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- For each of the following, determine the amount that should be included in gross income: a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of 60,000. Peyton did not need the automobile, so he asked that the title be put in his parents names. b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for 1,400,000, Jacob said, I do not need the money. Give it to the United Nations to use toward the goal of world peace. c. Linda won the Craig County Fair beauty pageant. She received a 10,000 scholarship that paid her 6,000 for tuition and 4,000 for meals and housing for the academic year.Kristian purchased a new home for $200,000. He put down $50,000 in cash and took out a mortgage for the rest. At the time of closing, he also paid $1,000 for title insurance, $500 in recording fees, and the bank required that he place $2,500 in an escrow account for property taxes. What is the basis of the home?The Johnson household has compiled the following financial information. They live in a house that has lost some of its market value due to zoning changes nearby; the best estimate for their house’s worth is $150,000. While the Johnsons still owe $160,000 on their mortgage, they make payments of $1,200 each month. Groceries cost the family approximately $1,000 per month. The Johnsons also have a car (valued at $9,000; with loan balance of $10,870; monthly payments of $297), an SUV (valued at $15,900; with loan balance of $20,560; monthly payments of $498), and a boat (valued at $500; with loan balance of $2,210; monthly payments of $153). They have roughly $5,000 of furniture that includes mattresses, a couch, beds, an entertainment center, and several other items (they still owe about $1,670 on these items). Mr. Johnson is an avid baseball fan and has a card collection worth $1,400. Their credit card debt totals $15,000 with monthly payments of $485. To fund their higher education, the…
- Gabrielle owns the following major assets: $280,000 house, $10,000 car, $70,000 in a Roth IRA, and $20,000 in a savings account. She owes $70,000 on her mortgage, the car is paid off, and she does have not credit card debt. Gabrielle is 32 years old and makes $67,000 a year as a professional photographer & Web designer. Calculate her net worth. O $310,000 O $140,000 O $280,000 O $377,000Ted Riley owns a Lexus worth $42,000. He owns a home worth $320,000. He has a checking account with $500 in it and a savings account with $2,400 in it. He has a mutual fund worth $114,000. His personal assets are worth $94,000. He still owes $21,300 on his car and $192,000 on his home, and he has a balance on his credit card of $2,100. What is Ted’s net worth?The severson family owns a house worth $280,000, of which they still owe $113,545 on the mortgage. They also own two cars, one worth $5,200 and the other worth $15,600. They still owe $9,200 on one of the car loans. They have $2,300 in credit card debt and owe $18,200 for their daughter’s wedding. What is their net worth? A $157,555 B $162,155 C $143,245 D $300,800
- Freddie owns an electronics outlet in Houston. This year, he paid $600 to register for a four-day course in management in Oklahoma City. Freddie paid $800 in airfare and $1,000 for five nights' lodging. After the course, Freddie spent the last day sightseeing. During the trip, Freddie also paid $140 a day for meals, and $80 a day for a rental car. What amount of these travel expenditures may Freddie deduct as business expenses?Ted owns a car worth $40,000. Owns home worth $275,000, Checking acct with $800, Saving Acct with $1,900, mutual fund worth $110,000. Personal assets worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and has balance on credit card of $1,600. What's Ted net worth?When Deborah purchased her home for 310,000 she put down a deposit of 8% besides her original purchase she paid $24,800 in principal. Her house is currently worth 326,500 how much equity does Mabel have in her house today?
- Melanie is employed full-time as an accountant for a national hardware chain. She recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows: Real property taxes $3,600 Interest on home mortgage 3,800 Operating expenses of home 900 Melanie's residence cost $350,000 (excluding land) and has living space of 2,000 square feet, of which 20% (400 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $800 for 2019. Assume there is sufficient net income from her consulting practice. Round deprecation to the nearest dollar. a. What amount can Melanie claim this year for her office in the home deduction under the Regular Method? b. What is Melanie's office in the home deduction under the…Melanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows: Real property taxes $5,000 Interest on home mortgage 6,000 Operating expenses of home 1,250 Melanie's residence cost $412,000 (excluding land) and has living space of 2,000 square feet, of which 28% (560 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $500 for 2019. Assume there is sufficient net income from her consulting practice. a. What amount can Melanie claim this year for her office in the home deduction under the Regular Method?$ b. What is Melanie's office in the home deduction under the Simplified Method?$