Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 10, Problem 16MCQ
To determine
Introduction:
To choose: The tax year-end for the partnership if partners follow the calendar year.
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Use the 2021 marginal tax rates to compute the tax owed by the couple with the given filing status, taxable income,
and tax credit.
married filing jointly with a taxable income of $192,000 and a $8000 tax credit
Click the icon to view the 2021 marginal tax rates.
The tax owed is $
(Type an integer or a decimal. Round to the nearest cent as needed.)
____ 62. The required form that is to be provided to the employee as well as to the Social Security Administration each year, showing an employee’s earnings and taxes withheld is the
a.
Employment Withholding Allowance Certificate (Form 940)
b.
Employer's Quarterly Federal Tax Return (Form 941)
c.
Wage and Tax Statement (Form W-2)
d.
Corporate Income Tax Return (Form 1120)
____ 63. When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their
a.
book values on the partners' books prior to their being contributed to the partnership
b.
fair market value at the time of the contribution
c.
original costs to the partner contributing them
d.
assessed values for property tax purposes
Partner Z (a calendar-year, cash basis taxpayer) performs services for the XYZ partnership (a FYE 9/30, accrual basis taxpayer) in September, 2020. In return, Z is to get a guaranteed payment of $50,000. XYZ pays Z the guaranteed payment in January, 2021. What tax year is the payment deducted by XYZ? What tax year is the payment included in Z’s income?
Chapter 10 Solutions
Income Tax Fundamentals 2020
Ch. 10 - Which of the following may not be treated as a...Ch. 10 - Prob. 2MCQCh. 10 - Prob. 3MCQCh. 10 - Prob. 4MCQCh. 10 - Prob. 5MCQCh. 10 - Prob. 6MCQCh. 10 - Abigail contributes land with an adjusted basis of...Ch. 10 - Prob. 8MCQCh. 10 - Prob. 9MCQCh. 10 - Prob. 10MCQ
Ch. 10 - Prob. 11MCQCh. 10 - Prob. 12MCQCh. 10 - Prob. 13MCQCh. 10 - Prob. 14MCQCh. 10 - Prob. 15MCQCh. 10 - Prob. 16MCQCh. 10 - Kendra is an attorney and owns 60 percent of a law...Ch. 10 - Prob. 18MCQCh. 10 - In 2019, Gloria, a single taxpayer, receives a...Ch. 10 - Prob. 20MCQCh. 10 - Prob. 21MCQCh. 10 - Prob. 22MCQCh. 10 - Prob. 23MCQCh. 10 - Prob. 1PCh. 10 - Prob. 2PCh. 10 - Prob. 3PCh. 10 - Prob. 4PCh. 10 - Prob. 5PCh. 10 - Prob. 6PCh. 10 - Prob. 7PCh. 10 - Prob. 9PCh. 10 - Prob. 10PCh. 10 - Prob. 11PCh. 10 - Prob. 12PCh. 10 - Prob. 13PCh. 10 - Prob. 14PCh. 10 - Prob. 15PCh. 10 - Prob. 16P
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Similar questions
- L. A. and Paula file as married taxpayers. In August of this year, they received a $5,200 refund of state income taxes that they paid last year. How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,100. Note: Leave no answer blank. Enter zero if applicable. Required: a. Last year L. A. and Paula had itemized deductions of $19,200, and they chose to claim the standard deduction. b. Last year L. A. and Paula claimed itemized deductions of $31,400. Their itemized deductions included state income taxes paid of $7,500 and no other state or local taxes. c. Last year L. A. and Paula claimed itemized deductions of $27,600. Their itemized deductions included state income taxes paid of $10,500, which were limited to $10,000 due to the cap on state and local tax deductions.arrow_forwardIn 2021, Lisa and Fred, a married couple, had taxable income of $321,000. If they were to file separate tax returns, Lisa would have reported taxable income of $132,000 and Fred would have reported taxable income of $189,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.) Marriage benefitarrow_forwardWhich of the following statements is correct? Husband and wife in different far places may file separate tax returns. Individuals who are self-employed report a taxable income only at the end of the year. Individuals who are self-employed file three quarterly income tax returns and an annual income tax return. An income tax still due from one spouse and an income tax refundable from the other spouse will give one net income tax due or one net income tax refundable in one income tax return.arrow_forward
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