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business
essentials federal taxation

Questions and Answers of Essentials Federal Taxation

Under what circumstances would business income from an accounting practice qualify for the deduction for qualified business income?
Describe what is meant by qualified business income for purposes of the deduction for qualified business income.
Determine whether a taxpayer can change his or her election to itemize deductions once a return is filed.
Read the following letter and help Shady Slim with his tax situation. Assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem.December 31, 2018To the
This year Jack intends to file a married joint return. Jack received $167,500 of salary and paid $5,000 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This
Sarah was contemplating making a contribution to her traditional individual retirement account for 2018. She determined that she would contribute $5,000 to her IRA and she deducted $5,000 for the
Seven years ago, Halle (currently age 41) contributed $4,000 to a Roth IRA account. The current value of the Roth IRA is $9,000. In the current year, Halle withdraws $8,000 of the account balance to
Over the past three years, Sherry has contributed a total of $12,000 to a Roth IRA account ($4,000 a year). The current value of the Roth IRA is $16,300. In the current year, Sherry withdraws $14,000
Jimmer has contributed $15,000 to his Roth IRA and the balance in the account is $18,000. In the current year, Jimmer withdrew $17,000 from the Roth IRA to pay for a new car. If Jimmer’s marginal
George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions) and his IRA is now worth $25,000. He is planning on transferring (or rolling over) the
Harriet and Harry Combs (both 37 years old) are married and both want to contribute to a Roth IRA. In 2018, their AGI is $50,000. Harriet earned $46,000and Harry earned $4,000. a. How much can
Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2018, their AGI is $170,000. Jackson and Ashley each earned half of the income.a. How
Brooklyn has been contributing to a traditional IRA for seven years (all deductible contributions) and has a total of $30,000 in the account. In 2018, she is 39 years old and has decided that she
In 2018, Rashaun (62 years old) retired and planned on immediately receiving distributions (making withdrawals) from his traditional IRA account. The current balance of his IRA account is $160,000.
In 2018, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a PhD student and is unemployed. Compute the
William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2018 AGI is $67,000 (all earned income).a. If he does not participate in an employer-sponsored
John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income. a. If he does not participate in an employer-sponsored plan, what is the maximum
Don Juan, a single taxpayer, is the sole owner, of DJ’s Inc., an S Corporation. This year, DJ’s Inc. incurred a massive $600,000 business loss, all of which is allocable to Don Juan as the sole
Assume Natalie uses the IRS method of allocating expenses to rental use of the property.a. What is the total amount of for AGI (rental) deductions Natalie may deduct in the current year related to
Explain why Congress allows taxpayers to deduct interest forfeited as a penalty on the premature withdrawal from a certificate of deposit.
What is the limitation on a deductible IRA contribution for 2018?
Consider the following letter and answer Shady’s question.To my friendly student tax preparer:Hello, my name is Shady Slim. I understand you are going to help me figure out my gross income for the
Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information
Allie received a $50,000 distribution from her 401(k) account this year that she established while working for Big Stories Inc. Assuming her marginal ordinary tax rate is 24 percent, how much tax and
Cecil cashed in a Series EE savings bond with a redemption value of $14,000 and an original cost of $9,800. For each of the following independent scenarios, calculate the amount of interest Cecil
Fred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an willing to pay Fred $10,000 per month if he accepts the assignment. Assume that the
George bought the following amounts of Stock A over the years: On October 12, 2018, he sold 1,200 of his shares of Stock A for $38 per share.a. How much gain/loss will George have to recognize if he
Cammie received 100 NQOs (each option provides a right to purchase 10 shares of MNL stock for $10 per share) at the time she started working for MNL Corporation four years ago, when MNL’s stock
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
Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income
Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to be $3,525, and her employer has withheld $1,500 of federal taxes from her paycheck. Tiffany is
Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of
Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from
Doug Jones submitted his 2018 tax return on time and elected to file a joint tax return with his wife, Darlene. Doug and Darlene did not request an extension for their 2018 tax return. Doug and
Elroy, who is single, has taken over the care of his mother Irene in her old age. Elroy pays the bills relating to Irene’s home. He also buys all her groceries and provides the rest of her support.
Ray Albertson is 72 years old and lives by himself in an apartment in Salt Lake City. Ray’s gross income for the year is $3,000. Ray’s support is provided as follows: himself (9 percent), his
Mel and Cindy Gibson’s 12-year-old daughter Rachel was abducted on her way home from school on March 15, 2018. Police reports indicated that a stranger had physically dragged Rachel into a waiting
Jamel and Jennifer have been married 30 years and have filed a joint return every year of their marriage. Their three daughters, Jade, Lindsay, and Abbi, areages 12, 17, and 22, respectively, and all
Aishwarya’s husband passed away in 2017. She needs to determine whether Jasmine, her 17-year-old stepdaughter, who is single, qualifies as her dependent in 2018. Jasmine is a resident but not a
Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest) and explain your results. Ahmed Baker Chin $90,000 Gross income Deductions for AGI
Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car. On Friday, Nitai’s employer called and offered him $500 in overtime pay if he would agree to work
Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagements for the year. Engagement 1 will generate $7,000 of
Rick, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Rick has no dependents.Rick deducts the standard deduction instead of
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,700. They have made prepayments of $1,500 and also have a child tax credit of $2,000. What is the
How do two taxpayers determine who has priority to claim a person as a dependent if the person is a qualifying child of two taxpayers when neither taxpayer is a parent of the child (assume the child
If a person meets the qualifying relative tests for a taxpayer, is that person automatically considered to be a dependent of the taxpayer?
If taxpayers are not allowed to claim deductions for dependency exemptions, is it necessary to determine who qualifies as a taxpayer's dependents? Briefly explain.
How was the income tax formula for individuals changed for 2018 by the new tax law?
Alan inherited $100,000 with the stipulation that he €œinvest it to financially benefit his family.€ Alan and his wife Alice decided they would invest theinheritance to help them
Anne’s marginal income tax rate is 32 percent. She purchases a corporate bond for $10,000 and the maturity, or face value, of the bond is $10,000. If the bond pays 5 percent per year before taxes,
Dennis is currently considering investing in municipal bonds that earn 6 percent interest, or in taxable bonds issued by the Coca-Cola Company that pay 8 percent. If Dennis’s tax rate is 22
Orie and Jane, husband and wife, operate a sole proprietorship. They expect their taxable income next year to be $450,000, of which $250,000 is attributed to the sole proprietorship. Orie and Jane
Tawana owns and operates a sole proprietorship and has a 37 percent marginal tax rate. She provides her son, Jonathon, $8,000 a year for college expenses. Jonathon works as a pizza delivery person
Using the facts from the previous problem, when should Hank send the bill if he expects his marginal tax rate to be 35 percent next year? 24 percent next year?Previous Problem:Hank, a calendar-year
Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December, he performed $20,000 of legal services for a client. Hank typically requires his
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $11,200 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one
Using the facts from the previous problem, when should Reese pay the bill if she expects her marginal tax rate to be 35 percent next year? 24 percent nextyear?Previous Problem:Reese, a calendar-year
Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received a $20,000 bill from heraccountant for consulting services related to
Using the facts from the previous problem, how would your answer change if Manny’s after-tax rate of return were 8 percent?Previous ProblemManny, a calendar-year taxpayer, uses the cash method of
Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $20,000 of legal services for a client. Manny typically requires his
Laurie is thinking about investing in one or several of the following investment options:Corporate bonds (ordinary interest paid annually)Dividend-paying stock (qualified dividends)Life insurance
Name three common types of income shifting.
Benjamin, a self-employed bookkeeper, takes a CPA review course ($1,500 cost) to help prepare for the CPA exam. Use an available tax research service to determine if Benjamin may deduct the cost of
Matt and Lori were divorced in 2016. Pursuant to the divorce decree Matt receives $10,000 of alimony each month. Use an available tax service to determine if the alimony Matt receives is taxable.
Lindsey has become very frustrated in researching a tax issue using keyword searches. What suggestions can you give her?
Benita is concerned that she will not be able to complete her tax return by April 15. Can she request an extension to file her return? By what date must she do so? Assuming she requests an extension,
Given the following tax structure, what tax would need to be assessed on Venita to make the tax horizontally equitable? Total Tax Тахраyer Salary $ 600 $10,000 $20,000 $10,000 Mae Pedro $ 1,500
Using the facts in problem 40, if Scot and Vidia earn an additional $80,000 of taxable income, what is their marginal tax rate on this income? How would your answer differ if they, instead, had

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