All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question

Search
Sign In
Register

study help
business
federal taxation

Questions and Answers of Federal Taxation

Hortencia is employed as an accountant for a large firm in San Diego. During 2017, she paid the following miscellaneous expenses:Unreimbursed employee business
During the year 2017, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,000 miles to visit clients, 10,000 miles to get to her office,
Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2017, which totally ruined the furniture that was stored in their garage. The following items
For 2017, how can the amount of the sales tax deduction be determined?
Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 1998 for $14,000). Jaylen’s AGI in the current year
Jinhee purchased a ticket to a concert to raise money for the local university. The ticket cost $350, but the normal cost of a ticket to this concert is $100. How much is deductible as a charitable
Sean, who is single, received social security benefits of $8,000, dividend income of $13,000, and interest income of $2,000. Except as noted, those income items are reasonably consistent from year to
Sam owns all of the stock in a newly formed corporation. During 2017, the first year of operation, the corporation realized current earnings and profits of $10,000. Sam received a $12,000
Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2017: Home acquisition debt interest......................$15,000 Credit card
Shelby has net investment income of $18,450 and wage income of $80,500. She paid investment interest expense of $19,000. What is Shelby’s deduction for investment interest expense? Explain your
What is a dividend?
Each of the following taxpayers received a state income tax refund in 2017. In all cases, the taxpayer has a filing status of married filing jointly. What amount of the refund is properly
In 2016, Tomas, a single taxpayer, had $ $3750 in state tax withheld from his paycheck. He properly deducted that amount on his 2016 tax return as an itemized deduction that he qualified for, thus
On April 1, 2017, Paul sold a house to Amy. The property tax on the house, which is based on a calendar year, was due September 1, 2017. Amy paid the full amount of property tax of $2,500. Calculate
Leslie and Jason, who are married, paid the following expenses during 2017:Interest on a car loan.....................................................$ 100Interest on lending institution loan(used to
Dante and Rosa, both under 65 and married, have a combined AGI of $45,000 in year 2017. Due to certain heart issues, Dante has been prescribed Lipitor® by a physician. For year 2017, Dante spent a
Describe the concept of a 7.5% floor for medical deductions.
Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2017 in each of the following independent cases:a. A taxpayer completes $500 of accounting services in
Reggie, who is 55, had AGI of $32,000 in 2017. During the year, he paid the following medical expenses:Drugs (prescribed by physicians)$200Marijuana (prescribed by physicians)1,400Health insurance
In 2012, Marie borrowed $10,000. In 2017, the debt was forgiven. Marie does not believe she should report the forgiveness of debt as income because she received nothing at the time the debt was
Explain how income is recognized under the cash method of accounting.
Mickey is a 12-year-old dialysis patient. Three times a week for the entire year he and his mother, Sue, drive 20 miles one way to Mickey’s dialysis clinic. On the way home, they go 10 miles out of
When there is fraud on a return, the IRS charges a penalty of ________ on any portion of understatement of tax that is attributable to the fraud.a. 20%.b. 25%.c. 75%.d. 100%.
When there is negligence on a return, the IRS charges a penalty of ________of the tax due.a. 25%.b. 20%.c. 18%.d. 10%.
What is the percentage of interest the IRS was charging on assessment (amount of unpaid tax liability) during March 2017? You might want to do this research by going to the IRS Web site
What is the amount of the tax liability for a married couple filing jointly with taxable income of $135,500?a. $33,875.b. $28,333.c. $20,325.d. $25,353.
Employers are required to withhold social security taxes from wages paid to employees. What is the amount of the social security wage limitation for
A married couple, both of whom are under 65 years old, decided to file as married filing separately. One of the spouses is going to itemize deductions instead of taking the standard
Which amount represents the standard deduction for a taxpayer who is 44 years old and claiming head of household status?a. $9,250.b. $9,300.c. $9,350.d. $6,350.
To be a qualifying relative, who has to live in the home of the taxpayer for the entire year?a. Cousin.b. Child.c. Stepchild.d. Father.
To be a qualifying child, the taxpayer must meet three general tests and five specific tests. Which of the following is not part of the five specific tests?a. Support test.b. Age
What is the amount of the personal and dependency exemptions for 2017?a. $3,950.b. $4,100.c. $4,000.d. $4,050.
Esmeralda is 20 years of age and a full-time student living with her parents. She had wages of $500 ($50 of income tax withholding) for 2017. Can Esmeralda claim her own exemption on her
A taxpayer’s spouse died on December 31, 2016. He has no qualifying child. Which status should the taxpayer select when filing his 2017 tax return? a. Qualifying widow(er).b. Married
Payment of alimony by the taxpayer is a for AGIdeduction. Which form can the taxpayer use to claim this benefit?a. Either 1040 or 1040A.b. 1040.c. 1040A.d. None of the above.
A single taxpayer is 26 years old and has wages of $18,000 and interest income of $450. Which is the simplest tax form this person can file?a. 1040.b. 1040EZ.c. 1040A.
Charles and Joan Thompson file a joint return. In 2016, they had taxable income of $92,370 and paid tax of $14,636. Charles is an advertising executive and Joan is a college professor. During the
Paul has the following information:AGI for 2017= $155,000Withholding for 2017= $ 24,000Total tax for 2016= $ 29,000Total tax for 2017= $ 33,470a. How much must Paul pay in estimated taxes to avoid a
When and at what rate is interest calculated on amounts owed to the IRS?
Victoria’s 2017 tax return was due on April 15, 2018, but she did not file it until June 12, 2018. Victoria did not file an extension. The tax due on the tax return when filed was $8,500.In 2017,
Under what circumstances must a taxpayer use a tax rate schedule rather than using a tax table?
Using the appropriate tax tables or tax rate schedules, determine the tax liability for tax year 2017 in each of the following instances. In each case, assume the taxpayer can take only the standard
Mimi is 22 years old and is a full-time student at Ocean County Community College. She lives with her parents, who provide all of her support. During the summer, she put her Web design skills to work
Determine the amount of the standard deduction for each of the following taxpayers for tax year 2017:a. Christina, who is single.b. Adrian and Carol, who are filing a joint return. Their son is
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2017 Christmas season and get married around the end of the year. In 2017, Raphael expects to earn $45,000 and
Donald is a 21-year-old full-time college student. During 2017, he earned $2,550 from a part-time job and $1,150 in interest income. If Donald is a dependent of his parents, what is his standard
Shandra is a U.S. citizen and is the 68-year-old widowed mother of Janet. After retirement, Shandra decided to fulfill a lifelong dream and move to Paris. Shandra receives $1,000 of interest income,
What are the three general tests that a qualifying person must meet to be a dependent of the taxpayer?
What is the amount of the personal and dependency exemptions for 2017?
George and Debbie were legally married on December 31, 2017. Can they file their 2017 income tax return using the status of married filing jointly? Why or why not? What other filing status choices do
A paid preparer must nota. Cash a client’s IRS check.b. Charge a reasonable fee.c. Inform a client if the preparer makes a mistake on the client’s tax return.d. Provide a client
A preparer tax identification number must be obtained bya. Only CPA’s, attorneys, and enrolled agents.b. Only individuals who are not CPA’s, attorneys or enrolled agents.c. Any
Which of the following trial court(s) hear tax cases?a. U.S. Tax Court.b. U.S. district courts.c. U.S. Court of Federal Claims.d. All of the above.
Which of the following refers to an income tax regulation?a. Reg. §1.162-5.b. Reg. §20.2032-1.c. Reg. §25.2503-4.d. Reg. §31.3301-1.
Which of the following types of IRS Regulations have the greatest strength of authority?a. General or Final Regulations.b. Legislative Regulations.c. Proposed Regulations.d. Temporary
Which of the following is a statutory source of tax authority?a. Internal Revenue Code.b. Regulations.c. Revenue Rulings.d. Tax Court decision.
Which of the following is (are) primary sources of tax authority?a. Statutory sources.b. Administrative sources.c. Judicial sources.d. All of the above.
Xavier and his wife Maria have total W-2 income of $91,932. They will file their tax return married filing jointly. They had a total of $10,149 withheld from their paychecks for federal income tax
Sheniqua, a single taxpayer, had taxable income of $93,678. Her employer withheld $19,003 in federal income taxes from her paychecks throughout the year. Using the tax tables, would Sheniqua receive
The W-2 incomes of Betty and her husband Ronald were $48,466 and $45,128, respectively. If Betty and Ronald use a filing status of married filing jointly, determine their tax liability using the tax
The W-2 income of Sandra, a single taxpayer, was $98,793. Using the tax tables, determine Sandra’s tax liability.
Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places) in each of the following cases. Use the Form 1040EZ Tax Tables to determine tax
Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places) in each of the following cases. Use the Form 1040EZ Tax Tables to determine tax
Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places) in each of the following cases. Use the Form 1040EZ Tax Tables to determine tax
Use the information in Table 1-3. If the federal tax system was changed to a proportional tax rate structure with a tax rate of 17%, calculate the amount of tax liability for 2015 for all taxpayers.
Wanda and Austin are under the age of 65 and they file their tax return as married filing jointly. They had qualifying health coverage for three months during 2017. They were not eligible
Benito is age 29 and single. During all of 2017, he did not have qualifying health coverage nor was he eligible for an exemption. His household income was $47,650. What is the amount
Arno and Bridgette are married and have combined W-2 income of $75,612. They paid $344 when they filed their taxes. How much income tax did their employers withhold during the
Eddie, a single taxpayer, has W-2 income of $38,189. Using the tax tables, he has determined that his tax liability is:a. $5,283.b. $3,909.c. $3,700.d. $3,234.
A married taxpayer has taxable income of $47,861. You have calculated tax liability using the tax tables and using the tax rate schedules. What can you say about the two figures?a. Tax
Sandra, a single taxpayer, has taxable income of $79,238. Using the tax tables, she has determined that her tax liability is:a. $11.284.b. $14,059.c. $15,545.d. $15,625.
Elizabeth determined that her tax liability was $3,492. Her employer withheld $3,942 from her paychecks during the year. Elizabeth’s tax return would show:a. A refund of $450.b. A refund
On a Form 1040EZ, the amount of the permitted deduction from income for taxpayers filing a joint return is:a. $1,500.b. $10,400.c. $20,800.d. $31,200.
Interest income is reported to a taxpayer on a Form:a. W-2.b. W-2-INT.c. 1099-G.d. 1099-INT.
Margaret earned $15,000 and paid $1,500 of income tax;Mike earned $50,000 and paid $5,000 of income tax.The tax rate structure they are subject to
Mark owns all the stock of Red and Green Corporations. In each of the past five years, Red has reported approximately $125,000 of taxable income, and Green has reported NOLs of about $30,000.
Anna, one of your firm’s clients, is a physician who owns and operates her practice through a professional service corporation (PSC). She sees opportunities to grow the PSC, allowing her to serve
Alpha and Baker Corporations, accrual method of accounting corporations that use the calendar year as their tax year, have filed consolidated tax returns for several years. Baker, a 100%-owned
For which of the following tax-related matters can an affiliated group’s parent corporation act as the group’s agent?a. Consent by a subsidiary corporation to the filing of a consolidated tax
Parent Corporation has owned all 100 shares of Subsidiary Corporation common stock since 2010. Parent has been in the business of manufacturing and selling light fixtures, and Subsidiary has been in
Several years ago, Brian formed Sigma Corporation, a retail company ineligible for the U.S. production activities deduction. Sigma uses the accrual method of accounting. In 2017, the corporation
Charitable Contribution of Property. Yellow Corporation donates the following property to the State University:ABC Corporation stock purchased two years ago for $18,000. The stock, which trades on a
Describe three ways in which the treatment of charitable contributions by individual and corporate taxpayers differ.
Sec. 351 Requirements. Al, Bob, and Carl form West Corporation and transfer the following items to West:The common stock has voting rights. The preferred stock does not.a. Is the exchange nontaxable
You have performed tax services for Mark Pruett, a U.S. citizen who is being transferred abroad by his employer. Mark’s 2017 salary and allowances in Country M will be $210,000, which is
Tien is a citizen of Country C, which does not have an income tax treaty with the United States. During the current year (2016), she is a nonresident alien for U.S. tax purposes and earns the
Dillon, a U.S. citizen, resides in Country K for all of 2017. Dillon is married, files a joint return and claims two personal exemptions. The following items pertain to his 2017 activities:Salary and
In 2017, Stuart earns $275,000 of income in Country K and incurs $23,000 of employment-related expenses in that country. The employment related expenses are subject to the 2% of AGI floor for
Fred, a U.S. citizen, arrives in Country K on July 15, 2015, and proceeds to a construction site in its oil fields. Once there, he moves into employer provided housing where he is required to reside.
Julia, a U.S. citizen, leaves the United States at noon on August 1, 2015, and arrives in Country P at 8:00 a.m. the next day. She immediately establishes in Country P a permanent residence, which
What is the branch profits tax? Explain Congressional intent behind its enactment.
Kilarney, a foreign corporation, is incorporated in Country J and is 100%-owned by Maine, a domestic corporation. During the current year, Kilarney earns $500,000 from its Country J operations and
What are the “look through” rules? To whom do they apply and for what purposes? What taxable items are subject to these rules?
Why did Congress enact the deemed paid foreign tax credit provisions?
What is the deferral privilege? What tax provisions result in the current U.S. taxation of part or all of a foreign corporation’s earnings?
Explain how a nonresident alien is taxed in the year of arrival and departure if he or she arrived in the United States on July 1, 2015, and immediately established U.S. residency, and departs from
Why might a taxpayer choose to forego the foreign- earned income exclusion? If the taxpayer does so in the current tax year, what negative tax consequences might this choice have in future tax years?
Tony, a U.S. citizen, uses the calendar year as his tax year. Tony was transferred to Foreign Country C on June 15, 2015, and he immediately became a resident of that country. His employer transfers
Why did Congress enact the foreign tax credit limitation rules?
List the courts in which a taxpayer can begin tax related litigation.

Showing 1000 - 1100 of 2126

First
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Last

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Company Info

Security
Copyrights
Privacy Policy
Terms & Condition
SolutionInn Fee
Scholarship

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Copyright © 2024 SolutionInn All Rights Reserved.

Get the SolutionInn - Study Help App