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Dawn, a single, cash method taxpayer, paid the following in the current year: Item Amount Federal income tax (employer withheld) $5,400 State income tax (employer withheld) 2,000 FICA (employer withheld) 3,800 Sales tax on a new car 600 License for new car 70 Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of its FMV and $10 per hundred weight. The car is used 100% of the time for personal purposes. Dawn sold her house in the current tax year on April 15th. The county's property tax on the home for the tax year was $1,850, payable on February 1st of the following year. The county's property tax year is the calendar year. Dawn's AGI for the current tax year is $50,000 and her other itemized deductions exclusive of taxes are $4,000. Required: Solution a. What is Dawn's deduction for taxes in 2010? Note: Show all calculations.
Wrecker Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900). The sales tax law requires Wrecker to collect 4% sales tax on every dollar of merchandise sold
decision on shut down a division.cameron company has recorded the following information about the results of its
The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $2,900 plus $35 per job, and the actual mobile lab operating expenses forFebruary were $4,530.
question bellgrade inc. acquired a 60 interest in hansen company various years ago. during 2012 hansen sold inventory
Record the depreciation for the one-half year prior to the sale, using the straight-line method and record the sale of the equipment.
multiple choice question on fundamentals of accounting.1.nbspall of the following are intangible assets
Which of the following statements best describes the optimal capital structure and Which of the following SHOULD NOT influence a firm's dividend policy decision
Illustrate what is the best estimate for the firm's value of equity, in millions
Compute the average cost per serving at each of the following monthly volumes: 1,500; 2,000; 3,000; and 5,000, and determine the monthly volume at which the average cost per serving is $1.00.
Recent news stories have clearly established that there are increasing instances of cyber-crime that are plaguing major corporations and financial institutions. These crimes have taken many forms, such as: External parties infiltrating corporate IT s..
How would consolidated cost of goods sold have differed if the inventory transfers had been for the same amount and cost, but from Stendall to Edgar?
calculation of share of profits to partners.1. cytex corporation has a foreign subsidiary located in a country
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