Need these answered asap! 1) Taking home used office printers when the company purchases new equipment would increase your gross income. True or False 2) A taxpayer filing Married Jointly has an AGI of $120,250. They have one qualifying child under age 17. How much could they potentially recieev in a child tax credit? Phase out begins at $400,000. 500, 1400, 0, 600, or 2000? 3) You pay $9,000 for an annuity. The annuity will pay $1,000 for 12 years. How much of the annuity cash payments will be considered as a taxable income? 750, 0, 1000, or 250? 4) We discussed several divorce payments. Which category will be included on the recipient's tax return as gross income if the divorce happened after 2018? Alimony, Property Settlements, Child Support, All of the Above, or None of the Above 5) Normally, for a taxable item to be considered realized there must have been an ownership transfer and the transaction involves a secondary party. True or False

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Need these answered asap!

1) Taking home used office printers when the company purchases new equipment would increase your gross income.

True or False

2) A taxpayer filing Married Jointly has an AGI of $120,250. They have one qualifying child under age 17. How much could they potentially recieev in a child tax credit? Phase out begins at $400,000.

500, 1400, 0, 600, or 2000?

3) You pay $9,000 for an annuity. The annuity will pay $1,000 for 12 years. How much of the annuity cash payments will be considered as a taxable income?

750, 0, 1000, or 250?

4) We discussed several divorce payments. Which category will be included on the recipient's tax return as gross income if the divorce happened after 2018?

Alimony, Property Settlements, Child Support, All of the Above, or None of the Above

5) Normally, for a taxable item to be considered realized there must have been an ownership transfer and the transaction involves a secondary party.

True or False

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