Identify in which situation income was constructively received in 2022. Situation A taxpayer received a check on December 31, 2022. Deposited the check to their bank account on January 1, 2023. A taxpayer sold their home on December 20, 2022. Payment was received from the escrow company on January 5, 2023. A taxpayer's employer offers the taxpayer the option to receive their year-end bonus on either December 15, 2022 or January 15, 2023. The taxpayer chooses to defer it to January 15, 2023. A taxpayer who performs consulting services was informed by a client that a check for services they had performed was ready to be picked up on December 15, 2022. However, the taxpayer was on vacation and unable to pick it up until January 3, 2023. Was income constructively received? (Yes/No)

Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $149,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 profits 2.9% of net profits in excess of $142,800 + The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)

If a taxpayer works for more than one employer during the year, how much in FUTA taxes is remitted in the name of the taxpayer?   Multiple Choice   If the employee earns less than $7,000 at the first job, the next employer must remit FUTA taxes until the employee has earned a total of $7,000.   If the employee earns more than $7,000 at the first job, all other employers are exempt from paying FUTA taxes for this employee during the year.   Only the first employer is required to remit FUTA taxes on the wages earned.   Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job.

A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?

8. Youngstown Decking is an accrual basis taxpayer. On July 1, 2022, Youngstown paid $22,800 cash for a comprehensive liability and property insurance policy that covers a 24-month period. The deduction for insurance expense for 2022 is: a.$11,400. b.$22,800. c.$6,650. d.$5,700. e.$950.

Norman Foster filed his 2020 tax return as was required on June 15, 2021. His Notice of Assessment dated August 28, 2021, indicated that his return was accepted as filed. On March 15, 2022, he receives a Notice of Reassessment dated March 8, 2022 indicating that he owes additional taxes, as well as interest on unpaid amounts. What is the latest date for filing a notice of objection for this reassessment? Explain your answer. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). A v BIUS Paragraph Arial 14px Q E E E E x X2 T Te - 田 田田国 Ť (i} 田 田 田

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True or False   Points paid in connection with the purchase of a second residence may be deducted in the year paid. Answer:   Points paid to refinance a mortgage on a principal residence are fully deductible in the year paid. Answer:   If an employee incurs travel expenditures and is fully reimbursed by the employer, neither the reimbursement nor the deduction is reported on the employeeʹs tax return if reporting is pursuant to an accountable plan. Answer:   answer all 3

Help Save & Erit Submit Check my work Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2021 and 2022), Trevor expects to report salary of $104,000, contribute $8,450 to charity, and pay $3,400 in state income taxes. Required: a. Estimate Trevor's taxable income tr 2021 and 2022 using the 2021 amounts for the standard deduction for both years. b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2021. Estimate Trevor's taxable income for each of the next two years using the 2021 amounts for the standard deduction. c. Trevor plans to purchase a residence next yeat, and he estimates that addinional property taxes and residential interest will cost $3,200 and $28,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2021 and 2022) using the 2021 amounts for the standard deduction and also…

All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one?   Question 4 options:   a)  Tuition fees for training that relates to employer's work   b)  Medical expenses of an employee   c)  Forgiveness of employee debt   d)  Cost of life insurance