User Account

All Pages

Determine john tax owed or tax refund

Assignment Help Accounting Basics
Reference no: EM132007094

Question - John Jones is unmarried with no dependents. During the year he sold common stock in the following companies:

Company Date acquired Cost Date sold Sales price

540 shs Salad, Inc 05/07/2013 $11,175 02/17/2014 $12,345

140 shs Greed Corp. 04/21/2005 $6,458 09/09/2014 $6,085

700 shs XYZ Corp 12/11/1998 $17,750 12/12/2014 $23,024

John carried over a long-term capital loss of $3,500 from 2013. His taxable wages were $65,993 in 2014. His employer withheld $8,825 for federal taxes. John's only other items of gross income during the year were $756 of bank interest and $450 of state bond interest.

Although he is an active participant in his employer's 401(k) plan, in November he contributed $2,500 to his traditional IRA.

Determine John's tax owed or tax refund for 2014.

Reference no: EM132007094

Questions Cloud

Compute net sales for the two months ended august : Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31
What happens to future values : 1. As you increase the length of time involved, what happens to future values?
Why was this small neighborhood bank indicted : If you were an officer of the bank, what if anything, would you have done differently? Be specific and use examples from the film.
Annual percentage rate and effective annual rate : - What is the difference between the annual percentage rate and effective annual rate?
Determine john tax owed or tax refund : John carried over a long-term capital loss of $3,500 from 2013. Determine John's tax owed or tax refund for 2014
Maturity on a comparable-risk bond : The coupon rate is 8% and the market's required yield to maturity on a comparable-risk bond is 12%.
Prepare the journal entry for the equipment at december : Prepare the journal entry for the equipment at December 31, 2015. The fair value of the equipment at December 31, 2015
Which has the greater effect on the overall economy : Does the shifting of the demand curve to the right or the shifting of the supply curve to the left have the greater long-range economic effect? Why?
What annual interest rate must be obtained to accumulate : What annual interest rate must be obtained to accumulate $32,023 in 8 years on an investment of $12,250 with quarterly compounding?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much of the expert''s salary should be allocated to tents

How much of the expert's salary should be allocated to tents produced in January and February

  Determine the amount of net operating income

Determine the amount of net operating income that would result for a hospital whose payer mix and expected volume (100 cases) is as follows:

  Home company manufactures tables with vinyl tops the

home company manufactures tables with vinyl tops. the standard material cost for the vinyl user per type-r table is

  Annual advantage-disadvantage of accepting outside supplier

Prepare a make or buy analysis showing the annual advantage or disadvantage of accepting the outside supplier's offer.

  Cycloalkanes with molecular formula

Draw the structure(s) of the cycloalkanes with molecular formula C6H12 that have a 5-membered ring.

  In october 2010 rojo incs production was 53600 equivalent

in october 2010 rojo inc.s production was 53600 equivalent units for direct material 48800 equivalent units for direct

  Par-value common shares

1. On January 2, 2011, Mize Co. issued at par $300,000 of 9% convertible bonds. Each $1,000 bond is convertible into 30 shares. No bonds were converted during 2007.

  Profit and loss

The accompanying is the Trading & Profit & Loss A/c of X Ltd.

  Government reporting agencies

Why is it difficult to develop accounting reporting categories that are uniform for governments within the same type of entity (e.g. cities) and even more difficult to develop them for governments within different types of entities

  Calculate return on common stockholders equity

On January 1, 2017, Vahsholtz Corporation purchased 5,000 shares of treasury stock. Other information regarding Vahsholtz Corporation is provided as follows.

  What would be the impact on net income and cash flow if the

butterfly tractors had 15.50 million in sales last year. cost of goods sold was 8.30 million depreciation expense was

  Percentage of direct labor costs

The work-in-process inventory account of a manufacturing company shows a balance of $3,000 at the end of an accounting period. The job-cost sheets of the two incomplete jobs show charges of $500 and $300 for direct materials, and charges of $400 a..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd