During the current year, she rented it for $1,500 for 48 days, and lived in it for 12 days. How would any expenses be accounted for? Question : (TCO 3) During the year, Rick had the following insured personal casualty losses (arising from one casualty). Rick also had $18,000 AGI for the year. Question : (TCO 3) John had adjusted gross income of $60,000.
A company has 2 employees. The company's total salaries for the month of January were $8,000. The federal income tax rate for both employees is 15%. The FICA–social security tax is 6.2% and the FICA–Medicare tax is 1.45%. Calculate the amount of employee taxes withheld and prepare the company's journal entry to accrue the January salaries expense and withholding of January taxes.
| | 17 | Recorded cash received for services rendered during the week, $5,000. | | 20 | Paid for the remainder of the equipment purchased on May 6. | | 21 | Received $240 in advance of cleaning and boxing a wedding gown. | | 23 | Performed $390 of dry cleaning services for Tuxedos Unlimited. It will remit payment in three days.
The difference resulted from $60,000 of nondeductible premiums on Ajax's officers' life insurance and $40,000 of rental income received in advance. Rental income is taxable when received. Ajax's effective tax rate is 30%. In its Year 2 income statement, what amount should Ajax report as income tax expense-current portion? 5.
ACC211 Chapter 4 Click Link Below To Buy: http://hwcampus.com/shop/acc211-chapter-4/ Brief Exercise 4-5 Your answer is correct. Stacy Corporation had income before income taxes for 2014 of $6,325,000. In addition, it suffered an unusual and infrequent pretax loss of $787,700 from a volcano eruption. The corporation’s tax rate is 30%. Prepare a partial income statement for Stacy beginning with income before income taxes.
AC 553 Week 7 47. On April 18, 2011, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September 29, 2011, she purchased 90 additional shares for $900. On November 28, 2011, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2011, she sold another 25 shares for $188. What is her recognized gain or loss? 210/30= $7; 900/90= $10.
They purchased the house in 1998 and their basis today is $400,000. The fair market value of the house is $500,000. The house is subject to a 25-year, $250,000 mortgage. * B.Arnold is to continue making payments on the house until it is fully paid off. In 2011, Arnold made payments totaling $18,000.
There is an average of 1,395,000 tax returns filed in Iowa every year (Average Refund by State). Of those, approximately 81% receive a refund with refunds averaging at $2543.51. If I limit myself to the 50401 area code, for the sake of conservative numbers, there is a population of 29837 (Free 50401 ZIP Code Map). Based on the number of competitors in the area, first calculate 81% of the populate who will receive refunds, then estimate 7% of those filing returns will use Business’ services. This equates to about 1700 people.
* June 2011, Netcrawler granted Michelle an employee stock option, valid until 2013 to acquire up to 1,000 common shares of Netcrawler at $20 per share. * April 30, 2012, Michelle exercised her stock option and acquired 1,000 common shares of Netcrawler at $20. * Michelle already owned 1,000 Netcrawler shares she previously brought from ex-employee for $10,000 * On same day she exercised her option, Michelle sold all 2,000 Netcrawler shares for $70,000 to an arm’s length party. Issue to analyze Michelle will like to know the tax consequence of her buying 1,000 shares of Netcrawler and selling 2,000 shares in the same year. Analysis based on above information Michelle is deemed to have received a benefit under 7(1), an employee acquiring the shares of an employer is said to not be dealing at arm’s length.
Answer: Because Mary Beth does not devote more than 750 hours to office management she has to treat the income as passive. This loss can only be applied to her passive income. 8-34 Mike and Sally Card file a joint return for the 2012 tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses: Qualified Education Loans: 3500 Personal loans: 1000 Home Mortgage Loan: 4000 Loan for Stocks, Bonds, Securities: 15000 Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally's interest deduction for the 2012 tax year?