Your client is an amateur gambler who loves going to Vegas. During 2019 she recorded the following amounts related to this activity – $12,000 gambling winnings (gross), $19,000 gambling wagers (gross), and $9,000 for airfare, hotels, meals, and whatever else happens in Vegas. Explain briefly what you will do with these “facts and figures” as you prepare your client’s tax return.

You analysis was very helpful to Bozena. She has decided to participate in her company's 401(k) plan. She agrees with your analysis (question 4 in the chapter 6 assignment) and your estimate showing $2,133,202 in her retirement account upon retirement. She asks you if she expects to be in the 10% tax bracket upon retirement, and she wishes to fund a retirement that lasts for 25 years, how much after tax money will she have to spend monthly? She conservatively assumes she will earn 5% on her investments during retirement and withdrawals are made at the end of every month. Enter your answer to the nearest dollar without the dollar sign.

During the 2020 FBT year, Penny borrowed $54683 at 2.5% pa interest from her employer. The loan was to exist for the entire FBT year would be used to pay a deposit on an investment property she was buying.  Before Penny could make any repayments on the loan, her employer informed her that she did not have to repay the loan. Required: Calculate the FBT payable by her employer.

Suppose a wealthy individual approaches you and says, “Because of your outstanding ability to manage money, I am prepared to present you with a tax-free gift of $1,000. If you prefer, however, I will postpone the presentation for a year, at which time I will guarantee that you will receive a tax-free gift of $X.” (For purposes of this example, assume that the guarantee is risk-free.) In other words, you can choose to receive $1,000 today or receive $X 1 year from today. Which would you choose if X equals (1) $1,000, (2) $1,050, (3) $1,100, (4) $1,500, (5) $2,000, (6) $5,000, (7) $10,000, (8) $100,000? Suppose the student is guaranteed to receive $1,100 one year from today, and nothing thereafter, if $1,000 is invested today in a particular venture. What is the return on the student’s investment?

A client turned age 72 on October 1, 2021 and must receive a minimum distribution from his IRA account, which had a value (at the end of the prior year) of $48,000. His spouse, age 63, is the beneficiary of the IRA account. The life expectancy according to IRS tables for ages 72 and 73 use the factors of 25.6 and 24.7 respectively. If the client takes a $1,000 distribution by April 1, 2022 what will be the tax penalty, if any, on the first RMD? $0 $376.00 $437.50 $416.00

Please use microsoft excel for calculations.

Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $206, 000. What are her self-employment tax liability and additional Medicare tax liability for 2022? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.

Matthew purchased his first home in 2021 and the bank required that he pay mortgage insurance premiums of $3,040 which was 1% of his loan of $304,000. Matthew's AGI for 2021 was $106,500. What is Matthew's deduction in 2021 for mortgage insurance premiums? Mortgage insurance premium LA $

Amara is a sole proprietor who operates her business using the cash method of accounting and a calendar year.  Based on the following list, how much income will be reported on her 2023 Schedule C? $10,000 check received January 4, 2024, for a job completed December 20, 2021. $15,000 check received December 29, 2023, for a job completed December 28, 2022, deposited January 5, 2024. $9,500 balance due for work that Amara performed in June 2023.  Amara took her client to small claims court in December 2023, but did not receive any satisfaction. 1) $9.500 2) $15,000 3) $19,500      4) $25,000

Brooke, a single taxpayer, works for Company A for all of 2022, earning a salary of $57,000.