Lisa is a CPA who works for a public accounting firm. How much of the following fringe benefits are EXCLUDED from her gross income if paid for or provided by her employer? Membership in AICPA $ 300 Subscription to a manufacturing association journal (she has several clients in manufacturing) 110 Mobile Phone (entire year of usage) 1,30O Personal photocopying on office machine 15 Coffee and donuts at monthly meeting 80 Membership in state CPA association 150 Reimbursements for child care expenses 2,000 a. $655 b. $1,955 c. $2,655 d. $3,955
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- Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care creditJulie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 b. Julie paid $5,650 to the day care center and her AGI is $52,600 (all salary). Child and dependent care creditWhich of the following is a fringe benefit excluded from income? a.Quickchat Inc. gives each employee a $10 gift card to the local coffee shop on National Coffee Day. b.A mechanic at Denise's employer, a car rental company, provides $1,000 of repair services to Denise's personal car for free. c.Hedaya, a doctoral student at Ivy University, receives a full tuition waiver while serving as research assistant. d.Alfa-Bet, a high-tech corporation, pays for each employee's membership at the 24 Hour Biceps Gym closest to each Alfa-Bet office.
- Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 c. Julie paid $5,300 to the day care center and her AGI is $126,200 (all salary). Child nd dependent care creditme li omework i Saved Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp Required information Matthew (48 at year-end) develops cutting-edge technology for SV Inc.. located in Silicon Valley. In 2019, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answer blank. Enter zero if applicable) Assuming Matthew's annual salary is $416.000, a-1. What amount will SV contribute to Matthew's money purchase plan? a-2. What can Matthew…! Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,460 to the day care center and her AGI is $50,600 (all salary). Child and dependent care credit b. Julie paid $6,150 to the day care center and her AGI is $50,600 (all salary). Child and dependent care credit c. Julie paid $6,300 to the day care center and her AGI is $125,100 (all salary). Child and dependent care credit d. Julie paid $4,300 to the day care center and her AGI is $400,100 (all salary). Child and dependent care credit e. Julie paid $6,300 to the day care center and her AGI is $14,000 ($4,300 salary and $9,700 unearned income). Child and dependent care credit
- David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of 145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the medical plan provided by Ellas employer but have chosen not to participate in its 401(k) retirement plan. Davids employment-related expenses for 2018 are summarized below. The entertainment involved taking clients to sporting and musical events. The business gifts consisted of 50 gift certificates to a national restaurant. These were sent by David during the Christmas holidays to 18 of his major clients. In addition, David drove his 2016 Ford Expedition 11,000 miles for business and 3,000 for personal use during 2018. He purchased the Expedition on August 15, 2015, and has always used the automatic (standard) mileage method for tax purposes. Parking and tolls relating to business use total 340 in 2018. When the Coles purchased their present residence in April 2015, they devoted 450 of the 3,000 square feet of living space to an office for David. The property cost 440,000 (40,000 of which is attributable to the land) and has since appreciated in value. Expenses relating to the residence in 2018 (except for mortgage interest and property taxes; see below) are as follows: In terms of depreciation, the Coles use the MACRS percentage tables applicable to 39-year nonresidential real property. As to depreciable property (e.g., office furniture), David tries to avoid capitalization and uses whatever method provides the fastest write-off for tax purposes. Ella works at a variety of offices as a substitute when a hygienist is ill or on vacation or when one of the clinics is particularly busy (e.g., prior to the beginning of the school year). Besides her transportation, she must provide and maintain her own uniforms. Her expenses for 2018 appear below. Ellas salary for the year is 42,000, and her Form W-2 for the year shows income tax withholdings of 5,000 (Federal) and 1,000 (state) and the proper amount of Social Security and Medicare taxes. Besides die items already mentioned, die Coles had the following receipts during 2018. For several years, the Coles household has included Davids divorced mother, Sarah, who has been claimed as their dependent. In late December 2017, Sarah unexpectedly died of coronary arrest in her sleep. Unknown to Ella and David, Sarah had a life insurance policy and a savings account (with David as the designated beneficiary of each). In 2017, the Coles purchased two ATVs for 14,000. After several near mishaps, they decided that the sport was too dangerous. In 2018, they sold the ATVs to their neighbor. Additional expenditures for 2018 include: In 2018, the Coles made quarterly estimated tax payments of 6,000 (Federal) and 500 (state) for a total of 24,000 (Federal) and 2,000 (state). Part 1Tax Computation Using the appropriate forms and schedules, compute the Coles Federal income tax for 2018. Disregard the alternative minimum tax (AMT) and various education credits since these items are not discussed until later in the text (Chapters 12 and 13). Relevant Social Security numbers are: The Coles do not want to contribute to the Presidential Election Campaign Fund. Also, they want any overpayment of tax refunded to them and not applied toward next years tax liability. David will have a self-employment tax liability; refer to Exhibit 13 9 in Chapter 13 to compute this liability. Suggested software: ProConnect Tax Online. Part 2Follow-Up Advice Ella has always wanted to pursue a career in nursing. To this end, she has earned a substantial number of college credits on a part-time basis. With Sarah no longer requiring home care, Ella believes that she can now complete her degree by attending college on a full-time basis. David would like to know how Ellas plans will affect their income tax position. Specifically, he wants to know: How much Federal income tax they will save if Ella quits her job. Any tax benefits that might be available from the cost of the education. Write a letter to David addressing these concerns. Note: In making your projections, use the information generated in Part 1 and assume that the year remains 2018. Also disregard any consideration of the educational tax credits (i.e., American Opportunity and lifetime learning) since they are not discussed until Chapter 13.Direction: Read and understand the problems below. Write your solutions and answers at the back of this page or in a separate sheet of paper. 1. Jessa is a government employee with an annual gross income of P476,164 which includes her basic monthly salary of P36,628 and 13th month pay. She is a widow and has no dependents. She has an annual mandatory contribution of P 47,351 (GSIS, PhilHealth, and Pag-Ibig). What are the important information that you need to consider in computing for the tax due? How much is her annual income tax due?Jewel Jones is an employee for a local accounting firm. She received the following benefits for the year: . Medical Insurance $516.23 per month . Commuter pass: $630.00 per year Employer-paid membership to Planet Global Fitness: $205 Dependent care assistance: $4,000 per year . . What is the total taxable amount for Jewel's benefits? $4.775.00 $575.00 $375.00
- Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $15.20 per hour. She completed her W-4 stating that she is married filing jointly. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1) Note: Round your answer to the nearest cent. Net pay The tentative amount to withhold is: с Married Filing Jointly $ 0.00 $ 0.00 $76.60 $358.84 $1,134.78 $ 2,584.86 $3,680.22 $ 6,499.82 At least But less than- B A $0 $ 965 $ 965 $ 1,731 $1,731 $4,083 $4,083 $7,610 $7,610 $ 13,652 $ 13,652 $ 17,075 $17,075 $ 25,131 $ 25,131 Plus this percentage D 0% 10% 12% 22% 24% 32% 35% 37% of the amount that the Adjusted Wage exceeds- E - Table 9.1 A At least But less than- TABLE 2-BIWEEKLY Payroll Period $0 $0 $483 $ 965 $ 1,731 $ 865 $4,083 $2,041 $7,610 $3,805 $…Mr. Jonsson is a salesperson handling a line of computer software throughout Western Canada. During 2021, he is paid a salary of $25,400 and receives sales commissions of $47,300. He does not receive an allowance, nor is he reimbursed by his employer for any of his expenses. During the year, Mr. Jonsson made the following employment-related expenditures. Airline Tickets $2,310 Office Supplies And Shipping Costs 395 Purchase Of Laptop Computer 2,065 Client Entertainment 1,730 Cost Of New Car 23,800 Operating Costs Of Car 7,500 I included the answer in the images, i just need to know how they calculated CCA and operating costs. Can you please show me the steps or the formula thanks.Mr. Jonsson is a salesperson handling a line of computer software throughout Western Canada. During 2021, he is paid a salary of $25,500 and receives sales commissions of $47,300. He does not receive an allowance, nor is he reimbursed by his employer for any of his expenses. During the year, Mr. Jonsson made the following employment-related expenditures. Airline Tickets $2,390 Office Supplies And Shipping Costs 385 Purchase Of Laptop Computer 2,095 Client Entertainment 1,780 Cost Of New Car 24,200 Operating Costs Of Car 6,600 Determine Mr. Jonsson's employment income for the 2021 taxation year. Ignore all GST/HST and PST implications.