8. If the facts in question 4 above changed to the following: the filing status is married filing jointly; one spouse is 66 and the other is 63... The amount on Form 1040, Line 12 should be: a. $29,200 b. $26,750. 3
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- 7. X invited Y to a partnership interest in his business. Accounts in the ledger of X on January 1, 2020, before the admission of Y, show the following: Cash-P208,000; Accounts receivable-P460,000; Inventory P1,440,000; Accounts payable-P496,000. It is agreed that for the purpose of establishing the interest of X, the following adjustments shall be made: a) an allowance for bad debts of 8% based on the outstanding accounts receivable is to be established. b) the inventory is to be valued at P1,000,000 c) Prepaid expenses of P72,000 and accrued expenses of P32,000 are to recognized. Y is to invest sufficient cash for a one-third interest in the partnership. How much is the adjusted capital of Y?18. Adoption Credit. (Obj. 2) In 2019, a married couple paid $6,000 in qualified adoption expenses to adopt a child that is a U.S. citizen. In 2020, they paid an additional $4,200 in qualified adoption expenses. The adoption was finalized in 2020. a. Compute the couples' adoption credit if their modified AGI in both years is $115,000. In what year(s) is the credit taken? b. How would your answer to Part a. change if the couples' modified AGI was $224,800 in both years? c. How would your answer to Part a. change if the couple adopted a child with special needs? d. How would your answer to Part a. change if the adoption fell through?A, B and C undertaken a contract work and received a sum of money which they divided between them in the ratio of 6:3:1. If B has received RO 120 more than C, how much does A receive? a. 360 b. 180 C. 60 d. 120
- 18 A admits B as partner in business. Accounts in the ledger for A on October 31, 2020, just before the admission of B show the following balances: Cash: P50,000Accounts receivable: 110,000Notes receivable: 20,000Inventories: 50,000Accounts payable: 30,000 It is agreed that for the purposes of establishing A's interest, the following adjustments shall be made: An allowance for doubtful accounts of 5% of accounts receivable is to be established. An inventory amounting to P10,000 is worthless. Prepaid expenses of P1,000 and accrued expense of P2,000 are to be recognized. An interest of 10% on notes receivable amounting P10,000 dated April 30, 2020 is to be accrued. B is to invest sufficient cash to obtain a 1/4 interest in the Partnership. Determine the amount of cash investment by Partner B.Question 4 Use the numbers below for questions #4-6. Filing Status: Married Filing Jointly Total Income: $187, 943 Income Adjustments: $1,154 Itemized Deductions: $19,733 Non-Refundable Tax Credit: $2,000 What is the Adjusted Gross Income for this couple?58. Determine the amount of the Earned Income Credit in each of the following cases.Assume that the person or persons are eligible to take the credit. Calculate the credit usingthe formulas.a. A single person with earned income of $7.554 and no qualifying children.b. A single person with earned income of S27.500 and two qualifying children.c. A married couple filing jointly with earned income of $34,190 and one qualifying child.
- Question 6: What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: А. O $117,000 В. O $125,000 С. O S200,000 D. O $250,000! Required information Problem 5-56 (LO 5-2) (Algo) [The following information applies to the questions displayed below.] Grady received $8,600 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Note: Leave no answer blank. Enter zero if applicable. Problem 5-56 Part d (Algo) d. Grady files married joint and reports salary of $44,000 and interest income of $800. Amount to be included in gross income(D) Would it be better for a married couple with two equal incomes to file jointly or separately? Discuss. Choose the correct answer below. MARRIED FILING JOINTLY OR QUALIFIED SURVIVING SPOUSE MARRIED FILING JOINTLY OR QUALIFIED SURVIVING SPOUSE Over But Not Over $0 $25,000 $100,000 O $25,000 $100,000 Tax Due Is 3% of taxable income $750 plus 5.6% of excess over $25,000 $4950.00 plus 6.8% of excess over $100,000 A. Separately since there are smaller fixed rates on each income. B. Jointly since they only have to pay the fixed rate once, while separately they have to pay it twice. OC. Jointly since the percentage is only applied to their income once, while separately it is applied twice on each income. D. It does not matter since the taxes will be the same either way.
- Required: A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000. Taxable amount of benefits a. b. C.Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000Which of the following payments may be considered alimony? A. cash payment B. Child support 500 month C. Property settlement D. Payment on former spouces estate
