Tina Li DQ #2-7‚ 2-9‚ 2-10‚ 2-11‚ 2-21 Problems #2-30‚ 2-42‚ 2-44‚ 2-49‚ 2-50‚ 2-52‚ 2-60 7. A) What determines who must file a tax return? Who must file is determined by an individual’s filing status‚ age‚ and earnings (income) they received that year. B) Is an individual required to file a tax return if he or she owes no tax? Yes‚ they are still required to file a tax return if they must file‚ even if he/she owes no tax. 9. Tax rules are often very precise. For example‚ a taxpayer must
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1. Filing Status: Married filing jointly 2. Self-Employment Income Income from consulting practice 12‚000 Expenses: Travel 850 Postage 600 Office supplies 500 Client lunches (780 x 50%) 390 Depreciation – old computer using half-year convention: (1‚800 x 11.52% x ½ ) 104 Depreciation – new laptop using mid-quarter convention: (1‚200 x 5%) 60 2‚504 Self-employment income 9‚496 3. Self-Employment Tax and Deductible Portion of
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This Product Contains Sensitive Taxpayer Data Request Date: 08-14-2014 Response Date: 08-14-2014 Tracking Number: 100209020915 Tax Return Transcript SSN Provided: 301-02-8897 Tax Period Ending: Dec. 31‚ 2013 The following items reflect the amount as shown on the return (PR)‚ and the amount as adjusted (PC)‚ if applicable. They do not show subsequent activity on the account. SSN: SPOUSE SSN: 301-02-8897 293-04-1540 NAME(S) SHOWN ON RETURN: ABDI SANYARE & AMINO DIRIYE ADDRESS: 2168 ALBERT AVE APT
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specifically allowed as itemized deductions by the tax law are nondeductible. ANS: T Only those personal expenditures that are allowed by the tax law are deductible as itemized deductions. PTS: 1 REF: p. 10-2 2. The election to itemize is appropriate when total itemized deductions are less than the standard deduction based on the taxpayer’s filing status. ANS: F The election to itemize is appropriate when total itemized deductions exceed the standard deduction based on the taxpayer’s
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Purchasing a Home Buying a house for most is the American dream‚ but with today’s economy many people are unsure if the dream can be obtained. The main concern for most people would be the financial responsibility. Many people believe that the financial responsibility is overwhelming and they are just not ready. Although some people believe they are not financially ready to purchase a home‚ buying a house is a better option than renting an apartment for three main reasons. First‚ becoming a first
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[pic] GUIDE FOR INTERACTIVE FORMS BIR FORM NO. 1702: ANNUAL INCOME TAX RETURN FOR CORPORATION‚ PARTNERSHIP AND OTHER NON-INDIVIDUAL TAXPAYER |Script | |Open the form. | |For Form 1702: Annual Income Tax Return for Corporation‚ Partnership
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False RATIONALE: Deductions are a matter of legislative grace. The only deductions allowed are those specifically provided for by statute‚ rulings‚ etc. 2. Mitch is in the 28% tax bracket. He may receive a different tax benefit for a $2‚000 expenditure that is classified as a deduction from AGI than he will receive for a $1‚000 expenditure that is classified as a deduction for AGI. a. True b. False ANSWER: True RATIONALE: The value of the tax benefit to Mitch for the deduction from AGI may
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refund of state income taxes that they paid last year. How much of the refund‚ if any‚ must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $11‚600. a. b. c. Last year L. A. and Paula had itemized deductions of $10‚200‚ and they chose to claim the standard deduction.
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17 Main Line of Business Legally Separated 16 Filing Status Widow/er Joint Filing 18 PSIC Itemized Deduction 20 Method of Deduction [Sec. 34 (A-J)‚ NIRC] 21 Method of Accounting Cash 22 Income Exempt from Income Tax? Accrual Yes No If Yes‚ fill up also Mandatory Attachments PER ACTIVITY (Part X). 24 Claiming Additional Exemptions? Yes Separate Filing 19 PSOC Optional Standard Deduction (OSD) 40% of Gross Sales/ Receipts/Revenues/Fees [Sec. 34(L)‚ NIRC‚ as amended by R.A. 9504] Others
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| | | | | | | | | | | Assignment 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3.31 | | | | | | Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $12‚250 and four exemptions. Assuming an adjusted gross income of $40‚000‚ what is their taxable income for 2012? | | | | | | | | | | | | | (40‚000 - 12‚250) - (3‚800 x 4) | | | | | | | | | | 12550 | | |
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