Ask Question, Ask an Expert


Ask Accounting Basics Expert

Kristen rented out her home for 15 days during the year for $3,200. She used the home for personal purposes for the other 350 days. She allocated the following home expenses to the rental use of the home:

Insurance $ 50
Mortgage Interest 500
Property Taxes 180
Repairs and maintenance 1,970
Utilities 200
Depreciation 600

1) Kristen's AGI is $120,000 before considering the effect of the rental activity. What is Kristen's AGI after considering the tax effect of the rental use of her home?

2) Sally is single and she files a separate tax return in 2012. She claims two exemptions (2 x 3,800 = $7,600). She claimed the standard deduction for regular tax purposes ($5,950). She had no other adjustments. Her regular taxable income was $102,000. Required: What is Sally's Tentative Minimum Tax?

3) Terry, an athlete, makes $2,000,000 playing professional sports and $1,000,000 in endorsements. Assume that FICA is 6.2% of the first $120,000 earned this year and Medicare is 1.45%. How much will be withheld from Terry's salary for each employer, and what is the net amount that Terry pays in for FICA and medicare. In one paragraph (not a full memo), please describe your answer.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947186

Have any Question? 

Related Questions in Accounting Basics

Case study assignmentthese notes will guide you in writing

Case study assignment These notes will guide you in writing a business letter to an accounting client. An effective letter meets your receiver's needs. In this case, it answers the client's questions in a clear, accurate ...

Case study-nbsp pc problems plcpc problems plc is a

Case Study-  PC Problems plc PC Problems plc is a (fictitious) company engaged in the servicing of personal computers on a carry-in basis. The company started out several years ago as a small shop working on household ap ...

Question 1 - the transactions of gb bhd for the month of

QUESTION 1 - The transactions of GB Bhd for the month of December are as follows: Date  (December 2015) Transactions 1 Paid insurance premium of RM10,000 for coverage against losses due to fire for a period of 36 months. ...

Compare all three balance sheets on the basic grounds of

Compare all three balance sheets on the basic grounds of accounts and differences. 1. HDFC 2. Infosys and 3. Tata Steel. Balance sheets -

Practice questionsdescribe the information needs of three

Practice questions: Describe the information needs of three different types of users of financial information and discuss how well these needs are met by the annual report and accounts.

Paperprepare an 11- to 15-page paper not including the

Paper Prepare an 11- to 15-page paper (not including the title and reference pages) that assesses a legal/ethical issue or situation relating to a current, previous, or potential future work environment. Use at least 10 ...

Test 1 write the word correct if the statement is true and

Test 1: Write the word CORRECT if the statement is true and the word WRONG if the statement is false. Print in CAPITAL letters why. 1. All partners, whether capitalist or industrialist, are to share on whatever partnersh ...

Practice questionsdescribe the treatment of administration

Practice questions: Describe the treatment of administration, selling and distribution overheads in calculating total unit cost.

During the year mr ashok sold his private car for 50000 and

During the year mr. ashok sold his private car for 50000 and this amount invested in business he withdraw from business 1500 per month up to july 31st 2011 and thereafter 4500 per month as Drawing you are required to pre ...

Q1 the 2014 balance sheet of sugarpovas tennis shop inc

Q1. The 2014 balance sheet of Sugarpova's Tennis Shop, Inc., showed long-term debt of $2.7 million, and the 2015 balance sheet showed long-term debt of $2.9 million. The 2015 income statement showed an interest expense o ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate