chapter 1 test

A woman earned wages of $35,600​,received ​$1600 in interest from a savings​ account, and contributed ​$2800 to a​ tax-deferred retirement plan.She was entitled to a personal exemption of ​$4050 and a standard deduction of ​$6300. The interest on her home mortgage was ​$8400​,she contributed $2600 to​ charity, and she paid $1675 in state taxes. Find her gross​ income, adjusted gross​ income, and taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction.       Her gross income is   ​ Her adjusted gross income is   Her taxable income is

Eric Yang earns $603.16 weekly, is married, and claims 3 withholding allowances. Use the Percentage Method to calculate tax withholding. FICA tax is 4.2% and Medicare tax is 1.45%. Find his net earnings for this pay period.

(1) nicol's 2013 income was $ 51,309. she is single and claims 2 exemptions and take the standard deducation. the 2013 tax exemption is $ 3,900 and the standard deduction for someone who is single is $ 6,100 . if nicole's tax braket is 25% and her tax is $ 4991.25+ 25% of the taxable income exceeding $36,250 . what is the total tax she owes for 2013 ?  (a) $4792.48 (b) $5975.75 (c) $5699.50 (d) $5700.00 (e) $5281.00

Zippy works for Zips Company and received the following amounts. For each item, indicate how much is taxable. If the item is not taxable, put $0 in the taxable amount column. Item Amount Taxable Amount $75,000 2,500 6,000 Salary Health insurance premiums paid by employer Zippy fell at work and broke her arm. She received workers' compensation pay. Zippy had also purchased a loss of income insurance policy from her neighbor. She received benefits while her arm was 2,000 broken. Payment of tuition to attend college Fair value of copies made on work copier Bonus for meeting safety goals (to all employees in her dept) Amazon gift card for Christmas (to all employees) 7,500 200 1,000 150

Joe and Mary are filing a joint tax return. Their combined taxable income is $130,000. How much do they owe in Federal income tax for year 2018?

According to IRS Publication 17, if you are single and have a taxable income of $70,021, how much would you owe in taxes?

Use the table to answer the questions. In relation to taxes, Ramone will be filing as married filing jointly. Ramone is making $156,141.00 this year as an employee of Rust-Eze; he has no other income. Do not consider any deductions or expenses in this question. Married filing jointly or Married filing separ Single S0-$8,350 $8,351-S33,950 $33.951-$82,250 | $82,251-$171,550| |$171,551-$372,950| $372,951+ Tax rate qualified widow(er) SO-$16,700 $16,701-$67,900 S67,901-$137,050 $137,051-$208.850 $208,851-$372,950 $372,951+ S0-$8,350 SO-$11,950 S11,951-$45,500 S45,501-$117,450 $117,451-$190,200 10% $8,351-$33,950 $33,951-S68,525 S68,526-$104,425 | 25% 28% 33% 35% S104,426-$186,475 $190,201-S372,950 $186,476+ $372,951+ Use the table to calculate how much money Ramone will owe in taxes under a progressive tax program. Calculate how much money Ramone will owe in taxes under a proportional tax (flat tax) rate of 30%

Question 1 Use the numbers below for questions #1-3. Filing Status: Single Total Income: $73, 883 Income Adjustments: $0 Itemized Deductions: $14,239 What is the Adjusted Gross Income for this individual?

True/False Personal income include personal taxes

Ian McCarthy works for Willow Tree Homes. His rate of pay is $16.00 per hour and he is paid one and one-half times the regular rate for all hours worked in excess of 40 per week. During the last week of March of the current year he worked 45 hours. Ian is single and claims 2 withholding allowances on his W-4 form. His weekly wages are subject to the following deductions: a. Employee (Federal) income tax (use withholding table provided). b. Social Security tax at 6.2%. С. Medicare tax at 1.45%. d. Health insurance premium, $60. e. Credit union deposit, $140. f. United Way contribution, $15. Required: 1. Compute McCarthy's regular, overtime, gross, and net pay. If requíred, round your answers to the nearet cent. Regular pay Overtime pay Gross pay Net pay 2. Journalize the payment of his wages for the week ended March 26, crediting Cash for the net amount. When required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

Leno (married) had the following at the time of his death: What is the net taxable estate?

The W-4 tax form is used to determine how much your gross pay should be. avoid paying income taxes on your paychecks. tell your employer how much federal income tax to withhold from your paychecks to send to the IRS. file your tax return.

Which is smaller in value, a $7,500 tax deduction or a $7,500 tax credit? Explain why. Please No more than three sentence. keep it simple.

"Income taxes are based on a company's taxable income" Is this statement true or false?

Which of the following statements is false for a person wanting to use and file a Form 1040EZ tax return? a. Taxable income is less than $100,000. b. No more than 2 dependents, in addition to the taxpayer plus spouse. c. Taxable interest is not over $1,500. d. Filing status is either single or married filing jointly only.

taxable income on ructions, and publications, visit www.irs.gov or call RM (800-829-3676). u e-tile your tax return? Electronicaly fled returns are less kely to have ma errors resulting in notices such as this one. t's free to file your taxes electronicaly Go to www.irs.govlefile for information and instructions • You can contact us by mail at the address at the top of the first page of this notice de sure to include your Social Securiy Cumber and the tar year and form number you are writing about • Keep this notice for your records • Activity on your 2020 account may be detaying the relese of your neftund receive a notice explaining this delay • Estimated Tax Filers Note, i# you pn sta taes c Hill Graw P Type here to search 直。 000'006$ ) $750,000. eBook The total revenues of Harvey's firm in the first year were 81°F Sunny ^ 10/17/2021 3:57 PM

Required Compute the deferred tax expense and the balance of the deferred tax account for each year. Prepare all journal entries required to record Oliver’s income tax provision for all 3 years.

Discuss whether any of the following individuals are entitled to an office-in-home deduction: a. Maggie is a self-employed management consultant who maintains an office in her home exclusively used for client meetings and other business-related activities. Maggie has no other place of business and her office is the most significant place for her business. She has substantial income from the consulting practice. b. C. Marty is a college professor who writes research papers for academic journals in his office at home which is used exclusively for this purpose. Although Marty has an office at his place of employment, he finds it very convenient to maintain an office at home to avoid distractions from students and colleagues. Marty receives no income from the publication of the research articles for the year in question. Bobby operates his own sole proprietorship as an electrician. He maintains an office at home where he keeps his books, takes phone calls from customers, and does the…

Ten years ago, Ginny inherited $50,000 from her grandmother. She decided to invest all of this money in GE stock. Suppose she decides to sell the stock today so she can purchase her first home. The sale price of the stock is $64,500. Calculate the size of Ginny's taxable capital gain in dollars

EXERCISE-8 PRESENT ECONOMY 11. The gross margin of a corporation is 45% of sales. Operating expenses such as sales and administration are 15% of sales. The corporation is in a 40% tax bracket. What percent of sales is their profit after taxes?

A 271.

Under a dwelling property form DP-2 . Which of the following terms is used to describe on which payment is made for loss for rental income?   Claims Expense Rental reimbursement Fair rental value Actual cash value

The income received by persons from all sources in the form of factor income and current transfer payment is known as?

What is the after-tax cash flow?

Schedule Z-lf your filing status is Head of household The tax is: If your taxable income is: of the But not amount Over- over- over- $0 $13,850 10% $0 13,850 52,850 $1,385.00 + 12% 13,850 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,700 12,962.00 + 24% 84,200 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 45,210.00 + 35% 204,100 510,300 152,380.00 + 37% 510,300 Write the equation of the 5th row in y=mx+b form

Define the term taxable gains or losses?

After deducting the 20.10% withholding tax on interest income, a 110,000 time deposit for 31 days earns 890.41 at maturity. Calculate the annual interest rate.

Ef 356.