A Schedule B needs to be attached to the form 1040 if a taxpayer. 1. received over $1,500 of taxable interest  2. received $ 1,000 of taxable interest  3. received $ 2,000 from selled-financed mortage.

26. A schedule B needs to be attached to the form 1040 if the taxpayer.   A. Occurs interest of $16,000 from a bond.    B. Receive $1,000 a taxable interest in a financial account at a credit union    C. Received $2,000 from seller financed mortgage.

1. The Request for Taxpayer Identification Number and Certification is also known as Form _____. Answer:   A.    W-9     B.    W-4     C.    W-2     D.    I-9 2. When the 4th quarter FUTA tax is NOT at least _____, the payment may be mailed at year-end with Form 940. Answer:   A.    $100     B.    $500     C.    $1,000     D.    $5,000 3. The full self-employment tax rate applied to the first $142,800 of earnings is _____. Answer:   A.    2.9%     B.    6.2%     C.    12.4%     D.    15.3%

! Required information [The following information applies to the questions displayed below.] Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year. Indicate the extent to which these payments are taxable income to Jeremy this year if Jeremy is (1) a cash-method taxpayer and (2) an accrual-method taxpayer. (Leave no answers blank. Enter zero if applicable.) a. $1,000 deposit from the Ladies' Club, which wants to lease a trailer. The club will receive the entire deposit back when the trailer is returned undamaged. Income under cash method Income under accrual method

Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2022 in each of the following independent cases: Required: a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $260 rental fee and receives a $650 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. c. Same facts as (b) except that the computer is returned on January 5, 2023. d. On December 18, 2022, a landlord rents an apartment for $625 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. e. An accountant agrees to perform $395 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The…

Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2023 in each of the following independent cases: Required: a. A taxpayer completes $750 of accounting services in December 2023 for a client who pays for the accounting work in January 2024. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2023, she rents a computer for a $280 rental fee and receives a $700 deposit. The customer returns the computer and is refunded the deposit on December 20, 2023. c. Same facts as (b) except that the computer is returned on January 5, 2024. d. On December 18, 2023, a landlord rents an apartment for $655 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. e. An accountant agrees to perform $405 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The…

Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2022 in each of the following independent cases: Required: a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $260 rental fee and receives a $650 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. c. Same facts as (b) except that the computer is returned on January 5, 2023. d. On December 18, 2022, a landlord rents an apartment for $625 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. e. An accountant agrees to perform $395 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The…

Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2022 in each of the following independent cases: Required: a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $260 rental fee and receives a $650 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. c. Same facts as (b) except that the computer is returned on January 5, 2023. d. On December 18, 2022, a landlord rents an apartment for $625 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. e. An accountant agrees to perform $395 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The…

Mark each statement below as either "True" or "False" regarding the standard deduction and itemized deductions. a. The standard deduction is an amount that varies with filing status.   b. A taxpayer should claim the smaller of the standard deduction or the total allowed itemized deductions.   c. Total itemized deductions depend on the amount and type of items, with some items having limitations based on AGI.   d. Taxpayers who are 65 years of age or older or blind are entitled to an additional itemized deduction amount.

Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2022 in each of the following independent cases: Required: A taxpayer completes $300 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $100 rental fee and receives a $250 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. Same facts as (b) except that the computer is returned on January 5, 2023. On December 18, 2022, a landlord rents an apartment for $385 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. An accountant agrees to perform $315 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant’s wife. The mechanic repairs…