An individual who is eligible to be claimed as a dependent on another's return and has $1,000 of earned income may claim a standard deduction of $1,400. Group startsTrue or FalseTrue
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An individual who is eligible to be claimed as a dependent on another's return and has $1,000 of earned income may claim a standard deduction of $1,400. Group startsTrue or FalseTrue, unselectedFalse, unselected
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- For an accrual basis taxpayer, which of the following statements is TRUE regarding prepaid income? a.Group of answer choices b.Prepaid dues & subscriptions are recognized immediately c.Prepaid rent is recognized immediately d.Prepaid royalties are recognized when earned e.Prepaid interest is recognized as it is earnedTheme: AGI Examine the case below and do the following:1.Indicates the income items that are part of the gross income.2.Indicates the salary exclusions.3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.4.Calculate adjusted gross income.5.Indicates the status that the taxpayer must file. Case 3 Carmelo Báez is a veteran, retired and receives a pension of $40,000 a year. In addition, he hit the lotto and received a prize of $15,000. He is married to Josefa Martinez, who is also retired and receives a pension of $25,000 a year. They both own a clothing business from which they earn $50,000 a year. They also receive interest from the bank on $3,000 and dividends on a $10,000 investment in a business.Which of the following statements is false regarding the earned income credit (EIC)? Multiple Choice If certain requirements are met, a taxpayer may receive advance payments of EIC. Maximum amount of the credit depends on the earned income and number of children. A taxpayer without children cannot claim the credit. The credit is refundable.
- Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable incomeWhich of the following statement are correct? 1.The gross income of an employee is computed by removing excluded income from his total compensation. 2.The gross income from business or profession is computed by deducting cost of sales or revenue from total sales or revenue. 3.Business or professional income exempted from income tax shall be included in computing gross income but will be allowed as deduction under theitem "allowable deductions", 4.Agatha made a total of 10,000 contribution for SSS. The 10,000 contributions form part of Agatha's gross compensation. But in computing her taxable compensation, such amount must be excluded 5.Agatha suddenly got sick and was hospitalized for 1 month. She received a certain amount of benefit from SSS. Her hospital bills were also reduced by herphilhealth benefit. The amount received by Agatha from SSS and the reduction in her hospital bills constitute taxable compensation to Agatha.1.What factors would you use to determine whether an individual should contribute to a Roth IRA or Traditional IRA? A. Income and participation status B. Current vs. Assumed future tax bracket C. Ability to offset Roth contribution as income with other losses, deductions, and/or credits D. Age of individual E. All the above are correct
- Problem 10-37 (Algorithmic) (LO. 6, 7, 8, 9, 10, 11) Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's tax basis capital account has a balance of $736,000, and the LLC has debts of $478,400 payable to unrelated parties. All debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. The following information about AM's operations for the current year is obtained from the LLC's records. Operating income W-2 wages Depreciation expense Interest income Long-term capital loss Long-term capital gain Charitable contribution (cash) Cash distribution to Amy Unadjusted basis of partnership property immediately after acquisition $1,104,000 200,000 300,000 11,040 7,360 22,080 11,090 55,200 1,600,000 Operating income equals revenue less operating expenses (other than…Problem 1 - 3 (Algorithmic) The Tax Formula for Individuals (LO 1.3) Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2023, they have a total of $46, 100 in wages and $610 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $5, 260 and their itemized deductions equal $17,870. They have two children, ages 32 and 28, that are married and provide support for themselves. Table for the standard deduction \table [[Filing Status,Standard Deduction], [Single, $13,850 b. In order to minimize taxable income, Rahul and Ruby will take the standard deduction ✓ in the amount of c . What is their taxable income? $Which of the following cannot claim Input VAT as a deduction against the Output VAT when computing for the VAT payable? a.) VAT-Registrable Taxpayers b.)Mandatory VAT Taxpayers c.)Non-VAT Taxpayers d.)Voluntary VAT Taxpayers
- Which expenses are deductible FOR AGI? Select one: a. Loss on a sale of a personal residence and the standard deduction b. Alimony paid by payor for divorce in 2018 and student loan interest c. Deductions on a sole proprietorship and deductible part of the self-employment tax d. Property taxes on personal residence and student loan interest expenseTaxpayers with large amounts of deductions may claim extra withholding allowances on their Form W-4s? True or FalseQuestion 6: FUTA tax is paid solely by the employer. Answer: A. True В. False