ACC 330 Module One Assignment Template

1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer:   A.    SUTA Advances     B.    FUTA Advances     C.    Title XII Advances     D.    Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer:   A.    credit reduction     B.    FUTA tax rate     C.    experience rating     D.    Medicare tax rate  3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A.   Displays earnings for one individual    Form 1099-NEC        Form 1096        Both     B.   Displays earnings for multiple individuals    Form 1099-NEC        Form 1096        Both     C.   Requires a signature    Form 1099-NEC        Form 1096…

Question 10: What types of wage garnishments are typically satisfied before others? Answer: A. Student loan payments and state/federal tax levies В. Alimony and child support payments С. O Child support payments and federal tax levies D. O State and federal tax levies

Question 9: The Internal Revenue Service levies a small service fee for employers who utilize the Electronic Federal Tax Payment System. Answer: A. True В. False

Topic: Accounting for Income TaxCan you please help explain tax bases for assets and liabilities under temporary difference (between accounting income and taxation income)? Would be so helpful if you could simplify what tax bases mean. I'm confused why, in the second page, the tax bases are considered 0 and I'm not sure what that means. Thanks!

QUESTION 4 Which of the following allow a tax filer to legally reduce the amount of tax owed? Select all that apply. O A. The standard deduction. B. Tax returns. C. Tax evasion. D. Tax exemption. E. FICA taxes paid. F. Tax credits. G. Itemized deductions. QUESTION 5 Which of the following best describes taxable income? O A. The sum of your adjusted gross income and earned income tax credit. B. The sum of your wage income, unemployment benefits, and interest. C. The amount of income on which taxes were withheld by your employer. D. The amount of income you have after subtracting allowable deductions and exemptions.

Which is NOT a proper exercise of administrative feasibility?a. Electronic Tax Payment System (eTPS)/Land Bank Remittance System (LBRS)b. Payment of tax thru credit/debit/prepaid cards/G-Cashc. Requirement to all taxpayers to file tax returnsd. Substituted Filing of Qualified Compensation Income Earners

Tax credits reduce your Group of answer choices adjusted gross income. tax liability. taxable income. tax withholding. tax refund.

explain in detail regarding the following topics 1. Adoption Tax Credit   2. Non Business Casualty and Theft Losses   3. Earned Income Credit

Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…

I. Define: a. Minimum wage b. E.O. 226 c. BMBE Law d. CDA e. Tax law vs gaap f. Statutes and Presidential Decrees g. Judicial Decision or case laws h. Local Ordinances i. Ad Valorem j. Sin Taxes

Subject : Accounting

Check Your Progress 3 Why is it important for taxpayers to recognize the income tax deductions? Answer area

Question 5 please

Name: Activity Worksheet #4 (Chapter 4) TRUE/FALSE Personal income taxes are paid only on your taxable income. 1. The key to reducing one's tax liability is to reduce taxable income rather than gross 2. income. MULTIPLE CHOICE 3. Which of the following would be considered smart financial planning? a. Turn all your income tax planning over to someone else b. Withhold too much income in order to receive a refund next year. c. Ignore the impact of income taxes in your personal financial planning d. Contribute to your employer-sponsored 401(k) retirement plan at least up to the amount of the employer's matching contribution taxes are based on one's ability to pay a. Progressive b. Regressive c. Marginal d. All of these 5. Dave Scott's total income is $42,000, but his taxable income is only $34,050. Therefore, his tax percent liability (what he owes in taxes) is 4,694. Dave's average tax rate is approximately С. 15 а. 11 b. 14 d. 25 6. Jeff is trying to decide whether to sell his baseball…

Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term Code Letter Term A. Future deductible amount H Deferred tax consequences B Income tax payable (or refund) I Future taxable amount Operating loss carryback Deferred tax liability D Valuation allowance K Temporary difference E Deferred tax asset Income tax expense (or benefit) F Operating loss carryforward M Deferred tax expense (or benefit) Taxable income Required: Indicate which term belongs with each definition by choosing the correct term. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively X 3. Temporary…

Question 8: Which of the following is not a mandatory deduction from gross pay? Answer: A. Federal income tax withholding В. Union dues C. Social Security tax D. Medicare tax B.

Problem 7-8 Earned Income Credit (LO 7.2) What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim the earned income credit? Why is there an investment income limit in the tax law regarding the credit? The earned income credit is meant to assist low income level taxpayers who work.

Required: Answer the following questions in section C2.6.1 Aligning COA and Tax Return. QBO COA 1. Cost of Goods Sold 2. Advertising and Marketing IRS Schedule C (Form 1040) Schedule C Line Schedule C Line

Research in detail regarding the following topics   1. Adoption Tax Credit   2. Non Business Casualty and Theft Losses

Question 30: Match each form to its purpose. SS-4 Used to obtain a Social Security number DROP HERE W-4 Provides information to calculate income tax withholding DROP HERE SS-5 Used to obtain an Employer Identification Number DROP HERE 1-9 Verifies employment eligibility DROP HERE Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this week, Stanley works 4 hours and 9 minutes in the morning and 3 hours and 11 minutes in the afternoon. How does Alejandra record Stanley's time? Answer: A. O 7 hours B. O 7 hours and 15 minutes C. O 7 hours and 20 minutes D. O 7 hours and 30…

Question 5: Which of the following employee taxes is matched by the employer? Answer: А. State unemployment tax Federal income tax C. Medicare tax D. Federal unemployment tax B.

not use ai please

Please help me with these scenarios