Receivable 4
Supplies 2
Equipment 6
Accumulated Depreciation $ 0
Software 12
Accumulated Amortization 3
Accounts Payable 7
Notes Payable (short-term) 0
Salaries and Wages Payable 0
Interest Payable 0
Income Tax Payable 0
Deferred Revenue 0
Common Stock 15
Retained Earnings 4
Service Revenue 0
Supplies Expense 0
Depreciation Expense 0
Salaries and Wages Expense 0
Amortization Expense 0
Interest Expense 0
Income Tax Expense 0
Totals $ 29 $ 29.
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and distributes gaming equipment. Joyce is a self-employed author of children’s
books. The Schnappaufs have three children, Will, 21, Dan, 19, and Tom, 16. In February
2011, the Schnappaufs provide the following basic information for preparing their 2010
federal income tax return:
1. The Schnappaufs use the cash method of accounting and file their return on a
calendar-year basis.
2. Unless otherwise stated, assume that the Schnappaufs want to minimize the current
year’s tax liability. That is, they would like to defer income when possible and take
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3. Joyce’s Social Security number is XXXXX
4. Bill’s Social Security number is XXXXX
5. Will’s Social Security number is XXXXX
6. Dan’s Social Security number is XXXXX
7. Tom’s Social Security number is XXXXX
8. The Schnappaufs do not have any foreign bank accounts or foreign trusts.
9. Their address isXXXXX Wakefield, R.I. (02879).
10. The Schnappaufs do not wish to contribute to the presidential election campaign.
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tax forms and the supporting documentation (Forms W-2, 1099-INT, etc.) needed to
complete a basic tax return. The first four chapters focus on the income aspects of individual
taxation. Accordingly, this phase of the tax return focuses on the basic income concepts.
1. Bill’s W-2 is provided (Exhibit A–1). The 2010 W-2 includes his salary ($81,000),
bonus ($32,000), and income from group-term life insurance coverage in excess of
$50,000 ($85.56), and is reduced by his contribution ($4,000) to USC’s qualified
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2. The Schnappaufs receive two 1099-INTs for interest (Exhibits A–2 and A–3), two
1099-DIVs for dividends (Exhibits A–4 and A–5), and a combined interest and dividend
statement (Exhibit A–6).
3. Joyce and her brother, Bob, are co-owners of, and active participants in, a furniture restoration
business. Joyce owns 30 percent, and Bob owns 70 percent of the
business. The business was formed as an S corporation in 2001. During 2010, the
company pays $3,500 in dividends. The basis of Joyce’s stock is $20,000.
4. The Schnappaufs receive a 2009 federal income tax refund of $380 on May 12,
2010. On May 15, 2010, they receive their income tax refund from the state of Rhode
Island. In January 2011, the state mails the Schnappaufs a Form 1099-G (Exhibit
A–7). Their total itemized deductions in 2009 were $16,471.
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5. During 2010, Joyce is the lucky ninety-third caller to a .
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c. a discontinued operation which should be disclosed net-of-tax effects.
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Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable
at 102, but was originally issued at 99. The current dividend has been fully paid. Total
stockholders\' equity is $20,000,000. The residual common equity is:
a. $20,000,000
b. $10,100,000
c. $10,000,000
d. $9,800,000
Question3:
Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000),
inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and
accrued expenses ($7,000,000). These are the only current items.
a. The quick ratio is 2:1.
b. The quick ratio is 1.25:1.
c. The current ratio is 1.875:1.
d. Both A and C.
Question4:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000;
net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a
360-day year, what was the inventory turnover ratio for 2014?
a. 333
b. 3
c. 7.5
d. 20
Question5:
On the schedule of cost of goods manufactured:
a. beginning work-in-process plus direct materials used equals manufacturing costs.
b. cost of goods manufactured is the same thing as total manufacturing costs.
c. work-in-process will necessarily increase if total manufacturing costs increase.
d. factory overhead plus beginning work-in-process equals manufacturing costs.
Question6:
Which costing method seems ideally suited to the production of homogenous products in
continuous throughput?
a. Activity-based costing.
b. Job order costing.
c. Process costing.
d. Absorption costing.
Question7:
Frick Company uses a job order cost system and applies overhead based on estimated rates. The
overhead application rate is based on total estimated overhead costs of $200,000 and direct labor
hours of 50,000. For job 836, direct labor hours were 800.
a. Factory Overhead should be debited for $3,200.
b. Factory Overhead should be credited for $3,200.
c. Overhead Expense should be debited for $3,200.
d. Overhead Expense should be credited for $3,200.
Question8:
For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation
and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account
should be debited for $1,900?
a. Work in Process.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Cost of Goods Manufactured.
Solution
Answer:1 a. an extraodinary item.
Answer:2 a. $20,000,000
Answer:3 b. The quick ratio is 1.25:1.
Quick Ratio=Quick Asset/Current liability
=($4,000,000+$16,000,000)/($9,000,000+$7,000,000)
=1.25:1
Quick asset does n.
1.Al made the following gifts this year·$400,000 to his d.docx
1.
Al made the following gifts this year:
·
$400,000 to his daughter
·
$200,000 to his son
·
$50,000 to his grandson
·
$20,000 to City University.
Assume the tax rates for 2013 are in effect.
Compute Al’s taxable gifts.
Show your work.
2.
Al’s wife, Maria, has agreed to split the gifts (above).
Compute the taxable gift for each.
Show your work.
3.
Ten years ago, Clyde and his wife, Bonnie, purchased 100 shares of GE stock for $10,000, holding it as JTWROS.
Clyde paid for the stock entirely from his savings account.
Clyde died last year when the stock was worth $100,000.
How much will be included in Clyde’s estate?
Show your work.
4.
Ten years ago, John purchased 100 shares of JNJ stock for $10,000, titling it JTWROS with his brother, Robert.
John paid $6,000 for the stock and Robert paid $4,000.
Robert died last year when the stock was worth $100,000.
How much will be included in Robert’s estate?
Show your work.
5.
Alice, Betty, and Candy are cousins.
They decided to form an investment club.
Each contributed $5,000 and the club purchased IBM stock.
Alice died last year.
At the time of her death, the stock had doubled in value.
How much will be included in her estate?
Show your work.
6.
Ten years ago, Amanda created an irrevocable trust and funded it with $500,000.
Amanda died last year.
Assuming she made no other taxable gifts, how much is in her gross estate?
Show your work.
7.
Two years ago, Anthony created an irrevocable trust and transferred in his life insurance policy that had a death benefit of $3,000,000.
The trust was named the owner and beneficiary.
Anthony died last year.
Assuming he made no other taxable gifts, how much is in his gross estate?
Show your work.
8. - 10.
Janice and Jacob are a married couple who have come to you for financial and estate planning.
Their primary goal is to minimize estate and gift taxes.
Their children are married and doing well so their main concern is to maintain their lifestyle regardless of which of them passes first.
They love their Uncle Sam but would like to disinherit him if at all possible.
Janice and Jacob own the following assets together:
(You may assume that they do not live in a community property state.)
·
Checking Account
$110,000
·
Savings Account
$100,000
·
Municipal Bonds
$200,000
·
Primary Residence
$7,000,000
·
Vacation Home
$4,940,000
Jacob owns the following assets in his own name:
·
IRA Account
$2,000,000
·
Mutual Fund Accounts
$1,500,000
·
401(k) Account
$1,500,000
·
Little Red Corvette
$100,000
Janice owns the following assets in her own name:
·
Credit Union Account
$500,000
·
Stock Account
$2,500,000
·
403(b) Account
$1,500,000
·
Lexus
$120,000
Janice and Jacob have a personal loan account (Joint) with a balance of $100,000.
They estimate that funeral expenses would run approximately $25,000 (each).
They have a mortgage on their residence in the amount of $2,000,000.
Five years ago, Jacob.
Acc 307 Success Begins / snaptutorial.com
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 Technology levels--snaptutorial.com
For more classes visit
www.snaptutorial.com
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.com
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 Massive Success / snaptutorial.com
For more classes visit
www.snaptutorial.com
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)Instructions.docx
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:
.
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
....._
Cl0; Introduction to Computers; Assignment 4 Rubric
CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable
Justificalion:20 20 points: Three or 13 points: Two items 6 points: One item in o points: None of the
points more items in the in the proposal the proposal includes 'items in the proposalproposal include an include an an expIanaIion of why incJude an explanation
explanation of why explanation of why that particular choice of why that particular
that particular choice that particular choice wasmade_ choice was made.
wasmade._ was made.
Quality of 20 points: 13 points: Information 6 points: Information o points: Information
Infonnation: 20 Information clearly clearty relates to the clear1yrelates to the had little or nothing to 'relates to the main main topic. It main topic.. Supporting do with the main topic.
points topic. It includes includes one or two details and/or
three or more items items with supporting examples are not
with supporting details andfor incJlided_
I
details andfor examples_
examples.
Accuracy: 20 20 points: All of the 13 points:. Most ofthe 6 points: Some of the o points: None or
points technical technical technical ,~ almost none of thedescriptions and descriptions and and details are technical descriptions
details are described details are described described accurately and details are
accurately and accurately and and match tDday\'s described accurateJy
match today\'s match today\'s available technology. and match today\'s I
available technology.. available technology- available technology.
Format: 10 10 points: The 7 points: The 4 points: The proposal o points: The proposal I
points proposal covers aD proposal covers 3 or covers 1or 2 of the covers none of the Iof the five 4 of the five five requirements five requirements I
requirements requirements requested by the requested by the
requested by the requested by the Custol1lelC (Budget, customer. (Budget.
I
customer. (Budget. customer. (Budget, Security, HardWare, Seclriy, I-fardware.
Security, Hardware, Sea.riy, Hardware, OS, Mobile OS, Mobile
OS, Mobile OS,Mobile Computing) Computing)
Computing) Computing)
Mechanics: 10 10 points: No 7 points: One to two 4 points: Three to four o points: FIVeor more
points grammatical, grammalical,. grammatical, spelling, grammatic-aJ. spelling,spelling. spacing, spelling. spacing. spacing, capilalizalion spacing" capiIaization I
capitalization or capitalization or or punctuation errors. or punctuation errors. I
_ punctuation errors. punctuation errors. I
Acronyms: 10 10 points: All of the 7 points: Most of the 4 points: Some of the o poin1s: None of the
points acronyms. acronyms, acronyms, acronyms,abbreviations or abbreviations or abbreviations or abbreViations or
I
technical terms are technical terms are technical terms are technical terms are
either spelled out or either speIed out or either spefled out or either spelled out or
explained in a way explained in a way explained in a way explained in a ...
AC 309 Unit 2 Chapter Problems
1. The document provides practice problems from accounting textbooks for Unit 2 Chapters 4 and 5. It includes 29 problems of varying complexity that assess understanding of concepts like gross income, taxation of life insurance proceeds, compensation, and evaluating equivalent job offers.
2. The problems require calculating gross income in situations involving stock trades, gifts, insurance payouts, scholarships, punitive damages awards, and compensation excluding room and board.
3. Students must demonstrate comprehension of when amounts are included in or excluded from gross income according to IRS rules.
Acct 324 week 4 midterm exam answers
This document provides answers to 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam. The questions cover a range of tax topics including filing status, deductions, losses, depreciation, installment sales, and passive activity losses. For each question, the correct answer is provided along with an explanation and reference to the relevant topic covered in the course.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam related to various topics in tax law. The questions cover topics such as filing status, deductible expenses, depreciation, passive activity losses, installment sales, and casualty losses. Sample questions include determining a taxpayer's filing status, calculating cost recovery deductions and passive losses, and classifying gains or losses from casualty events.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam Answers. The questions cover a range of tax law topics including filing status, deductions, gains/losses, depreciation, and passive activity limitations. Sample questions include determining a taxpayer's filing status, calculating deductible casualty losses and charitable contributions, and applying installment sale and depreciation rules.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam related to various topics in tax law. The questions cover topics such as filing status, deductible expenses, depreciation, passive activity losses, installment sales, and casualty losses. Sample questions include determining a taxpayer's filing status, calculating cost recovery deductions and passive losses, and classifying gains or losses from casualty events.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam related to various topics in tax law. The questions cover topics such as filing status, deductible expenses, depreciation, passive activity losses, installment sales, and casualty losses. Sample questions include determining a taxpayer's filing status, calculating cost recovery deductions and passive losses, and classifying gains or losses from casualty events.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam related to various topics in tax law. The questions cover topics such as filing status, deductions for business expenses, casualty and theft losses, charitable contributions, passive activity losses, installment sales, and basis.
Un grupo de investigadores est� estudiando el oper�n WOLF, que se en.pdf
Un grupo de investigadores est estudiando el opern WOLF, que se encarga de descomponer el
material FOX. Se encontr que el opern tiene los elementos A,B,C,D. Es probable que esos
elementos sean genes que codifican protenas o secuencias de control. Se sabe que los elementos
del opern codifican dos enzimas, que estn marcadas como Enzima 1 y Enzima 2. La siguiente
tabla describe las influencias de varias mutaciones en el opern, mientras que + indica actividad
enzimtica y - indica que no hay actividad enzimtica.
a) el opern est subyugado al control positivo o a la regulacin negativa? Razona tu respuesta!
b) por favor describa la funcin de cada uno de los elementos A,B,C,D. Razona tu respuesta!
Gracias!Cuando Fox est presenteCuando Fox est presenteCuando Fox est ausenteCuando Fox
est ausenteLa ubicacin de la mutacin dentro de la secuencia: Enzima 1 Enzima 2 Enzima 1
Enzima 2 sin mutacin (tipo salvaje) + + - - A - + - - B - - - - C + - - - D + + + +.
Un hombre de 28 a�os ten�a varias quejas. Ten�a un caso grave de aft.pdf
Un hombre de 28 aos tena varias quejas. Tena un caso grave de aftas (candidiasis oral) y fiebre
baja, tena episodios graves de diarrea, haba perdido 20 libras en el ltimo ao sin hacer dieta y, lo
ms grave, se quejaba de dificultad para respirar. Sus pulmones mostraron un infiltrado bilateral
en el examen radiogrfico, caracterstico de la neumona por P. carinii . Una muestra de heces fue
positiva para Giardia lamblia. Era adicto a la herona y admiti haber compartido agujas en una
galera de tiro
1. Qu pruebas de laboratorio se deben realizar para respaldar y confirmar un diagnstico de
infeccin por VIH y SIDA?
2. Cmo adquiri este hombre la infeccin por el VIH? Cules son otros comportamientos de alto
riesgo para la infeccin por el VIH?
3. Cul fue la base inmunolgica del aumento de la susceptibilidad de este paciente a las
infecciones oportunistas?
4. Qu precauciones debieron tomarse al manipular las muestras de este paciente?
5. Se estn desarrollando varias formas de vacunas contra el VIH. Cules son los posibles
componentes de una vacuna contra el VIH? Quines seran los destinatarios apropiados de una
vacuna contra el VIH?.
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Acct 324 week 8 final exam
For more classes visit
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy e
Multiple-choice questions. Select the best one that answers th.docx
Multiple-choice questions. Select the best one that answers the question. Show your procedure and calculations. Partial credits will be given if you procedure is correct, but answers are not. Each question is 3 points. Total: 78 points.
Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
The pre-acquisition balance she ...
Alison and Chuck Renny began operations of their furniture r.pdf
Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture,
Incorporated) on January 1, 2020. The annual reporting period ends December 31. The trial
balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify).
Transactions during 2021 (summarized in thousands of dollars) follow:
A)Borrowed $21 cash on July 1, 2021, signing a six-month note payable.
B)Purchased equipment for $18 cash on July 2.
C)Issued additional shares of common stock on July 3 for $5.
D)Purchased additional equipment on August 4, $3 cash.
E)Purchased, on account, supplies on September 5 for future use, $10.
F)On December 6, recorded revenues in the amount of $65, including $9 on credit and $56
received in cash.
G)Paid salaries and wages expenses on December 7, $35.
H)Collected accounts receivable on December 8, $8.
I)Paid accounts payable on December 9, $11.
J)Received a $3 deposit on December 10 for work to start January 15, 2022.
Data for adjusting journal entries on December 31:
K)Amortization for 2021, $3.
L)Supplies of $4 were counted on December 31, 2021.
M)Depreciation for 2021, $2.
N)Accrued interest on notes payable of $1.
O)Salaries and wages earned but not yet paid, $3.
P)Income tax for 2021 was $4 and will be paid in 2022.
Required:
Record journal entries for transactions (a) through (j). (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field. Enter your
answers in thousands of dollars.)
Please don't provide a definition of what Journal entry is. Please prepare Journal Entries
for the question A-P.
Account Titles Debit Credit
Cash $ 5
Accounts Receivable 4
Supplies 2
Equipment 6
Accumulated Depreciation $ 0
Software 12
Accumulated Amortization 3
Accounts Payable 7
Notes Payable (short-term) 0
Salaries and Wages Payable 0
Interest Payable 0
Income Tax Payable 0
Deferred Revenue 0
Common Stock 15
Retained Earnings 4
Service Revenue 0
Supplies Expense 0
Depreciation Expense 0
Salaries and Wages Expense 0
Amortization Expense 0
Interest Expense 0
Income Tax Expense 0
Totals $ 29 $ 29.
3rd ed end of chapter answers
This document provides answers to end of chapter questions from chapters 1-3 of a personal finance textbook. The answers cover topics such as calculating rates of return and interest, determining financial ratios like debt ratios and current ratios, preparing personal budgets, and calculating taxable income and tax refund amounts. Formulas and tables from the textbook are referenced in some of the calculations.
In 2010, Bill and Joyce Schnappauf live in Wakefield, R.I. Bil.docx
In 2010, Bill and Joyce Schnappauf live in Wakefield, R.I. Bill is 50, and Joyce is 48. Bill is
a district sales manager for USC Equipment Corporation, a Rhode Island firm that manufactures
and distributes gaming equipment. Joyce is a self-employed author of children’s
books. The Schnappaufs have three children, Will, 21, Dan, 19, and Tom, 16. In February
2011, the Schnappaufs provide the following basic information for preparing their 2010
federal income tax return:
1. The Schnappaufs use the cash method of accounting and file their return on a
calendar-year basis.
2. Unless otherwise stated, assume that the Schnappaufs want to minimize the current
year’s tax liability. That is, they would like to defer income when possible and take
the largest deductions possible, a practice they have followed in the past.
3. Joyce’s Social Security number is XXXXX
4. Bill’s Social Security number is XXXXX
5. Will’s Social Security number is XXXXX
6. Dan’s Social Security number is XXXXX
7. Tom’s Social Security number is XXXXX
8. The Schnappaufs do not have any foreign bank accounts or foreign trusts.
9. Their address isXXXXX Wakefield, R.I. (02879).
10. The Schnappaufs do not wish to contribute to the presidential election campaign.
The first phase of the tax return problem is designed to introduce you to some of the
tax forms and the supporting documentation (Forms W-2, 1099-INT, etc.) needed to
complete a basic tax return. The first four chapters focus on the income aspects of individual
taxation. Accordingly, this phase of the tax return focuses on the basic income concepts.
1. Bill’s W-2 is provided (Exhibit A–1). The 2010 W-2 includes his salary ($81,000),
bonus ($32,000), and income from group-term life insurance coverage in excess of
$50,000 ($85.56), and is reduced by his contribution ($4,000) to USC’s qualified
pension plan. The company contributes 7 percent of Bill’s salary ($5,670) to the plan.
2. The Schnappaufs receive two 1099-INTs for interest (Exhibits A–2 and A–3), two
1099-DIVs for dividends (Exhibits A–4 and A–5), and a combined interest and dividend
statement (Exhibit A–6).
3. Joyce and her brother, Bob, are co-owners of, and active participants in, a furniture restoration
business. Joyce owns 30 percent, and Bob owns 70 percent of the
business. The business was formed as an S corporation in 2001. During 2010, the
company pays $3,500 in dividends. The basis of Joyce’s stock is $20,000.
4. The Schnappaufs receive a 2009 federal income tax refund of $380 on May 12,
2010. On May 15, 2010, they receive their income tax refund from the state of Rhode
Island. In January 2011, the state mails the Schnappaufs a Form 1099-G (Exhibit
A–7). Their total itemized deductions in 2009 were $16,471.
http://www.justanswer.com/business-finance-homework/6n2lm-2010-bill-joyce-schnappauf-live-wakefield-r-i.html
5. During 2010, Joyce is the lucky ninety-third caller to a .
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold
its family pizza restaurant segment. The disposal constitutes:
a. an extraodinary item.
b. a discontinued operation which should be treated as a prior period adjustment.
c. a discontinued operation which should be disclosed net-of-tax effects.
d. a portion of income from continuing operations.
Question2:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable
at 102, but was originally issued at 99. The current dividend has been fully paid. Total
stockholders\' equity is $20,000,000. The residual common equity is:
a. $20,000,000
b. $10,100,000
c. $10,000,000
d. $9,800,000
Question3:
Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000),
inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and
accrued expenses ($7,000,000). These are the only current items.
a. The quick ratio is 2:1.
b. The quick ratio is 1.25:1.
c. The current ratio is 1.875:1.
d. Both A and C.
Question4:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000;
net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a
360-day year, what was the inventory turnover ratio for 2014?
a. 333
b. 3
c. 7.5
d. 20
Question5:
On the schedule of cost of goods manufactured:
a. beginning work-in-process plus direct materials used equals manufacturing costs.
b. cost of goods manufactured is the same thing as total manufacturing costs.
c. work-in-process will necessarily increase if total manufacturing costs increase.
d. factory overhead plus beginning work-in-process equals manufacturing costs.
Question6:
Which costing method seems ideally suited to the production of homogenous products in
continuous throughput?
a. Activity-based costing.
b. Job order costing.
c. Process costing.
d. Absorption costing.
Question7:
Frick Company uses a job order cost system and applies overhead based on estimated rates. The
overhead application rate is based on total estimated overhead costs of $200,000 and direct labor
hours of 50,000. For job 836, direct labor hours were 800.
a. Factory Overhead should be debited for $3,200.
b. Factory Overhead should be credited for $3,200.
c. Overhead Expense should be debited for $3,200.
d. Overhead Expense should be credited for $3,200.
Question8:
For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation
and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account
should be debited for $1,900?
a. Work in Process.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Cost of Goods Manufactured.
Solution
Answer:1 a. an extraodinary item.
Answer:2 a. $20,000,000
Answer:3 b. The quick ratio is 1.25:1.
Quick Ratio=Quick Asset/Current liability
=($4,000,000+$16,000,000)/($9,000,000+$7,000,000)
=1.25:1
Quick asset does n.
1.Al made the following gifts this year·$400,000 to his d.docx
1.
Al made the following gifts this year:
·
$400,000 to his daughter
·
$200,000 to his son
·
$50,000 to his grandson
·
$20,000 to City University.
Assume the tax rates for 2013 are in effect.
Compute Al’s taxable gifts.
Show your work.
2.
Al’s wife, Maria, has agreed to split the gifts (above).
Compute the taxable gift for each.
Show your work.
3.
Ten years ago, Clyde and his wife, Bonnie, purchased 100 shares of GE stock for $10,000, holding it as JTWROS.
Clyde paid for the stock entirely from his savings account.
Clyde died last year when the stock was worth $100,000.
How much will be included in Clyde’s estate?
Show your work.
4.
Ten years ago, John purchased 100 shares of JNJ stock for $10,000, titling it JTWROS with his brother, Robert.
John paid $6,000 for the stock and Robert paid $4,000.
Robert died last year when the stock was worth $100,000.
How much will be included in Robert’s estate?
Show your work.
5.
Alice, Betty, and Candy are cousins.
They decided to form an investment club.
Each contributed $5,000 and the club purchased IBM stock.
Alice died last year.
At the time of her death, the stock had doubled in value.
How much will be included in her estate?
Show your work.
6.
Ten years ago, Amanda created an irrevocable trust and funded it with $500,000.
Amanda died last year.
Assuming she made no other taxable gifts, how much is in her gross estate?
Show your work.
7.
Two years ago, Anthony created an irrevocable trust and transferred in his life insurance policy that had a death benefit of $3,000,000.
The trust was named the owner and beneficiary.
Anthony died last year.
Assuming he made no other taxable gifts, how much is in his gross estate?
Show your work.
8. - 10.
Janice and Jacob are a married couple who have come to you for financial and estate planning.
Their primary goal is to minimize estate and gift taxes.
Their children are married and doing well so their main concern is to maintain their lifestyle regardless of which of them passes first.
They love their Uncle Sam but would like to disinherit him if at all possible.
Janice and Jacob own the following assets together:
(You may assume that they do not live in a community property state.)
·
Checking Account
$110,000
·
Savings Account
$100,000
·
Municipal Bonds
$200,000
·
Primary Residence
$7,000,000
·
Vacation Home
$4,940,000
Jacob owns the following assets in his own name:
·
IRA Account
$2,000,000
·
Mutual Fund Accounts
$1,500,000
·
401(k) Account
$1,500,000
·
Little Red Corvette
$100,000
Janice owns the following assets in her own name:
·
Credit Union Account
$500,000
·
Stock Account
$2,500,000
·
403(b) Account
$1,500,000
·
Lexus
$120,000
Janice and Jacob have a personal loan account (Joint) with a balance of $100,000.
They estimate that funeral expenses would run approximately $25,000 (each).
They have a mortgage on their residence in the amount of $2,000,000.
Five years ago, Jacob.
Acc 307 Success Begins / snaptutorial.com
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 Technology levels--snaptutorial.com
For more classes visit
www.snaptutorial.com
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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ACC 307 Massive Success / snaptutorial.com
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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:
Tax Return-Individual Number Five (after Chapter 12)Instructions.docx
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:
.
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
....._
Cl0; Introduction to Computers; Assignment 4 Rubric
CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable
Justificalion:20 20 points: Three or 13 points: Two items 6 points: One item in o points: None of the
points more items in the in the proposal the proposal includes 'items in the proposalproposal include an include an an expIanaIion of why incJude an explanation
explanation of why explanation of why that particular choice of why that particular
that particular choice that particular choice wasmade_ choice was made.
wasmade._ was made.
Quality of 20 points: 13 points: Information 6 points: Information o points: Information
Infonnation: 20 Information clearly clearty relates to the clear1yrelates to the had little or nothing to 'relates to the main main topic. It main topic.. Supporting do with the main topic.
points topic. It includes includes one or two details and/or
three or more items items with supporting examples are not
with supporting details andfor incJlided_
I
details andfor examples_
examples.
Accuracy: 20 20 points: All of the 13 points:. Most ofthe 6 points: Some of the o points: None or
points technical technical technical ,~ almost none of thedescriptions and descriptions and and details are technical descriptions
details are described details are described described accurately and details are
accurately and accurately and and match tDday\'s described accurateJy
match today\'s match today\'s available technology. and match today\'s I
available technology.. available technology- available technology.
Format: 10 10 points: The 7 points: The 4 points: The proposal o points: The proposal I
points proposal covers aD proposal covers 3 or covers 1or 2 of the covers none of the Iof the five 4 of the five five requirements five requirements I
requirements requirements requested by the requested by the
requested by the requested by the Custol1lelC (Budget, customer. (Budget.
I
customer. (Budget. customer. (Budget, Security, HardWare, Seclriy, I-fardware.
Security, Hardware, Sea.riy, Hardware, OS, Mobile OS, Mobile
OS, Mobile OS,Mobile Computing) Computing)
Computing) Computing)
Mechanics: 10 10 points: No 7 points: One to two 4 points: Three to four o points: FIVeor more
points grammatical, grammalical,. grammatical, spelling, grammatic-aJ. spelling,spelling. spacing, spelling. spacing. spacing, capilalizalion spacing" capiIaization I
capitalization or capitalization or or punctuation errors. or punctuation errors. I
_ punctuation errors. punctuation errors. I
Acronyms: 10 10 points: All of the 7 points: Most of the 4 points: Some of the o poin1s: None of the
points acronyms. acronyms, acronyms, acronyms,abbreviations or abbreviations or abbreviations or abbreViations or
I
technical terms are technical terms are technical terms are technical terms are
either spelled out or either speIed out or either spefled out or either spelled out or
explained in a way explained in a way explained in a way explained in a ...
AC 309 Unit 2 Chapter Problems
1. The document provides practice problems from accounting textbooks for Unit 2 Chapters 4 and 5. It includes 29 problems of varying complexity that assess understanding of concepts like gross income, taxation of life insurance proceeds, compensation, and evaluating equivalent job offers.
2. The problems require calculating gross income in situations involving stock trades, gifts, insurance payouts, scholarships, punitive damages awards, and compensation excluding room and board.
3. Students must demonstrate comprehension of when amounts are included in or excluded from gross income according to IRS rules.
Acct 324 week 4 midterm exam answers
This document provides answers to 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam. The questions cover a range of tax topics including filing status, deductions, losses, depreciation, installment sales, and passive activity losses. For each question, the correct answer is provided along with an explanation and reference to the relevant topic covered in the course.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam related to various topics in tax law. The questions cover topics such as filing status, deductible expenses, depreciation, passive activity losses, installment sales, and casualty losses. Sample questions include determining a taxpayer's filing status, calculating cost recovery deductions and passive losses, and classifying gains or losses from casualty events.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam Answers. The questions cover a range of tax law topics including filing status, deductions, gains/losses, depreciation, and passive activity limitations. Sample questions include determining a taxpayer's filing status, calculating deductible casualty losses and charitable contributions, and applying installment sale and depreciation rules.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam related to various topics in tax law. The questions cover topics such as filing status, deductible expenses, depreciation, passive activity losses, installment sales, and casualty losses. Sample questions include determining a taxpayer's filing status, calculating cost recovery deductions and passive losses, and classifying gains or losses from casualty events.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam related to various topics in tax law. The questions cover topics such as filing status, deductible expenses, depreciation, passive activity losses, installment sales, and casualty losses. Sample questions include determining a taxpayer's filing status, calculating cost recovery deductions and passive losses, and classifying gains or losses from casualty events.
Acct 324 week 4 midterm exam answers
This document contains 27 multiple choice questions from the ACCT 324 Week 4 Midterm Exam related to various topics in tax law. The questions cover topics such as filing status, deductions for business expenses, casualty and theft losses, charitable contributions, passive activity losses, installment sales, and basis.
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Alison and Chuck Renny began operations of their furniture r.pdf
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Tax Return-Individual Number Five (after Chapter 12)Instructions.docx
Tax Return-Individual Number Five (after Chapter 12)Instructions.docx
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
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Malden Mills?
Si es necesario, se pueden utilizar fuentes de referencia externas para completar sus respuestas.
Shackleton's Way puede ser una de las fuentes.
Un ejemplo de las habilidades de liderazgo de Shackleton en la prctica
Caso de estudio
Un ejemplo de las habilidades de liderazgo de Shackleton se presenta en el libro de Dennis NT
Perkins, Leading at the Edge. El Sr. Perkins cuenta la historia de un comandante y cmo sigui las
habilidades de liderazgo de Shackleton durante su tiempo de prueba como presidente de una
empresa al borde del colapso. El "comandante" era Aaron Feuerstein, presidente de Malden
Mills Industries, una empresa textil que fabrica Polarfleece y Polartec. En 1995, las ventas de
Polartec superaron los 200 millones de dlares y la demanda del producto de Malden Mills
aumentaba continuamente.
En una fra noche de diciembre de 1995, tres de las cuatro plantas de Malden Mills se incendiaron
y los vientos de 40 millas por hora de esa noche amenazaban con engullir la cuarta planta. Esa
noche, se cit al Sr. Feuerstein diciendo: "Cualquier progreso tcnico que hayamos hecho estaba en
esos edificios, y cualquier proceso especializado que habamos desarrollado estaba en esos
edificios". Ante la pregunta de cmo Malden Mills podra mantenerse en el negocio con el
incendio ardiendo en tres de los edificios y el cuarto al borde, el Sr. Feuerstein respondi con un
deseo implacable de salvar su negocio y los trabajos de sus 3100 empleados. .
Se dio cuenta de que la nica oportunidad que tena de salvar su negocio dependa de la capacidad
de salvar el cuarto edificio. Si se salvara el cuarto edificio, proporcionara una base sobre la cual
reconstruir la empresa. El Sr. Feuerstein instruy a sus empleados: "Hagan lo que tengan que
hacer, solo salven ese edificio". Ms tarde record: "Estuvieron en ese edificio toda la noche y lo
salvaron, y por lo tanto a la empresa, de una destruccin segura". [Malden Mills] comenz como un
lugar donde los altos ejecutivos tenan sus oficinas en los mismos edificios y en el mismo piso
que el equipo de fabricacin, donde los gerentes tenan que ceder el paso a los montacargas cuando
iban a las reuniones. As quera la familia Feuerstein que funcionara el molino. Los miembros de
la familia no queran que sus gerentes olvidaran nunca de qu se trataba re.
Un discurso a menudo diferir� de un diario porque el discurso, di.pdf
Un discurso a menudo diferir de un diario:
porque el discurso, dirigido a una audiencia pblica, estar redactado de manera diferente e incluir
diferentes hechos y explicaciones.
porque el diario se escribir para persuadir al lector de un argumento.
porque el discurso incluir ms informacin personal.
porque un diario incluir slo hechos slidos.
Todas estas respuestas son correctas.
Un d�a en la vida�2019 Troi, la directora de proyectos de un gran .pdf
Un da en la vida2019
Troi, la directora de proyectos de un gran proyecto de sistemas de informacin, llega temprano a
su oficina para ponerse al da con el trabajo antes de que lleguen sus compaeros de trabajo y el
equipo del proyecto. Sin embargo, cuando entra en la oficina se encuentra con Neil, uno de sus
compaeros directores de proyecto, que tambin quiere empezar el da temprano. Neil acaba de
completar un proyecto en el extranjero. Pasan 10 minutos socializando y ponindose al da con
noticias personales.
Troi camina hacia su escritorio y abre su computadora porttil. Ella estuvo en el sitio de su
cliente el da anterior hasta las 7:30 pm y no ha revisado su correo electrnico o correo de voz
desde las 4:30 pm del da anterior. Tiene 2 mensajes de voz, 16 mensajes de correo electrnico y
10 publicaciones en el canal de Slack de su equipo.1 Pasa 15 minutos revisando su agenda y las
listas de "cosas por hacer" del da antes de responder a los mensajes que requieren atencin
inmediata.
Troi pasa los siguientes 25 minutos revisando los informes del proyecto y preparndose para la
reunin semanal. Su jefe, que acaba de llegar a la oficina, la interrumpe. Pasan 20 minutos
discutiendo el proyecto. Comparte un rumor sobre una posible adquisicin de la que ha odo
hablar.
Ella le dice que no ha odo nada, pero que lo mantendr informado si lo hace.
La reunin de estado del proyecto de las 9:00 am comienza 15 minutos tarde porque dos de los
miembros del equipo tienen que terminar un trabajo para un cliente. Varias personas van a la
cafetera a tomar caf y donas mientras otras discuten sobre el partido de bisbol de la noche
anterior. Los miembros del equipo llegan y los 45 minutos restantes de la reunin de revisin del
progreso sacan a la superficie los problemas del proyecto que deben abordarse y asignarse para
la accin.
Despus de la reunin, Troi baja por el pasillo para encontrarse con Victoria, otra directora de
proyectos de SI.
Pasan 30 minutos revisando asignaciones de proyectos, ya que...
... l hace todo lo posible para agradecer a Chandra por su anlisis reflexivo en la reunin del
informe de estado. Ella regresa y descubre que John le ha dejado un mensaje para que lo llame lo
antes posible. Se pone en contacto con John, quien le informa que, segn su gente, el
representante de marketing de su empresa haba hecho ciertas promesas sobre las funciones
especficas que proporcionara su sistema. No sabe cmo ocurri esta falla en la comunicacin, pero
su gente est bastante molesta por la situacin. Troi agradece a John por la informacin e
inmediatamente sube las escaleras hacia donde reside el grupo de marketing.
Ella pide ver a Mary, una gerente senior de marketing. Se pone al da con las actualizaciones de
Slack en su telfono mientras espera 10 minutos antes de que la inviten a su oficina. Despus de
una discusin acalorada, ella se va 40 minutos despus y Mary accede a hablar con su gente sobre
lo que se prometi y lo que no se prometi.
Ella baja las escaleras con su gente para.
Trey Monson starts a merchandising business on December 1 and enters.pdf
Trey Monson owns a merchandising business and purchased inventory on three occasions in December: 10 units for $19 each on December 7, 20 units for $25 each on December 14, and 15 units for $27 each on December 21. On December 15, Monson sold 15 units for $33 each. Using the LIFO method, the costs assigned to ending inventory would be the costs of the units from the most recent purchase on December 21.
Trending HR Issues. Students are asked to source 2 newspapetjournal.pdf
Trending HR Issues. Students are asked to source 2 newspapet/journal articles/podcast/videos
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Markers: Introduction, Summary of issued presented, Critique of Content , Conclusion,
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TP BASE DE DONN�ES.1. Quelles sont les limites des fichiers .pdf
TP BASE DE DONNES.
1. Quelles sont les limites des fichiers ?
2. Parlez de la fonction hachage de hash_codd.
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Trace each loop: b. String[ ] arr ={ "Whose", "woods", "these", "are", "I", "think", "I", "know" };
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situaciones en las que la direccin de la empresa y el sindicato llegaron a un punto muerto en algn
momento durante su proceso de negociacin, pero finalmente resolvieron el punto muerto.
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Topic Number of social media users before and during the COVID-19 c.pdf
Topic: Number of social media users before and during the COVID-19 crisis. Data source:
Statista: Internet > Facebook: number of monthly active users worldwide 2008-2020 Twitter:
number of monthly active users 2010-2019
Standard Guideline:
You should organize your assignment as follows:
1. Introduction
2. Theoretical Background
3. Data and Variables
(Include what are the variables you have applied in this research. Write in this section - where
have you collected data for each variable, i.e., data source? How many years of data you are
using data for analysis? etc.)
4. Data Analysis
(Draw and explain figures. Do you see any theory that matches your research outcome? If yes,
what theory? Is it the Law of Demand? Or it does violate the Law of Demand. If it does, why?
Give your opinion.)
5. Conclusion..
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Chapter wise All Notes of First year Basic Civil Engineering.pptx
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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- 1. Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 5,17,18 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2021 and lives with his wife, Jane. The 18 year- old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with the following information regarding their 2021 upcoming tax return: 1) Tony Nelson is an aerospace engineer he runs an engineering firm, Nelson Engineering (NE), as a sole proprietorship since 2010. a) NE has very lucrative contracts with numerous aerospace companies and during 2021 it earned $647,000. b) NE rents an office downtown where they meet with clients and conducts business. The rent includes all utilities. NE paid $36,000 in rent expense for 2021. In December 2021, the landlord offered to maintain the same yearly rent cost and Tony could receive an additional month's rent for free if he prepaid his 2022-year rent in advance. Tony agreed and paid an additional $36,000 on December 1, 2021 to cover January 2022 through January 2023 rent. c) NE obtained a business loan from SunTrust Bank and paid $2,400 in prepaid interest for July 1, 2021 through June 30, 2022. d) NE has a few employees, including an electrical engineer, a part-time engineering intern and an office manager. The combined wages for these employees were $197,000. Payroll taxes including for these employees is $15,000. e) Tony took different business clients to see several home Miami Heat games during January and February of 2021 followed by dinners at nearby restaurants where business was discussed. The meals were not considered lavish. The total cost for the Heat tickets and accompanying meals were $900 and $600, respectively. f) In April 2021, Tony flew to a two-day engineering convention held in Phoenix, AZ requiring a two-night hotel stay. While there, Tony noted that the convention dress code was formal when he thought it would be casual. Tony immediately purchased a business suit for $400 (not considered lavish) at a nearby department store. All food costs were covered by the convention organizers. Other trip costs that Tony paid were airplane ticket $400 and hotel lodgings cost $100/night for two nights. g) The depreciation for the year on the fixed assets owned by NE are estimated to total $3,500. h) All of NEs business transactions are properly documented and supported by receipts/invoices. In addition to deductible portion of the items listed above the business will have an additional $4,700 of deductible other expenses. 2) Jeannie Nelson is an artist; she works part-time teaching art 2 days a week at a magnet art school in their town. She earned $10,000 in salary from Cocoa Beach, School of the Arts, the following items were withheld from her gross wages, $1,000 federal income taxes, $100 state income tax, $620 social security and $145 Medicare. She is not covered under their insurance plan as she only works 15 hours a week. She also volunteers 5 hours a week with the Girl Scouts of America as an art instructor. 3) Jeannie is known for beautiful Arabian influenced abstracts. During May and
- 2. August of this past year she had a virtual exhibition and sold paintings at each event. She estimates that the cost of each painting in canvas and supplies is about $425. a) The sales are as follows: i) May - 18 paintings for a total of $ 16,200 ii) August 14 paintings for a total of $ 15,000 b) She paints in a studio located in a separate building on the property of their home. The expenses related to the studio allocated on the basis of square footage are as follows: i) Depreciation $3,500 ii) Taxes $1,900 iii) Utilities $2,400 4) The Nelsons had the following assets/investments activities occur during this year: a) 4/5/2021 sold for $23,000 common stock in York Co. that was purchased for $17,000, on 2/14/2010, The shares of York Co are qualified small business stock under 1202. b) 7/1/2021 sold 200 shares of common stock in New Co. for $17,000. They had purchased 100 shares on 8/7/2016 for $7,500 and 100 shares on 8/7/2017 for $ 8,250. c) 9/15/2021 sold 150 shares of common stock of City Co for $14,000 total that were purchased for $9,500 on 3/18/2021. d) 8/5/2021 sold for $28,000 antique coins that Jeannie inherited from her great-aunt on January 16, 2021 when its FMV was $26,500. Her great aunt had a basis in the coin of $2,000. e) 10/1/2021, they sold a portion of a parcel of land with a small building for $65,000 that had a basis of $23,000 and was purchased in 2002. $25,000 of the gain is unrecaptured 1250 property. f) 10/15/2021 sold stock in Space Explorers Inc. for $31,500 that they had purchased on 8/14/2015 for $18,000. g) The Nelsons have a Long-term loss carryover of $14,000 from 2020. h) Interest income earned from their various accounts is a total of $1,200. None of these amounts are related to municipal bonds. 5) On April 13 of 2021, the couple paid their $1,500 in state taxes due with their 2020 state tax return. They paid state income tax for 2021 of $3,200. The couples estimated state and local sales taxes for 2021 will be a total of $2,800. The property taxes paid on their principal residence for 2021 is $7,600, excluding any amounts allotted to the artist studio. 6) On October 1st they donated a parcel with a separate small building to the Girl Scouts of America for use as an art studio. They had purchased the acres in 2002 and recently divided a portion for sale (see 4e above). This portion has a basis of $61,500. A professional appraiser determined the fair market value of the property was $95,000 on September 24th of 2021. 7) This year the Nelsons had several medical expenses not reimbursed by insurance these are as follows: a) Tony & Jeannie both received corrective eye surgery, at a total cost of $ 6,000 b) $ 2,800 for braces for the 12-year-old c) $ 1,600 in co- payments for covered medical procedures. d) $ 700 in payments for over-the-counter medications. e) $2,500 at the urgent care clinic for Jeannies brother Sam who hurt his back helping her set up the art exhibits in May. He is not their dependent. f) They pay $8,800 in health insurance premiums to cover the family. 8) The Nelsons spent $ 16,200 in home mortgage interest on their original acquisition cost of $800,000 from 2014. They do not have any additional mortgage debt. 9) The Nelsons paid quarterly estimated tax payments of $21,000 per quarter, based on their 2020 liability which was a total of $84,000. Based on their 2020 income
- 3. of $280,000 the Nelsons did not receive any of the stimulus checks.A A B B D D E F G H 3 2021 4 Explanation/Computations as needed 5 6 Qualified business income (QBI) from Nelson EngineeringB C D E F G G H 1 Child Tax Credit N 2 Base Credit Addl 2021 Explanation/Computations as needed 3 # of children eligiblA B 1 2 D E H Tony & Jeannie Nelson Nelson Engineering 2021 Amount Explanation/Computations as needed 3 4 Item Description 5A B F G H 1 1 3 Explanation/Computations as needed A C D E Tony & Jeannie Nelson 2 Jeannie Abstracts 3 2021 4 Item DescripA B G H 1 J M N O 1 2 3 D F Tony & Jeannie Nelson Sale of Assets 2021 Short Term Net Gain Capital Cost (Loss) Gain/(Loss) 4A B C D E F G H Tony & Jeannie Nelson Itemized Deductions 2021 Hem Description Amount Subrora/ Total splanation/Compulations Show transcribed data Expert Answer This solution was written by a subject matter expert. It's designed to help students like you learn core concepts. Anonymous answered this 2,290 answers Answer:- . To calculate income tax payable for 2021: Filing jointly Tony's business income $647,000 Jeannie's net employment income 8,135 Income from sale of paintings 31,200 (Note: $ 16,200+ $ 15,000= $ 31,200) Short-term capital (sale of stocks) 4,500 (Note: $14,000-$9,500= $4,500) Short-term capital gain (sale of antique coins) 1,500 (Note: $28,000- $26,500 FMV= $1,500) Interest income 1,200 =Adjusted Gross income $693,535 Less itemized deductions: Rent expense 36,000 Business expense 182,000 (Note: Wages of employees 197,000- $15,000 Payroll taxes= $182,000) Travel expense (airfare ticket) 400 Meals for clients 300 (Note: $600 x 50%) Hotel lodgings cost 200 (Note: $100/night for two nights) Depreciation expense on fixed assets 3,500 Other Tony's deductible expenses 4,700 Expense for painting 13,600 (Note: $425 x 32 paintings= $13,600) Studio expenses 7,800 (Note: $3,500 + $3,500 + $2,400) State, local taxes and property tax 10,000 Charitable donation 95,000 (Note: AGI $ x 50%) Home mortgage interest 16,200 =Total itemized deductions ($369,700) =Taxable income $323,835 $323,835- $172,750 x 24%= $36,260.4 $36,260.4 + $29,502= $65,762.4 =Income tax payable before credit $65,762.4 Child tax credit (2,000) (Note: The child must be younger than 17 at the end of the tax year to be eligible) Credit for dependent (1,000) (Note: Their children aged 17 and 18 qualify as dependents) = $62,762.4 Add: Failure-to-pay penalty (liability 2020) 9,804 Total long-term capital gain tax 14,272.5 =Income tax payable for 2021 $86,838.9 (rounded off $86,839) . Explanation:- . Given facts: Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 5,17,18 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2021 and lives with his wife, Jane. The 18-year-old Tabitha is studying Fine Arts at Savannah College of Art & Design. They provide you with the fo