Ask Question, Ask an Expert


Ask Accounting Basics Expert

problem 1: Justin and Juna, ages 44 and 38, are married and file a joint return.  In addition to have three dependent children (Jennifer, Joyce and Jacqueline), Justin and Juna have adjusted gross income (AGI) of $85,000 and itemized deductions of $20,000. Find out their taxable income for 2013?

a. $85,000
b. $65,000
c. $53,300
d. $45,500

problem 2: In year 2013, Alan, age 16, will have $300 of interest from a certificate of deposit and $5,000 from working as a waiter. Suppose Alan is claimed by his parents as a dependent. What is Alan’s standard deduction for 2013?

a. $300
b. $1,000
c. $5,350
d. $6,100

problem 3: What is Carlita’s taxable income for 2013? Suppose she is single and claimed two dependent children, Chase and Cassandra. Suppose further that Carlita’s AGI is $50,000 and that her itemized deductions are $10,000.

a. $50,000
b. $40,000
c. $32,200
d. $28,300

problem 4: What is Daenne’s Taxable Income for 2013? Suppose she is 45 years old and is single and has no dependents. Suppose further that Daenne’s AGI is $60,000 and that she made a charitable contribution of $1,000 (that would be her only itemized deduction).

a. $60,000
b. $59,000
c. $55,100
d. $50,000

problem 5: A few years ago, Ami and Alicia made a partnership termed “A-SQUARED.”  Which of the given is most likely true regarding the U.S. income taxation of Ami, Alicia and A-SQUARED?

a. The A-SQUARED entity is NOT need to pay income taxes.
b. The A-SQUARED entity is NOT need to file an informational tax return.
c. Alicia and Ami are NOT need to pay taxes on their respective shares of A-SQUARED’s income unless (and until) A-SQUARED distributes its earnings to them
d. All the above.

problem 6: Which doctrine will most probable prevent Sandra from decreasing her tax liability by voluntarily assigning her income to the other taxpayer?

a. The constructive receipt doctrine
b. The fruit-of-the-tree doctrine
c. The economic benefit doctrine
d. None of above

problem 7: During the year 2013, Carlos was supported by his three wealthy CPA daughters, in the given percentages:

•    Porshia: 25.0%
•    Abena: 30.0% 
•    Ann: 9.0%

Which daughter is not able to claim Carlos as a dependent, even if a multiple support agreement is in place and the other daughters agree not to claim Carlos as a dependent?

a. Porshia
b. Abena
c. Ann
d. Each daughter would be eligible to claim Carlos as a dependent

problem 8: On January 1, 2013, Batista signed a 5 year lease to rent office space from Anthony. The lease commenced instantly on January 1, 2013. During the year 2013, Batista will pay Anthony, $12,000 for the first year’s rent, $1,000 for the last month’s rent, and $1,000 as a Security deposit. Batista and Anthony agree that the security deposit will not be returned by Anthony at the end of the lease. How much gross income must Anthony report for 2013 as a result of such items?

a. $61,000
b. $14,000
c. $13,000
d. $12,000

problem 9: What is Kevin’s taxable income for 2013? Suppose Kevin is 33 years old and is single and has no dependents. Suppose further that Kevin’s 2013 AGI is $75,000 and that he has no itemized the deductions.
a. $65,000
b. $68,900
c. $71,100
d. $75,000
problem 10: Mohammed, a single taxpayer, will have 2013 wages of $70,000 from his job at Big Company, Inc. Determine Mohammed’s AGI if he has the given (and only the given) additional items in 2013?

• Itemized deductions of $10,000
• Exemption amount of $3,900
• Alimony of $12,000 paid by Mohammed (to his previous spouse, Pharlande)
• Business income of $6,000 from Mohammed’s sole proprietorship

Avoid any deduction that might relate to self-employment taxes.

a. $76,000
b. $70,000
c. $64,000
d. $50,100

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M95259

Have any Question? 

Related Questions in Accounting Basics

Assignment intermediate accountinginstructionsbulluse the

Assignment: Intermediate Accounting Instructions: • Use the answer sheet provided. • For the multiple choice answers, use upper case letters. • Only submit you answer sheet in the Assignment Folder NLT No late examinatio ...

Accounting discussion questionaccounts receivable bad debt

Accounting Discussion Question "Accounts Receivable Bad Debt Expense (Direct Write Off Method Vs Allowance Method)": • Discuss the primary advantages and disadvantages of applying the direct write-off over the allowance ...

Learning outcomescode descriptiona1 in-depth and systematic

Learning outcomes Code Description A1 in-depth and systematic understanding of key investment concepts to facilitate strategic real estate investment decision-making A4 critical awareness and understanding of the evolvin ...

Assignment expected value and consumer choicesconsumers

Assignment: Expected Value and Consumer Choices Consumers' choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these discrepancies is an important step in im ...

Garner company began operations on january 1 2010 and uses

Garner Company began operations on January 1, 2010, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods for 2013. The following information is available for th ...

Construct a time series plot what type of pattern exists in

Construct a time series plot. What type of pattern exists in the data? Quarter Year 1 Year 2 Year 3 1 923 1112 1243 2 1056 1156 1301 3 1124 1124 1254 4 992 1078 1198 Use a multiple regression model with dummy variables a ...

Dq1respond to the ethics discussion case at the end of

DQ1 Respond to the Ethics Discussion Case at the end of chapter 13 in the textbook. Assume that you are a CPA and a tax specialist. Your clients include Ale and Grains, Inc., an S corporation, and Gustav and Heidi Lager, ...

Assignmenttravel-r-us inc travel is a publicly-traded

Assignment Travel-R-Us, Inc. (Travel) is a publicly-traded company with annual revenue of $370 million and a fiscal year ending May 31. Travel owns and operates three cruise ships serving Alaska, the Mediterranean, and t ...

Write think about a specificissue or policy that you are

Write: Think about a specificissue or policy that you are interested in and/or that has impacted you personally. Use the assigned resources that are provided for this journal to gather information about the goals and pro ...

In a recent city meeting it was agreed that the city was

In a recent city meeting, it was agreed that the city was going to build a new town hall. Long-term bonds, intergovernmental transfers, and public donations will be used to construct and maintain the building. The major ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen