FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Can I get some help with these practice questions please this is all the information I revieved regarding the practice quesitons.

Question 1 Partnership Characteristics. Question 3 Question 4 a. Which tax form do partnerships use? b. Do partnerships withhold income taxes on guaranteed payments made to partners? c. An LLC is what type of tax entity? d. What is the extended due date for a calendar year partnership? e. What is the original due date for the tax return of a fiscal year partnership with an April 30 year-end? Partnership Tax Year. EFGH partnership consists of four partners, E, F, G, and H. Each partner's year-end along with their ownership percentage of capital and profits is shown below. Determine EFGH's required tax year. Partner E F G H Partnership Activities. Item a. Rent received b. Capital loss c. Domestic dividend d. Charitable contribution e. Guaranteed payments * f. Section 179 expense g. Interest on a business loan h. Business license i. Municipal bond interest j. Property taxes * Year-End 30-Jun 31-Oct 31-Dec 31-Dec Ordinary Separately Income Stated Percentage 48% 4% 24% 24%
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Transcribed Image Text:Question 1 Partnership Characteristics. Question 3 Question 4 a. Which tax form do partnerships use? b. Do partnerships withhold income taxes on guaranteed payments made to partners? c. An LLC is what type of tax entity? d. What is the extended due date for a calendar year partnership? e. What is the original due date for the tax return of a fiscal year partnership with an April 30 year-end? Partnership Tax Year. EFGH partnership consists of four partners, E, F, G, and H. Each partner's year-end along with their ownership percentage of capital and profits is shown below. Determine EFGH's required tax year. Partner E F G H Partnership Activities. Item a. Rent received b. Capital loss c. Domestic dividend d. Charitable contribution e. Guaranteed payments * f. Section 179 expense g. Interest on a business loan h. Business license i. Municipal bond interest j. Property taxes * Year-End 30-Jun 31-Oct 31-Dec 31-Dec Ordinary Separately Income Stated Percentage 48% 4% 24% 24%
Question 5 Partner's Distributive Share. Question 10 Helen is a member of a partnership that reports ordinary income of $68,000 for the current taxable year. Helen's distributive share of the partnership income is $34,000, of which she withdrew $18,000 during the year. Compute the amount Helen should report as income from the partnership wuen preparing her personal income tax return for the year. Partnership Income. Fred and Ken are gneral partners in a business sharing profits and losses 60% and 40%, respectively. The partnership uses a calendar year. Ken files his individual return on the basis of the calendar year. The partnership's ordinary income for the year is $140,000 (after deducting partners' guaranteed payments). During the year, each partner received a guaranteed payment of $8,000 per month. (1) Compute the amount of partnership income Ken should report on his personal income tax return. (2) How much of this amount is subject to self-employment tax and how much will the tax be? (1) Partnership's ordinary income Ken's share of the ordinary income Ken's ordinary income Ken's guaranteed payments per month Number of guaranteed payments per year Ken's guaranteed payments Ken's partnership income for the year (2) Self-employment tax: OASDI maximum taxable amount in 2019 Ken's partnership income for the year Taxable OASDI @ 6.2 % Ken's Medicare taxable amount Medicare tax rate @ 1.45% Medicare tax due $ $ $ $ 132,900 $ $ 1.45%
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Transcribed Image Text:Question 5 Partner's Distributive Share. Question 10 Helen is a member of a partnership that reports ordinary income of $68,000 for the current taxable year. Helen's distributive share of the partnership income is $34,000, of which she withdrew $18,000 during the year. Compute the amount Helen should report as income from the partnership wuen preparing her personal income tax return for the year. Partnership Income. Fred and Ken are gneral partners in a business sharing profits and losses 60% and 40%, respectively. The partnership uses a calendar year. Ken files his individual return on the basis of the calendar year. The partnership's ordinary income for the year is $140,000 (after deducting partners' guaranteed payments). During the year, each partner received a guaranteed payment of $8,000 per month. (1) Compute the amount of partnership income Ken should report on his personal income tax return. (2) How much of this amount is subject to self-employment tax and how much will the tax be? (1) Partnership's ordinary income Ken's share of the ordinary income Ken's ordinary income Ken's guaranteed payments per month Number of guaranteed payments per year Ken's guaranteed payments Ken's partnership income for the year (2) Self-employment tax: OASDI maximum taxable amount in 2019 Ken's partnership income for the year Taxable OASDI @ 6.2 % Ken's Medicare taxable amount Medicare tax rate @ 1.45% Medicare tax due $ $ $ $ 132,900 $ $ 1.45%
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