FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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- Mark for follow up Question 6 of 15. Maggie is a neighbor of yours who lives with her parents. She is 20 years old and has a one-year-old child. You know that Maggie was a full-time student until she quit college at the end of September of the tax year. Maggie gives you her tax documents and tells you that her mother said to claim herself and to claim her child for EITC. To meet the EITC due diligence knowledge requirement, you: Cannot ignore the facts about Maggie living with her mother for nine months of the year when she was a full-time student Can disregard information obtained through a personal relationship. Cannot complete Maggie's return under any circumstances. Can complete Maggie's return filing her as a single non-dependent with EITC for her child. Mark for follow up « Back Save/Return Later Summary Next »arrow_forwardClayton received a $140,000 distribution from his 401(k) account this year. Assuming Clayton's marginal tax rate is 25 percent, what is the total amount of tax and penalty Shauna will be required to pay if she receives the distribution on her 62nd birthday and she has not yet retired? Group of answer choices $0 $14,000 $35,000 $49,000 None of the choices is correct.arrow_forwardUse the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050arrow_forward
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