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- tim is living with his spouse in California when he finds out that his wife is having an affair. Tim packs his bags and leaves the state to move to Indiana, intending on filing separately. Tim and his spouse cohabitated until June. He earned $50,000 during the year, $30,000 of which was in California. She earned $60,000 during the year. How much wage income does Tim have on his California return and from whom? (Remember, the return is being filed separately) He has $50,000 in state wages from his pay only, since he's no longer in a community property state. He has $45,000 in state wages, with $15,000 from half of his state-sourced pay and $30,000 from her half of pay. He has $55,000 in state wages, with $25,000 from half of his total pay and $30,000 from her half of pay. He has $30,000 in state wages from his state-sourced pay.Determine whether the individuals will qualify as the taxpayer's dependent in each of the following independent scenarios. Specify whether the dependent would come under the qualifying child category, the qualifying relative category, or "not applicable" (if the individual does not qualify as a dependent). a. Andy maintains a household that includes a cousin (age 12), a niece (age 18), and a son (age 26). All are full-time students. Andy furnishes all of their support, and all are "members of the household." Cousin Qualified dependent Niece Qualified dependent Son Qualified dependent Qualifying child Qualifying child Qualifying relative b. Mandeep provides all of the support of a family friend's son (age 20), who lives with her. She also furnishes most of the support of her stepmother, who does not live with her. Family friend's son Qualified dependent Stepmother Not a dependent Qualifying relative Qualifying relative c. Raul, a U.S. citizen, lives in Costa Rica. Raul's household…14 Is donations tax payable on a donation between spouses? Does it matter whether the marriage is in or out of community of property?
- Richard McCarthy (born 2/14/1966; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1968; Social security number 101-21-3434) have a 19-year-old son Jack, (born 10/2/2001; Social Security number 555-55-1212), who is a full-time student at the University of Key West. The McCarthys also have a 12-year-old daughter Justine, (Social Security number 444-23-1212), who lives with them. The McCarthys can claim a $2,000 child tax credit for Justine and a $500 other dependent credit for Jack. The McCarthys did not receive an EIP in 2020. Richard is the CEO at a paper company. His 2020 Form W-2 is provided. Christine is an optometrist and operates her own practice ("The Eyes of March") in town as a sole proprietor. The shop address is 1030 Morgan Highway, Clarks Summit, PA 18411 and the business code is 621320. Christine keeps her books on the accrual basis and her bookkeeper provided the following information: Gross sales $270,500 Returns 9,000 Inventory:…Will you consider a partnership as a taxpayer? Yes or No.One of the following is not a community property of the spouses Property inherited by the husband before marriage Winnings in gambling Fruits of property inherited during the marriage Fruits of property inherited before the marriage
- Jermaine Watson is a single father with a son, Jamal, who qualifies as a dependent. They live at 5678 SE Stark St., Portland, OR 97233. Jermaine works at first bank of Oregon. Jamaal attends school and at the end of the school day he goes to a dependent care facility next-door to his school, where Jermaine picks him up after work. Jermaine pays $800 per month to the care facility (Portland Day Care, 4567 SE Stark St,. Portland, OR 97233. EIN 90-654-3210). Jermaine's W-2 from the first bank of Oregon is as follows: Wages (box 1) = $71,510.00 Federal W/H (Box 2) = $3,197.00 Social Security wages (box 3) = $71,510.00 Social Security W/H (box 4) = $4,433.62 Medicare wages (Box 5) = $71,510.00 Medicare W/H (Box 6) = $1,036.90 State Income Taxes (Box 17) = 1,134.90 Jermaine takes one class a semester at Portland State University towards an MBA degree. In 2019, he paid $1300 in tuition, $300 for books and $200 for a meal card. Jermaine has some investments in a New Zealand public…Would you sign this return if you were Tom and Teri’s Paid Tax Preparer? Why or why not? Your clients, Tom (age 48) and Teri (age 45) Trendy, have a son, Tim (age 27). Tim lives in Hawaii, where he studies the effects of various sunscreens on his ability to surf. Last year, Tim was out of money and wanted to move back home and live with Tom and Teri. To prevent this, Tom lent Tim $20,000 with the understanding that he would stay in Hawaii and not come home. Tom had Tim sign a formal note, including a stated interest rate and due date. Tom has a substantial portfolio of stocks and bonds and has generated a significant amount of capital gains in the current year. He concluded that Tim is a deadbeat and the $20,000 note is worthless. Consequently, Tom wants to his son’s bad debt on his and Teri’s current tax return and net it against his other capital gains and losses. Tom is adamant about this!(6).
- Sarah wants to start his own sports clothing shop. She doesn’t know if she should set up a company or sole trader. Discuss with Sarah the considerations of each option. (Tax)For each of the following scenarios, answer these two questions: 1. Ďoes the contract fall under the provisions of the Australian Consumer Law (ACL)? (Answer 'yes' or 'no') 2. With reference to the ACL, explain why you said yes or no. a) Peach purchases a large silver and glass display cabinet for $32,00 for her clothing and jewellery shop. b) Maddy buys a second-hand BMW from her professor, Zoe, for $10,000. c) A large furniture company pays $9,000 for precious walnut timber to build a cupboard. d) Brittany buys herself a brand-new Corvette for her 21st birthday for $120,000. e) Oliver makes the winning bid of $5,000 for a set of golf clubs at a traditional auction.I need the answer as soon as possible