Zach allows Jen to store her car in Zach's driveway for $20 per month while Jen is out of the country While Jen is away, Zach notices branches from a tree falling on the roof of her car He buys a plastic cover for $40 and uses it to protect her car from being damaged. Who is ultimately responsible for the $40 payment?
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- Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2018 traveling in Europe and was not a college student. He had gross income of 4,655 in 2018. Bill paid 4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the 4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2018, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she operates as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2018 Form 1040, Schedule C for Panda Enterprises shows revenues of 315,000, office expenses of 66,759, employee salary of 63,000, employee payroll taxes of 4,820, business meal expenses (before the 50% reduction) of 22,000, and rent expense of 34,000. The rent expense includes payments related to renting an office (30,000) and payments related to renting various equipment (4,000). There is no depreciation because all depreciable equipment owned has been fully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are 23,000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Note: Ashley received a Form 1099B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual dividends received in 2018, and these are both ordinary dividends and qualified dividends. Ashley had 800 of interest income from State of Ohio bonds and 600 of interest income on her Wayne Savings Bank account. She paid 25,000 of alimony to her former husband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and provides the following information, which may be relevant to her return: Ashley made a 26,000 estimated Federal income tax payment, does not want any of her taxes to finance presidential elections, has no foreign bank accounts or trusts, and wants any refund to be applied against her 2019 taxes. Compute Ashleys net tax payable or refund due for 2018. If you use tax forms for your computations, you will need Form 1040 and its Schedules 1, 4, 5, A, C, D, and SE and Form 8949. Ashley qualifies for the 199A deduction for qualified business income. Be sure to include that in your calculations. Suggested software: ProConnect Tax Online.63 Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur fure items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant OA) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite OB Nothing. The loss is not covered. OC The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis Ilimit OD That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal propertyMultiple Response Question Paul and Tom have three children, Cathy (aged 15), Jacinta (aged 13) and Toby (aged 10), all of whom are full time students and living with them. Jacinta and Toby have no income, but Cathy has earned $3,556 during the year. In addition, Paul pays child support for his son, David, who lived with Peter's ex-partner and is a full time student aged 17. David has had no income during the year. How many children will Paul include at Item M1 Label Y of the tax return? 3 1 2 0 4
- 63 Rau obtains a loan from Security Funds and signs a note for the amount payable to the lender. Security Funds indorses the note and sells it to Tomas. With the intent to cancel Rau’s obligation on the note, Tomas writes “Paid” across its face. This discharges the liability of a. no one. b. Rau only. c. Security Funds only. d. Rau and Security Funds12 Trudy is Jocelyn's friend. Trudy looks after Jocelyn's four-year-old son during the day so Jocelyn can go to work. During the year, Jocelyn paid Trudy $4,000 to care for her son. What is the amount of Jocelyn's child and dependent care credit if her AGI for the year was $30,000? (Exhibit 8-9) Multiple Choice $0 $810 $1,080 $3,000rds 1. LO.3 Liz and Doug were divorced on December 31, 2020, after 10 years of marriage. Their current year's income received before the divorce was as follows: Doug's salary Liz's salary Rent on apartments purchased by Liz 15 years ago Dividends on stock Doug inherited from his mother 4 years ago Interest on a savings account in Liz's name funded with her salary Allocate the income to Liz and Doug assuming that they live in: a. California. b. Texas. B Text Predictions: On Accessibility: Investigate $41,000 55,000 8,000 1,900 2,400
- Which one of the following would not be included in Doug's gross income? C Doug's employer pays $100 per month directly to his daughter's offsite daycare center C Doug received a $500 bonus from his employer C Doug found $1.000 worth of gold coins while hiking in Yosemite National Park C Doug won $100 playing poker at an illegal gambling club5 Edmond is a life insurance agent who sold a whole life policy to his client Emile a few years ago. Emile becomes mentally incapable after an accident and her brother, Jake, meets Edmond to surrender Emile's policy. Jake informs Edmond that he is Emile's enduring power of attorney. What must Edmond do first before proceeding with Jake's request to surrender the policy? aUNKOXFJWSt60EQ0YzljeUkyUVoxdz09 → a. O Edmond should transfer the ownership of the insurance policy to Jake before accepting his request to surrender the policy. b. O Edmond should obtain a certified true copy of the power of attorney from a notary public and have it reviewed by the insurance company. c. O Edmond should require Jake to sign the surrender application on behalf of Emile before submitting the application to the insurer. d. O Edmond should obtain Jake's personal identification documents and attach them with the surrender application for the insurance company's reference.D Question 34 Vivian is a college student with auto liability limits of 100/300/100. She also has a $1,000,000 umbrella policy. Assuming Vivian's auto limits meet the underlying insurance requirements for the umbrella policy, answer the following: Vivian was rushing home from work last week so that she wouldn't miss Game of Thrones. Right before she pulled into the parking garage, she side-swiped another car (the other car did not have insurance). Vivian was deemed to be at-fault and the other driver sustained $150,000 worth of medical expenses. The other car had damage of $150,000. How much, if any, will Vivian's umbrella policy pay out for this accident? Jannet Format Tools Table
- QUESTION 1 Kinny is a single dad. His family lives in Raleigh but he wanted some space while being close enough to visit, so he took a job as a radiologist for a clinic in Virginia Beach. Kinny's daughter Sivan is starting kindergarten, and now that he doesn't have to pay for preschool every day Kinny is ready to start saving up for a home of their own. His gross annual pay is $62,610. Considering that most single parents with one child have about 20% of their gross income withheld for federal and state taxes, Medicare, Medicaid, Social Security, and other unavoidable expenses, about how much net income does Kinny bring home every month? QUESTION 2 The recommended "rule" is to keep housing expenses to less than 1/3 of your net income. What is the maximum that Kinny should be spending on housing each month? QUESTION 3 Housing includes homeowners insurance, utilities such as electricity, natural gas, water, sewer, and trash pick up. For most households these are about 25% of the housing…LO.3 Liz and Doug were divorced on December 31, 2020, after 10 years of marriage. Their current year’s income received before the divorce was as follows: Doug’s salary $41,000 Liz’s salary 55,000 Rent on apartments purchased by Liz 15 years ago 8,000 Dividends on stock Doug inherited from his mother 4 years ago 1,900 Interest on a savings account in Liz’s name funded with her salary 2,400 Allocate the income to Liz and Doug assuming that they live in: California. Texas.3. Ralph and Sybil own a home in Memphis, which is insured by a standard homeowners policy. They also rent a beach house in Destin on an annual basis. Rodney, their insurance agent, suggests that they consider increasing the limit on personal property at the beach house, because the standard homeowners policy provides a limit of only_of the personal property limit on their primary residence. a. 25 percent b.10 percent. c.15 percent d. 5 percent
