Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

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

Accounting for gov amp not for profit1 explain in 2-4

ACCOUNTING FOR GOV & NOT FOR PROFIT 1. Explain in 2-4 sentences the difference between government Agency funds and Fiduciary funds. 2. What information is or is not required to be reported in the RSI for pension plans un ...

Accounting and regulatory environmenti need someone to

Accounting and Regulatory Environment. I need someone to write a paper for me on accounting and the regulatory environment. The instructions are below on what it is to include. In the wake of the accounting and finance s ...

Discussion questions 1 and 2dq 1accounting cyclefinancial

Discussion Questions 1 and 2 DQ #1:Accounting Cycle Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different comp ...

Assignmentparticipation topic mandatoryinventory additional

Assignment Participation Topic (Mandatory) Inventory Additional Lecture Notes Class, Let me see if I can work up an example of how to calculate and use the different inventory methods. Let us use the following informatio ...

Shown below is activity for one of the products of denver

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 $27,500 Purchases January 10 500 units @ $60 January 20 1,000 units @ $63 Sales: January 12 800 units January ...

Intermediate accounting assignment1 the nail company paid

Intermediate Accounting Assignment 1) The Nail Company paid $1,200,000 to purchase 35% of the outstanding stock of the Toe Corporation. Toe Corporation reports $450,000 of net income and paid a cash dividend of $150,000. ...

Problem 1pringle corporation has been authorized to issue

Problem 1: Pringle Corporation has been authorized to issue 23,300 shares of $100 par value, 8%, noncumulative preferred stock and 1,007,600 shares of no-par common stock. The corporation assigned a $4 stated value to th ...

What went wrongfriends bank is seeking to hire a new teller

What Went Wrong? Friend's Bank is seeking to hire a new teller. Darrell has applied for the position. His application states that five years ago, he was convicted for embezzlement as a teller. In the interview, Darrell r ...

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 ...

If a nurse deposits 12000 today in a real estate investment

If a nurse deposits $12,000 today in a real estate investment trust (REIT) and the interest is compounded annually at 7% percent, what will be the value of this investment: a.) Five years from now? b.) Ten years from now ...

  • 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