a. For AGI (rental) deductions b. Itemized deductions c. Basis in the condo at the end of the year

4. Deductible education expenses include all of the following except: A. Tuition. B. Books. C. Travel. D. Room and board.

Mm.2.

Which of the following are deducted from gross taxable income todetermine net taxable income? a - Severance payments b - Registered Retirement Savings Plan contributions  c - Health carepremiums d - Charitable donations

What would be the tax treatment of a superficial loss? a. Permanently denied. b. Immediately deductible. c. Deducted from the adjusted cost base (ACB) of the reacquired property. d. Added to the ACB of the reacquired property for the purposes of determining the future capital gain or loss when the property was sold.

Subject: accounting

where did you get $1150/12 for the depreciaition expense

10. Calculate the assessed value (in $) and the property tax due (in $) on the property. (Round your answers to the nearest cent.) Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $342,900 72 $   5.1% $

Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400

Theme: Adjusted Gross Income as determined by the IRS of USA. Examine the case below and do the following:1.Indicates the income items that are part of the gross income.2.Indicates the salary exclusions.3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.4.Calculate adjusted gross income.5.Indicates the status that the taxpayer must file.6.Fill out Form 1040.Case 2 Carlos Martínez was born on January 9, 1967, is a teacher and is married. He had a salary of $50,000 and a tax withheld of $5,000. Carlos pays an individual retirement account (IRA) for himself of $7,000. His wife, Carmen Flores, was born on April 22, 1971, she works from home selling clothes, from which she had an income of $12,000. The couple have no children and have a joint bank account from which she earned $2,500 in interest from the bank.