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Standard Deduction:
The standard deduction is the direct exclusion of specific expenses from the taxpayers' income that substantially reduces a portion of income and subsequently income tax. Taxpayers have alternatives to the standard deduction and itemized deductions.
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- LO.2 What is the taxpayers gross income in each of the following situations? a. Darrin received a salary of 50,000 from his employer, Green Construction. b. In July, Green gave Darrin an all-expense-paid trip to Las Vegas (value of 3,000) for exceeding his sales quota. c. Megan received 10,000 from her employer to help her pay medical expenses not covered by insurance. d. Blake received 15,000 from his deceased wifes employer to help him in his time of greatest need. e. Clint collected 50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wifes employer.LO.2 Determine the effect on gross income in each of the following cases: a. Eloise received 150,000 in settlement of a sex discrimination case against her former employer. b. Nell received 10,000 for damages to her personal reputation. She also received 40,000 in punitive damages. c. Orange Corporation, an accrual basis taxpayer, received 50,000 from a lawsuit filed against its auditor who overcharged for services rendered in a previous year. d. Beth received 10,000 in compensatory damages and 30,000 in punitive damages in a lawsuit she filed against a tanning parlor for severe burns she received from using its tanning equipment. e. Joanne received compensatory damages of 75,000 and punitive damages of 300,000 from a cosmetic surgeon who botched her nose job.Problem 3-8Transportation (LO 3.3) Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming Martha uses the standard mileage method, how much is her deductible auto expense for the year? a. The deductible business auto expense is $. b. Where in her tax return should Martha claim this deduction? The expense should be deducted on Martha's .
- Comprehensive Problem 1-1A Maria Tallchief is a single taxpayer, age 27 (birthdate May 18, 1994) living at 543 Space Drive, Houston, TX 77099. Her Social Security number is 466-33-1234. For 2021, Maria has no dependents, and received a W-2, from her job at a local restaurant where she is a cashier. These wages are Maria's only income for 2021. Maria received a $1,400 EIP in 2021. Required:Complete Form 1040 for Maria Tallchief for the 2021 tax year. If there is an over-payment, she would like a refund. She wants to donate $3 to the Presidential Election Campaign Fund. The election to donate does not affect tax liability in any way. Maria has health care coverage for the full year. Enter all amounts as positive numbers. If an amount box requires no entry or the amount is zero, enter "0". If required, round amounts to the nearest dollar. Maria's W-2, from her job at a local restaurant where she parks cars, contains the following information: a Employee's social security number…Transportation (LO 3.3) Teresa is a self-employed civil engineer who uses her automobile for business. Teresa drove her automobile a total of 11,965 miles during 2020, of which 80% was business mileage. The actual cost of gasoline, oil, depreciation, repairs, and insurance for the year was $6,440. Teresa is eligible to use the actual or standard method. If required, round your answers to the nearest dollar. a. How much is Teresa's transportation deduction based on the standard mileage method?$fill in the blank f77e440a8016001_1 b. How much is Teresa's transportation deduction based on the actual cost method?$fill in the blank 4eb51bfe9039fc8_1 c. Which method should Teresa use to calculate her transportation deduction? Since the method yields the larger deduction, Teresa should use the method to determine her deduction.Question 40 Grace is a self employeed sales consultant who spends significant time entertainment potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following expenses in the current year: meals where business was conducted $5000 Greens fees (all fees) 500 tickets to baseball games (all business) 500 country cup dues (all business use) 6000 what are the tax-deductible meals and entertainment expenses Grace May claim in the current year? $ on which tax form should she claim the deduction?
- Question 1 (1 point) Chad and Jason Roberts paid $8,500 during the year for childcare for their three children, aged 2, 6 and 11. Chad’s annual salary was $12,000 and Jason’s annual salary was $42,000. Chad can deduct the $8,500 paid from his income. Question 1 options: a) True b) False Question 2 (1 point) The entire amount of retiring allowance received must be included in income, even if some part of the allowance was transferred to an RRSP. Question 2 options: a) True b) False Question 3 (1 point) Saved The amount earned in a Tax Free Savings Account (TFSA) is not subject to taxation; however, the withdrawals from a TFSA are taxed in the hands of the recipient. Question 3 options: a) True b) False Question 4 (1 point) All…Hello! I need help with this problem. The first one is good, but the rest are wrong. Thank you for helping me. Problem 2-21 (LO. 1) Purple Company has $200,000 in net income for 2018 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,000 standard deduction for 2018. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2018 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate tax computations to the nearest cent and then round your final tax liability to the nearest dollar. a. If Purple Company is a proprietorship and Kirsten withdraws $50,000 from the business during the year; Kirsten claims a $40,000 deduction for qualified business income ($200,000 × 20%). Kirsten's taxable income is$, and her…Activity 3 Use the following information for the next two questions. Write your answer on a separate sheet of paper. Mr Danny earns the following business income in a taxable year. Sales P 3,900,000 Sales returns and discounts 100,000 Inventory, beg. 30,000 Purchases 1,800,000 Operating expenses (itemized deductions) 780,000 Inventory, end. 80,000 1. How much is the tax due if Mr Danny chose the option to use the itemized deductions? _____________ 2. How much is the tax due if Mr Danny chose the option to use the optional standard deduction? _____________ Assessment 3 Use the following information
- B 12. Susan works part-time with an accounting firm while she completes her accounting degree. She hopes to then be offered a full-time position. She also does some waitressing to supplement her income while studying. Which of the following are deductible to Susan under s8-1? Select one: 1 Purchase of a black skirt and white shirt as required for her waitressing job. 2 Cost of travel from home to her accounting job. 3 Cost of travel from her accounting job to her waitressing job. 4 Purchase of suits as required by her accounting firm.#4-4A – LO 3 Eaton enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee: i have asked this question 4 times and keep getting answer to another problem. Can you assist? Hal Bower married 1 withholding allowance paid weekly wage $1,350 amount to be withheld?Ay 2 Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that time, he earned $80,000 of self-employment income. On April 1, 2022, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Incorporated From April through the end of the year, Kyle earned $158,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? Note: Round your intermediate calculations to the nearest whole dollar amount.
