ACCT614 Discussion Module 2

7 Nicanor purchased a brand-new car on installment. To cover costs of amortizations, He registered the car with Grab as part of its Transport Network. Nicanor registered also with the BIR as it is one of the requirements by Grab. Nicanor can be subject to VAT or common carrier’s tax depending on his gross receipts.  true or false?

Answer the questions after reading the passages. 1.Mario is engaged in a pharmaceutical business. One day, Mario unnecessarily bought from Dario a truckload of supplies and medicines to be sold in his pharmacy so that he could post the cost in his ledger as expense to reduce his tax liability. Is the contract of sale between Mario and Dario valid? Why or why not? 2. Joanna entered into a loan contract with Marie over Marie’s car where Joanna is the borrower and Marie is the lender. It was stated in the contract that the ownership will be transferred to Joanna. The title to the car was given to Joanna who registered the car in her name. Before the end date of the contract, Joanna expressed her intention to buy the car. But Marie refused to agree to Joanna’s intent. Was Marie correct in refusing to agree to Joanna’s intent? Why or why not 3. Scott requested Jenny to work with the Bureau of Internal Revenue (BIR) in further reducing the tax liability of the company believing her to be an…

B16. 1.In order to encourage employees to “leave your car at home”, Jax Corporation wants to issue $100 transit passes every month to all employees agreeing to use the subway to get to work. The passes are valid on the Metro Transit line that operates trains and subways in town. Jax wants to know if the value of the passes will be taxable to their employees. What do you tell Jax?   a. The passes are considered taxable compensation to employees.   b. The passes are considered “qualified transportation” fringe benefits to employees and, thus, nontaxable.   c. The passes are considered gifts to employees and are subject to both income and gift tax.

15. For 2022, how much can Siena take as an educator expense deduction for the lab supplies she purchased for her students? a. $0  b. $250 c. $300 d. $600

Law on Obligation and Contract Jenny and Marie obliged themselves to deliver Ana a bullet proof car on her birthday. Jenny and Marie agreed infront on Ana to contribute the amount that will be used to buy the car. However Marie failed to give her contribution to the purchase price of the car, hence, the car was not delivered to Ana on her birthday. What kind of obligation is involved in the problem? Explain why do you say so.

Richard Cook Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare. • Richard declined to receive advance child tax credit payments in 2021. • Richard’s earned income in 2019 was $19,000. • Richard and Isabella are U.S. citizens and lived in the United States all year in 2021. • Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 33. Richard does not qualify to claim a retirement savings contribution…

Kerry purchases the Level I software at a price of $50 for his son, Tom, on December 1. Suppose Tom passedthe Level I test on December 10, and Kerry immediately purchased the access code for Level II for an additional$30. Cutler provided Kerry with the access code to Level II on December 20.Required:When would Cutler recognize revenue for the sale of Level I and Level II software?

Winner attends the opening of a new department store. All persons attending are given free raffle tickets for a watch worth $200. Disregarding any possible application of IRC Section 74, must Winner include anything within gross income when she wins the watch in the raffle?

Question 3 Marvin sells computer equipment and is objecting to an assessment received from SARS. During the current year of assessment (28 February), Marvin donated second-hand office equipment to a local radio station. In return, the radio station agreed to broadcast 'specials' that Marvin had on certain computer products for the week. SARS taxed the value of the office equipment donated to the radio station and stated that the donation fell within the definition of gross income. Marvin believes otherwise. YOU ARE REQUIRED: Discuss all the gross income requirements that Marvin should bear in mind when preparing the objection of the assessment. (Assume that Marvin is a resident of the Republic.)

Subject:accounting The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???

Please proper solution please no plagiarism

ss. Subject :- Accounting    The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???

ANSWER ALL QUESTIONS QUESTION 1 Courtney recently received a speeding ticket on her way to the university. Her fine was $200. Is this considered a tax? Why or why not? QUESTION 2 Marlon and Latoya recently started building a house. They had to pay $300 to the county government for a building permit. Is the $300 payment a tax? Why or why not?

Question 5 of 6. Each of the foliowing taxpayers purchased furniture online in September of 2022, and had it delivered to their forme. Which taxpayer has correctly calculated their use tax for 2022 ? Chandier lives in Crook County. Her furniture cost $2,221 and was delivered to her home. She calculates that she cwes $133 in use tax. Landon lives in Big Horn County and he had the fumiture delivered there. His cost was $869, and ne thinks his use tax is $19. Cirfford Irves in Niobrara County. His furniture cost $6,449 and was delivered to his home. He has determned his use tax is $258. Samantha, who lives in Laramie County, paid $4, 932 for her fumiture, which was delivered to her home, She behieves her use tax is $493. Mark for follow up

Holly took a prospective client to dinner at a restaurant, and after agreeing to a business deal, they went to the theater. Holly paid $490 for the meal and separately paid $170 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense?   Multiple Choice   $660   $330   $490   $85   None—the meals and entertainment are not deductible except during travel.

Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1Tax liability (round to the nearest dollar): $fill in the blank 2

Exercise 11-3 (LO. 6) In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $ 9,760 Tax liability (round to the nearest dollar): $ Feedback 10,155 X

Jessica has a Personal Auto Policy (PAP) providing the following coverages: • Coverage A: 250/500/100 Coverage B: $10,000/person • Coverage C: 150/300 Coverage D: $500 deductible (collision): $500 deductible (comprehensive) Under the following scenario: (1) identify which PAP coverage is at issue (ONLY enter the letter A, B, C, or D); and (2) how much Jessica's insurance company will pay. NOTE: If you believe it is excluded/not covered, enter $0, otherwise, determine the amount and enter the amount with the $, any necessary commas, and no decimal points/cents (e.g., $1,500). Failure to follow these directions will result in answers being marked incorrect. Jessica allows her friend, Chris, to borrow her car to run a quick errand. When Chris is on her way back from the store, she totally misses a stop sign and causes an accident. The other driver's brand new car is totaled, and it had a value of $26,000. Jessica car suffers $2,100 in damages, as well. NOTE: There are 2 different…

A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022.  The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a.File his April 2022 VAT Return on the 15 May 2022 b.He is not required to file a VAT Return as the sales is below the VAT threshold. c.File his February 2022 VAT Return on the 15 March 2022 d.File his March 2022 VAT Return on the 15 April 2022

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?

113

Writing Exercise  The following taxpayer letter was sent to you for a response. After reviewing the "Information Needed to Respond to Letter" below, write a response to the taxpayer.  Date of your response: September 30, 2023  Address of the taxpayer: 123 Main Street, Apt. 2, Madison, WI 53713 September 1, 2023 To Whom It May Concern: I am a 19 year old college student and worked two jobs in 2022. The total amount earned at those jobs was $7,500. I also had interest income of $460 from my bank account. My parents claimed me as a dependent on their tax return for 2022. Do I need to file a Wisconsin tax return? I have always been a resident of Wisconsin. Any help you can provide would be much appreciated. Sincerely, Jane Taxpayer Below are the Wisconsin filing requirements if you are a single person, full-year resident and claimed as a dependent: If either of the following applies you must file a Wisconsin income tax return: (1) Your gross income (total unearned income and earned…