Problem 4-35 (LO. 2)Determine the effects of the following on a cash basis taxpayer's gross income for 2021 and 2022. If an amount is zero, enter "0".Gross IncomeGross Income20212022On the morning of December 31, 2021, the taxpayer received a $1,500a.check from a customer. The taxpayer did not cash the check until January3, 2022.b. On the morning of December 31, 2021, the taxpayer received a $1,500$4$4check from a customer. The customer asked the taxpayer not to cash thecheck until January 3, 2022, after the customer's salary check could bedeposited.C.On December 31, 2021, the taxpayer received a $1,500 check from a$4customer. The check was not received until after the bank had closed onDecember 31, 2021. The taxpayer did not cash the check until January 3,2022.

Gross Income: The whole amount of salary a person receives in their paycheck before any deductions…

Answered: Determine the effects of the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

See similar textbooks

Similar questions

Determine the effects of the following on a cash basis taxpayer's gross income for 2023 and 2024. If an amount is zero, enter "0". Gross Income2023 Gross Income2024 a. On the morning of December 31, 2023, the taxpayer received a $1,500 check from a customer. The taxpayer did not cash the check until January 3, 2024. $fill in the blank 1 $fill in the blank 2 b. On the morning of December 31, 2023, the taxpayer received a $1,500 check from a customer. The customer asked the taxpayer not to cash the check until January 3, 2024, after the customer's salary check could be deposited. $fill in the blank 3 $fill in the blank 4 c. On December 31, 2023, the taxpayer received a $1,500 check from a customer. The check was not received until after the bank had closed on December 31, 2023. The taxpayer did not cash the check until January 3, 2024.
Determine the effects of the following on a cash basis taxpayer's gross income for 2022 and 2023. If an amount is zero, enter "0". Gross Income 2022 Income 2023 a. On the morning of December 31, 2022, the taxpayer received a $1,500 check from a customer. The taxpayer did not cash the check until January 3, 2023. b. On the morning of December 31, 2022, the taxpayer received a $1,500 check from a customer. The customer asked the taxpayer not to cash the check until January 3, 2023, after the customer's salary check could be deposited. On December 31, 2022, the taxpayer received a $1,500 check from a customer. The check was not received until after the bank had closed on December 31, 2022. The taxpayer did not cash the check until January 3, 2023. Gross II 10
Select the best answer. A cash-basis taxpayer deposited $10,000 in a savings account on October 15, 2021. Her account was credited for $10 of interest in 2021 and $100 of interest in 2022. She withdrew the entire $10,110 on December 31, 2022. How much of this interest is taxable in 2022? O question Q 6 A. $0 B. $10 C. $100 D. $110 Submit Answers 93% Complete Exit & Resum
Accounting Problem 9. A taxpayer deducted P500 interest expense in 2017 but failed to pay the same due to financial difficulty. The lender condoned the interest in 2021. Data are as follows: 2017 2018 2019 2020 2021 Income before interest P100 (P130) P80 (P160) P300 (Interest Expense)/ Condonation of interest (500) 500 Q1. What is the taxable income in 2021? Q2. What is last year to apply P160 NOLCO incurred in 2020?
Problem 3 Tax Relief (continued) For each taxpayer, output the Social Security Number (exactly as input), two spaces, a dollar sign '$' and the check amount left justified with no leading zeros as dollars, a decimal point, and two digits of cents. Then for each week for which checks are to be distributed, output a summary line reporting the number of checks (no leading space), two spaces, a dollar sign '$' and the week's total distributed amount left justified with no excess leading zeros as dollars, a decimal point, and two digits of cents, one space and the week exactly as listed in Table 3.2. List the weeks in the same order as Table 3.2. 123-45-0001 1 40100 8200 890-12-3456 4 98910 24182 123-45-0002 4 6000 904 123-45-0001 $300.00 890-12-3456 $500.00 $300.00 123-45-0002 2 $600.00 July 23 1 $500.00 August 27 Sample Input Sample Output
A taxpayer forgot to register his book of accounts on time. Which of the following penalties will be charged to him for the violation? * a. 25% surcharge penalty b. 12% annual interest penalty c. P1,000 compromise penalty d. All of these penalties e. Answer not given
Discussion Question 1-42 (Algorithmic) (LO. 5) Rita files her income tax return 120 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $98,000, which is the balance of the tax she owes. Note: Assume 30 days in a month. Disregarding the interest element, enter Rita's failure to file penalty and failure to pay penalty. Failure to pay penalty $ Failure to file penalty X X
LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
LO.2 In 2019, the taxpayer became ineligible to use the cash method of accounting. At the beginning of the year, accounts receivable totaled 240,000, accounts payable for merchandise totaled 80,000, and the inventory on hand totaled 320,000. What is the amount of the adjustment due to the change in accounting method?
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Problem 10-52 (LO 10-2) Kendall, who earned $120,000 during 2021, is paid on a monthly basis, is married, (spouse does not work) and claims two dependents. who are under the age of 17. Use the Percentage Method Tables for Automated Payroll Systems. Use percentage method tables for automated systems. Required: a. What is Kendall's federal tax withholding for each pay period? b. What is Kendall's FICA withholding for each pay period? Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. Answer is not complete. Amount a. Federal tax withholdings b. Total FICA withholding 1,460.00
What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS