Answered: Anis is single and reports taxable…

Anis is single and reports taxable income of $102,000. His tax liability in 2022 is: OA $15,213 OB. $24,480 OC. $18,316 D.$4.543

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 67P

See similar textbooks

Related questions

Q: Exercise 4-14A (Algo) Allocating a service center cost to operating departments LO 4-6 Perez…

A: COST ALLOCATION When item of cost are Identifiable directly with some products or departments such…

Q: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the rate was 4%…

A: The question is based on the concept of Financial Accounting. When the loan is taken then the…

Q: Ryan Ltd holds a 75% interest in Tully Ltd. On 30 June 2021 Tully Ltd transferred a depreciable…

A: NCI profit stands for non-controlling interest share of profit and refers to the percentage of…

Q: Finch Company is considering the replacement of some equipment and the potential replacement…

A: A replacement decision refers to a business decision where a company must decide whether to replace…

Q: Transactions for the Oleg Thorn Company for the month of June are presented as follows. June 1 2 3…

A: Increase in capital is credited. Increase in assets will be debited and decrease in assets is…

Q: What amount should Goodensnake Ranch record as payroll tax expense?

A: To calculate the payroll tax expense, we need to calculate the various taxes that apply to the…

Q: Pound Industries’ customer service department follows up on customer complaints by telephone…

A: Calls related to retail division = 15,700 - 3,150 = 12,550 calls

Q: For financial reporting. Clinton Poultry Farms has used the declining-balance method of depreciation…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Required: Prepare an entry to allocate the over- or underapplied overhead.

A: The overhead is applied to the production on the basis of predetermined overhead rate. The…

Q: Moore Hardware mass produces hardware products such as hammers, screwdrivers, etc. They have a one…

A: In process costing, the notion of equivalent unit of production (EUP) is used to translate the…

Q: During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of…

A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: the adjusted trial balance of skysong at december 31 shows inventory $24,600, Sales Revenue…

A: Closing entries are used to close the temporary accounts. These are expense revenue accounts. The…

Q: Prepare a sales budget for PUMA outlet. Sales unit for Jan is 10000 at $200/unit Sales is expected…

A: SALES BUDGET Sales Budget is the quantitative & Financial statement of Sales, Prepared prior to…

Q: James's Televisions produces television sets in three categories: portable, midsize, and…

A: The question is based on the concept of Cost Accounting. The last-in-first-out method is also known…

Q: Grouper Company lost most of its inventory in a fire in December just before the year-end physical…

A: Lets understand the basics. When inventory gets damaged due to fire then loss due to fire needs to…

Q: Gg.92.

A: An entity has two options to measure its investment. Cost Method. Equity method.

Q: Problem: Module 6 Textbook Problem 2 Learning Objective: 6-1 Identify the characteristics of…

A: Opportunity cost refers to the value of the next best alternative that must be given up or…

Q: View Policies Current Attempt in Progress The following information is available for Martinez…

A: Adjusting entries refers to a set of journal entries recorded at the end of the accounting period to…

Q: EXCEL 45. LO.4 (ABC) Outdoor Teos makes umbrellas, gazebox, and chaise lounges. The pany uses a…

A: Activity Based Costing: The activity-based costing (ABC) technique identifies an organization's…

Q: ! Required information [The following information applies to the questions displayed below.] At…

A: Ending balance in allowance for doubtful accounts = Accounts receivable*5% Net realizable value of…

Q: Required: 1. Determine the company's cost of technical support per customer service call. 2. During…

A: Introduction:- ABC costing means Activity based costing. It is used to allocation of manufacturing…

Q: A company has set a safety cash balance of $6 000. The standard deviation of the daily cash balance…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: Lovell Variety Seeds mass produces wildflower seed packs. Relevant information used for the process…

A: First, let's calculate the total cost of the units started during the period: Total Cost = Beginning…

Q: Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period…

A: LIFO stands for “Last-In, First-Out”. It is a method used for cost flow assumption purposes in the…

Q: Mary purchased a residence this year in 2022. Mary, age 32, is a single pares

A: From the $ sign it is clear that the tax jurisdiction is USA and hence we will…

Q: Crane Co. had 195000 shares of common stock, 19300 shares of convertible preferred stock, and…

A: The question is based on the concept of Financial Accounting. EPS is calculated by dividing the…

Q: Case 1: Austin works as a sales representative and travels extensively for his employer's business.…

A: Taxable income is the income earned during a year and if the income earned is above the specified…

Q: October. Sales (8,800 units) Variable expenses Contribution margin Fixed expenses NOI the company…

A: Operating income is the income available after deductions of variable cost and fixed cost from the…

Q: The Bingabong CPA firm is swamped with work and is considering doing some outsourcing of tax work to…

A: CPA stands for Certified Public Accountant. A CPA is a licensed accounting professional who has met…

Q: On January 1, Year 1, Marino Moving Company paid $48,000 cash to purchase a truck. The truck was…

A: Depreciation Expense: Depreciation Expense is a expense charged to assets of the company. It is…

Q: Current Attempt in Progress Crane was reviewing his company's activities at the end of the year…

A: Accounting equation :— This equation shows how assets, liabilities and owner's equity are related to…

Q: need help fixing where its red Required information P6-7 (Algo) (Supplement) Recording Sales,…

A: Accounts receivables refer to that amount which is yet to be received from the customers to whom…

Q: Oriole Company expects to produce 1,260,000 units of product XX in 2022. Monthly production is…

A: Flexible budget : It is the budget prepared for various levels of activity by classification of…

Q: (4) Two unrelated individuals, Aaron & Burr, own the stock of ABC Corporation. ABC redeems all of…

A: (a) In this case, as ABC Corporation is redeeming all of Aaron's stock, it would be considered a…

Q: Cranshaw Business Services (CBS) operates an information technology (IT) consulting firm out of two…

A: Allocated costs in accounting refer to the process of assigning or apportioning indirect costs to…

Q: The balance sheet of Consolidated Paper, Inc., included the following shareholders’ equity accounts…

A: The stockholders' equity section shows the owners' claim on the assets, it includes common shares,…

Q: A manufacturer uses machine hours to assign overhead costs to products. Budgeted information for the…

A: Activity-based costing is used to allocate overhead expenses on the basis of activity. Other than…

Q: On the basis of the data shown below: Inventory Quantity Cost per Unit 1,700 $163 Dove 23 9,200 30…

A: The ending inventory comprises the goods that are finished but not sold yet. Using lower of cost or…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Under variable costing the unit product cost consists of cost incurred in the factory for production…

Q: During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing…

A: First In, First Out, generally known as FIFO, is a valuation technique in which assets created or…

Q: Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post…

A: Journal entries recording is initial step in accounting cycle process under which atleast one…

Q: The following selected transactions relate to investment activities of Ornamental Insulation…

A: Debt securities are referred to as those financial instruments which are bought by investors,…

Q: Analyzing Income under Absorption and Variable Costing Variable manufacturing costs are $102 per…

A: a. To calculate the difference in absorption costing operating income between the two production…

Q: The research, based on 63 patients, showed the following regression results: R-squared: 56%…

A: According to the regression model, It's important to note that this is an estimate based on the…

Q: Harding Company is in the process of purchasing several large pieces of equipment from Danning…

A: Present value is the sum of money that must be invested in order to achieve a specific future goal.…

Q: Sales ( $63 per unit) Cost of goods sold ($29 per unit) Gross margin Selling and administrative…

A: Absorption costing entails allocating fixed overhead costs to all units produced for an accounting…

Q: In the month of June, a department had 20800 units in beginning work in process that were 75%…

A: Under weighted average method of process costing for calculating the equivalent units of production…

Q: Under which of the following circumstances may member May charge a client a contingent fee? Group…

A: The general rule is that CPAs are not allowed to charge contingent fees for tax services, there is…

Q: 6.6% coupons. You hold the bond for four years, an ell it immediately after receiving the fourth…

A: Bonds are source of finance for the companies and bonds are paid annual coupon payments and par…

Q: The calculated variable cost per unit of S1 High Level of activity is: 1,182 units and $6,286 cost…

A: Total cost is an economic metric used to determine the expenses incurred to create a good, purchase…

Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Sh2

Please hell me

Solution

Thankyou

QuestiVIE
Anis is single and reports taxable income of $102,000. His tax liability in 2022 is:
O A $15,213
OB. $24,480
OC. $18,316
OD. $4,543

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

B Corporation, a calendar year-end, accrual basis taxpayer, is owned 75 percent by Bonnie, a cash basis taxpayer. On December 31,2019, the corporation accrues interest of $4,000 on a loan from Bonnie and also accrues a $15,000 bonus to Bonnie. The bonus is paid to Bonnie on February 1,2020; the interest is not paid until 2021 . How much can B Corporation deduct on its 2019 tax return for these two expenses? $0 $4,000 $15,000 $19,000 $12,000
During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?
Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2019? $26,000 $27,000 $29,000 $32,000
During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________