Ôn March 15, 2018, Isaac paid $1,020 for one year of car insurance, starting that day. Isaac decides to sell his car on June 12, 2018, and cancels his insurance. Considering June 12 as a day used, what prorated refund should he receive? Round your final answer to two decimals, if needed. (Do not round intermediate steps) Your Answer:
Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: First loss = 2011 Second loss = 1404 Third loss = 2812 Straight deductible = 384, which is the…
Q: Jo deposits $5000 into an account on July 15, 2014. The account earns 4% compounded monthly. Just to…
A: Deposit amount (PV)=$5,000 Duration (n)=44 months and 12 days Rate of interest (i)=0.0033
Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: Loss in January = 1154 Loss in May = 1255 Loss in December = 1292 Straight Deductible = 824
Q: In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return.…
A: Given: Zach, is a single individual with no dependents. No claim on another return as a dependent.
Q: a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each…
A:
Q: Jesse is 53 years old and had the following transactions for 2021: $5,500 Medical expenses incurred…
A: Medical expense deduction can be claimed for only those expenses which have been paid. Whether the…
Q: during 2017, Mr. William Lerue withdraws $15,000 from his RRSP, using the provisions of the Home…
A: RRSP: RRSP stands for registered retirement saving plan under which the tax payer or spouse…
Q: On July 1, 2017, Brent purchases a new automobile for $49,000. He uses the car 88% for business and…
A: As per our protocol we provide solution to the one question only or the first three sub-parts only…
Q: Jan Guerra lends $9000 to her second cousin using a 180-day 10% simple interest note that was signed…
A: The note can be long-term or short-term. The notes issues for less than a year are called short-term…
Q: On June 2, 2020, Sam's Auto Sales sold Jim a used car on account for $20,000. Sam's Auto Sales uses…
A: When an entity sells goods on credit, there may be chances of bad debt losses arising out of the…
Q: Joanna has an unpaid balance of $2500 on her account as of October 9, 2020. On October 15 and…
A: A credit card of an individual is a type of payment card that is used by individuals to make…
Q: On February 2, 2019, Alexandra purchases a personal computer. The computer cost $1,800. Alexandra…
A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear. There are…
Q: Lindsay is 25 years old and has a new job in web development. She wants to make sure that she is…
A: Data given: Investment amount per year = $ 12,000 N= 30 years Rate = 7% p.a. Required: Amount in her…
Q: On January 1, 2009, Landon owed $7,926 to his friend Wendy, who was kind enough not to charge Landon…
A: Since no interest is charged on the borrowed amount, the difference in the amount on January 1, 2017…
Q: Mike leased his land to Leomar for 2 years beginning July 1, 2018. Leomar would pay monthly rental…
A: monthly rental = 100000 rent paid for 3 months ( july to october ) = 100000 * 3 = 300000 the…
Q: Amy rented her apartment to Ben for $5,000 per month in January 2015. However, they both agreed to…
A: Ben pays a rent of 5,000 but entered into the agreement of $10,000 rent to claim deduction.
Q: On July 1, 2016, Rex purchases a new automobile for $43,000. He uses the car 84% for business and…
A: Solution: Since Part A seems to be incomplete because the rate per mile is not given and should be…
Q: Lokalalo knows that not all their customers will pay so they take out insurance for that purpose.…
A: Following is the answer to the given question
Q: Rhonda has her own law practice in London, Ontario. During 2020 she paid $3000 to attend four…
A: Expense refers to the amount of expenditure or cost incurred to purchase something. Purchase can be…
Q: Lokalalo knows that not all their customers will pay so they take out insurance for that purpose.…
A: Following is the answer to the given question
Q: Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If…
A: As per IRS, if any assessee fails to pay taxes till due date, then late payment penalty called…
Q: Answer the following questions: If your answer is zero, enter "0". a. Under a 2017 divorce…
A: Tax is the mandatory contribution of an individual or an entity. It is a financial charge, that…
Q: Isabella files her income tax return 35 days after the due date of the return without obtaining an…
A: It is given thatTax owed is $40,000.Late in filing return is 35 days.Assumption: 30 days in a month.
Q: A is now seeking to enforce the payment of rent by B and is claiming $40,000 in outstanding rent for…
A: B pays a rent of 5000 but entered into the agreement of $10,000 rent to claim deduction.
Q: Lokalalo knows that not all their customers will pay so they take out insurance for that purpose.…
A: Lokalalo knows that not all their customers will pay so they take out insurance for that purpose.…
Q: Sally hires a maid to work in her home for $1,030 per month. The maid is 25 years old and not…
A: a. Compute the amount of social security tax.
Q: Hugo Garcia is preparing his balance sheet and income and expense statement for the year ending…
A: Assets are value held in terms of money for future benefits Laibilties money to be paid to later on…
Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…
A: Hi there, Thanks for posting the question. But as per our honor code, we should answer the first…
Q: On July 1, 2017, Brent purchases a new automobile for $37,000. He uses the car 92% for business and…
A: a). Calculation of basis adjustment for depreciation of each year. Year Miles Rate per miles…
Q: 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students…
A: Concept used: The taxpayer's Investment income in excess of $3,650 will not be eligible for earned…
Q: Bradford's automobile insurance policy has a $1,400 deductible, with a $3,800 out-of-pocket limit…
A: Here discuss about the insurance deduction and copayments when at the time of the claiming of the…
Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…
A: In this we have to calculate present value FACTOR annually and find out the period.
Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…
A: In this we have to present value of annual membership fees and compare with one time payment.
Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…
A: Given: Payment, PMT = $750 Rate of Interest, r = 7.9% Present Value, PV = $8,000 Future…
Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: Loss in January = 1577 Loss in May = 1284 Loss in December = 1102 Aggregate Deductible = 2574
Q: On February 22020, Alexandra purchases a personal computer. The computer cost $2,200. Alexandra uses…
A: An asset is initially recognised at the original cost of acquisition. The cost of the asset is…
Q: In 2021, Carlos drives from his home in Los Angeles to Oregon to consult with a client. He works for…
A: The correct answer is option (e)$175
Q: Paul agreed to lend Marsha $500. Thereupon Marsha made and delivered her note for $500 payable to…
A: For an instrument to be negotiable there are certain requirements that it must follow. One of these…
Q: irst of the year. Adrian would like you to determine whether she should include the $10,000 on her…
A: Cheque Date: December 30, 2018 Cheque Received Dated: January 2, 2019 Issue: Whether to include the…
Q: Tyrone, a cash basis physician, rents the building in which his office is located for $1,000 per…
A: Prepayments will be paid in the current tax year if whether the asset will lapse or be utilized by…
Q: Skip rented an office building to Chris for $1,000 per month. On December 29, 2018, Skip received…
A: Gross income is also referred to as gross pay which is defined as individual's aggregate pay from…
Q: Lindsay is 25 years old and has a new job in web development. She wants to make sure that she is…
A: Time Period in Retirement is 30 years Investment Amount per year is $12,000 Interest Rate is 11%
Q: Lindsay is 25 years old and has a new job in web development. She wants to make sure that she is…
A: a) For an investment of 14000 per year, for 30 years, at 9% interest rate, amount accumulated will…
Q: A rented his apartment to B for $5,000 per month in January 2015. However, they both agreed to…
A: A has the legal right to sue B for the unpaid rent. The amount that A can collect, on the other…
Q: Lokalalo knows that not all their customers will pay so they take out insurance for that purpose.…
A: Expenses that are paid for future period of time are known as prepaid expenses. This prepaid…
Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…
A: We need to apply the concept of time value of money. The concept states that money today has more…
Q: In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time…
A: The formulation:
Q: Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce…
A: Given information: Annual payments of $750, Present value is $8,000 Annual interest rate is 7.9%
Q: 2020, Devorah made a wedding for her favorite child, Michal, and ran up a $100,000 debt on her…
A: income is recognized when income is realized so forgiving debt is not any type of income. Nothing…
Q: Sarah made a prepaid purchase of medical insurance of $3,100 for the year. In five months he…
A: solution prepaid insurance Prepaid insurance is the amount of insurance paid in the…
Step by step
Solved in 2 steps
- How is penalty pay worked up for problems like these? Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.)Jo deposits $5000 into an account on July 15, 2014. The account earns 4% compounded monthly. Just to mess with the bankers, she decides to pull all the money out on March 27, 2019. Assuming simple interest is allowed for part of a conversion period, how much is in the account on March 27, 2019?Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2020. They pay $7,000 in 2019 and $7,500 in 2020 for qualified adoption expenses. In 2020, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2020?$ b. How much credit could they claim if the adoption falls through and is never finalized?$ c. How much credit could they claim if their AGI was $219,520? $
- Ian retired in December of 2022 at the age of 72 (his birthday is January 6). Ian's retirement account was valued at $352,000 at the end of 2021 and $360,000 at the end of 2022. He has had all of his retirement accounts open for 15 years. Note: Leave no answers blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount. Required: What is Ian's required minimum distribution for 2022 and 2023 under each of the following alternative scenarios? (Use Exhibit 13-3) Ian's retirement account is a traditional 401(k) account. Ian's retirement account is a Roth 401(k) account. Ian's retirement account is a traditional IRA. Ian's retirement account is a Roth IRA.Answer the following questions: If your answer is zero, enter "0". a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $700 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $450 per month. 1. How much of each $700 payment may be deducted as alimony by Joan? 2. How much of each $700 payment must be included in Bill's taxable income? 3. How much would be deductible/included if the divorce agreement were dated 2021?$fill in the blank 4d94da045fa2015_3 b. Under the terms of a property settlement executed during 2021, Jane transferred property worth $450,000 to her ex-husband, Tom. The property has a tax basis to Jane of $425,000. 1. How much taxable gain must be recognized by Jane at the time of the transfer? 2. What is the amount of Tom's tax basis in the property he received from Jane?Carol and Bob’s divorce became final in 2017. Each month, Bob is required by the divorce decree to pay $3,000, of which $1,800 is stated as child support. This year, Bob has paid only $2,200 each month. What is the amount of Bob’s alimony deduction and the alimony income Carol must report this year? Group of answer choices $36,000 $14,400 $26,400 $4,800
- Sally hires a maid to work in her home for $1,030 per month. The maid is 25 years old and not related to Sally. During 2018, the maid worked 5 months for Sally. Do not round immediate computations and round your final answers to two decimal places. a. What is the amount of Social Security tax Sally must pay as the maid's employer?$ b. What is the amount of Medicare tax Sally must pay as the maid's employer? Sally's employer's Medicare tax: $ c. What is the amount of Social Security and Medicare tax which must be withheld from the maid's wages? Sally should withhold for Social Security and Medicare tax of: $during 2017, Mr. William Lerue withdraws $15,000 from his RRSP, using the provisions of the Home Buyers' Plan (HBP). As he received the proceeds from a winning lottery ticket in 2018, he repaid $8,500 of the HBP balance in that year. Required: What is the minimum repayment that must be paid during 2019? If he makes no payment during 2019, what will be the minimum payment that must be made during 2020?a.) How much did Dora borrowed today? b.) Dora failed to settle all monthly dues scheduled but Barney’s collection agency who represents Kenand Barbie waives penalties due to payment default and allowed her to settle all amount dues plusinterest on May 14, 2024. How much is the total amount due that she should settle with Barney? c.) Dora wishes to pay Ken and Barbie in one lump sum amount on August 14, 2023. How much in totalis she allowed pay on that day to discharge the entire loan?
- Problem: Answer the following questions completely. Show all computations. Round off only the final answers to two decimal places. On June 26, 2019, Sarah obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020. What is the exact time from June 26, 2019, to November 15, 2020? What is the approximate time from June 26, 2019, to November 15, 2020? What is the Ordinary simple interest using exact time? What is the Ordinary simple interest using approximate time? What is the Exact simple interest using exact time? What is the Exact simple interest using approximate time? If Sarah was given the option to choose the type of interest to use, which should she had chosen? Explain why in one sentence.If Yolanda's insurance company cancels her fire insurance policy after 204 days, how much of the $682.00 annual premium will she receive as a refund (in $)? (Round you answer to the nearest cent.) $Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss in January costing 1,127, another in May costing 2,209 and the last in December costing 1,043. If Faisal has a straight deductible of 324. How much will the insurer pay?