c) How would your answer to part (a) change, if at all, if Charles were not an active participant in his employer’s retirement plan? d) How would your answer to part (a) change if Charles were married and filed a joint return with his spouse, who has no earned income, assuming their combined AGI is $85,000? What would be their maximum IRA contribution deduction? 8) Joe and Jean have five grandchildren, ages 19, 16, 15, 12, and 10. The have established Coverdell Education Savings Accounts (CESA) for each of the grandchildren and would like
12-20 and Example 28 38. For two or more children, the maximum expense allowed for purposes of the credit for child and dependent care expenses is $6,000. Actual child care expenses ($3,800) are less than this ceiling and also lower than Karen’s earned income of $9,000 (the spouse with the lesser earned income). Since their combined AGI is more than $43,000, the applicable rate for the credit is 20%. Thus, the credit allowed is $760 (20% $3,800).
Personal Finances: Personal Yearly Budget, Personal Balance Sheet, Personal Statement of Cash Flows Client Deborah Marks is a single, Caucasian female, aged thirty-two, with no spouse and has never been married. She has two children, both boys, ages eight and two. She is currently enrolled in her Master's of Science Accountancy program with an online institution, and holds an Associate of the Arts Accounting and a Bachelors of Science Business with a concentration in Accounting. Deborah Marks works third shift to eliminate the need for child care since her mother watches her children free of charge while she works. She makes $10.00 an hour and works part-time, twenty-one hours a week.
Welfare and Social Responsibility and the Standard of Living It’s not surprising that 97% of AFDC (Aid to Families with Dependent Children, the federal "welfare" program) is made up of women and children. The average age of a mother receiving welfare is 29, and only 7.6% are under the age of 20, the welfare system is the same percentage black as it is white. The average welfare family has 2.9 members. That means a single mom would have 1.9 children, surprisingly that’s fewer than the national average. The average length of a stay on welfare is 22 months.
The corporation will have to recognize a gain of $2,000. c. What, if any, changes if Susan received another 10 percent stock interest for the car? Susan will have to recognize a gain of $2,000. 62. A corporation has income of $62,000 from operations and a net long-term capital loss of $5,000.
Week 2 Problems Thao Porter ACC/547 November 4th,2014 Katherine Castillo Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents. Their income from all sources this year (2013) totaled $200,000 and included a gain from the sale of their home, which they purchased a few years ago for $200,000 and sold this year for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions. a.
3. Defendant's minor daughter was admitted to hospital on or about September 15, 2008. 4. At all times relevant hereto, the defendant was employed at a janitorial job which paid $4.40 an hour or approximately $196 a week before taxes. Defendant was the sole source of support for his wife and six children.
In conclusion she was required to both apply for public assistance and work of minimum 300 dollars a week. With her public assistance, child support and wages/tips she can make an income of 3170 a month. She currently would have to work a minimum of 40 hrs for minimum wage at 7.50 dollars and hour not including tips. By going to work she would need to pay off baby sitter and daycare for her children. Her rent was at a reasonable 900 plus 100 on gas/electricity.
These funds were to pay off $114,000 of the $170,000 loan from Lester to this estate, which were then distributed to Lisa and your two nephews. The balance of $56,000 which was to he paid to you was never distributed to you. Those funds and the additional $100,000 that you personally borrowed were used to pay down the accounts payable balance. The individual that looked you the $100,000 per their note requires you to pay down the loan by $20,000 every six months starting 7/1/10. When we prepared your personal financial statements for the bank we discussed that your loans against your home are too high and that you should start reducing these down as
Using information given in question C, the $16,200 in new machinery will be divided up over 36 months. This additional cost will add $450 per month to Molly’s fixed costs, bringing her total to $2,150 monthly. With that given information, Molly would need to clean an additional 529 items a month to break even. The answer was derived by using the following equation: $2,150 ÷ (1.1 – $0.25) – 2000 = 529.412