Suzy Service Company (SSC) grants an ISO to Bill on March 31, 2016, for 200 shares with an exercise price of $3, the FMV of the stock of March 31, 2016. Mary Jo exercises the ISO on April 15, 2017, when the stock is worth $5 a share. She sold the stock on September 12, 2016, for $6 a share. What are the tax consequences to Mary Jo and SSC on the following dates? (a) March 31, 2016 (Grant) (b) April 15, 2017 (Exercise) (c) September 12, 2017 (Sale of stock)

Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Based on these facts, answer the following questions:  Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.)   c. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the year

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Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 230,000 80,000 Description Taxable income Tax liability Lily's taxable income before these transactions is $190,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Cost $ 200,000 148,000 $ Amount Accumulated Depreciation $ 52,000 23,000 227,500

Sagar

Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy receives a salary of $60,000 per year. He also receives a bonus equal to 10% of all collections from clients he serviced during the year (which he receives in January of the following year). Determine the tax consequences of the following events to the corporation and to Troy: a.  On December 31, 2023, Troy was visiting a customer. The customer gave Troy a $10,000 check payable to the corporation for appraisal services Troy performed during 2023. Troy did not deliver the check to the corporation until January 2024. The corporation recognizes the income in:   Troy recognizes the bonus related to this collection in:     Question Content Area b.  Assume Eagle Corporation is an accrual basis taxpayer. On December 31, 2023, Troy was visiting a customer. The customer gave Troy a $10,000 check payable to the corporation for appraisal services Troy performed during 2023. Troy deposited the…

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The Blue ​Corporation, a C​ corporation, is owned​ 100% by Tim Morgan and had taxable income in 2019 of $535,000. Tim is also an employee of the corporation. In December 2019​, the corporation has decided to distribute $450,000 to Tim and has asked you whether it would be better to distribute the money as a dividend or salary. Tim​, a single​ taxpayer, is in the 37​% marginal tax bracket. How would you respond to Blue ​Corporation? Consider only income taxes for this problem. ​(Tim​'s taxable income exceeds $434,550​.) LOADING...   Calculate the taxes for Blue and Tim under each option. ​(For the purpose of this​ analysis, we will only consider the marginal and capital gain rates for Tim. Ignore additional taxes imposed on high income​ taxpayers.)     Distributed as dividend Distributed as salary Taxes for Blue     Taxes for Tim     Total tax liability       Enter any number in the edit fields and then click Check Answer.…

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