Reference no: EM13850466
1. Lebron received $50,000 of compensation from his employer and he received $400 of interest from a municipal bond. What is the amount of Lebron's gross income from these items?
a. $0
b. $50,400
c. $50,000
d. $400
2. Madison's gross tax liability is $9,000. Madison had $3,000 of tax credits available and she had $8,000 of taxes withheld by her employer. What is Madison's taxes due (or taxes refunded) with her tax return?
a. $0 taxes due and $0 tax refund
b. $6,000
c. $2,000
d. $1,000
3. Fran purchased an annuity that provides $12,000 quarterly payments for the next 10 years. The annuity was purchased at a cost of $300,000. How much of the first quarterly payment will Fran include in her gross income?
a. $32,400
b. $4,500
c. all of these
d. $12,000
e. $7,500
4. Charlotte is the Lucas family's 22-year-old daughter. She is a full-time student at an out-of-state university but plans to return home when the school year ends. During the year, Charlotte earned $4,000 of income working part-time. Her support totaled $30,000 for the year. Of this amount, Charlotte paid $7,000 with her own funds, her parents paid $14,000, and Charlotte's grandparents paid $9,000. Which of the following statements most accurately describes whether Charlotte's parents can claim a dependency exemption for Charlotte?
a. Yes, Charlotte is a qualifying child of her parents.
b. No, Charlotte fails the support test for both qualifying children and qualifying relatives.
c. No, Charlotte does not pass the gross income test.
d. Yes, Charlotte is a qualifying relative of her parents.
5. Jasmine and her husband Arty have been married for 25 years. In May of this year, the couple divorced. During the year, Jasmine provided all the support for herself and her 22-year-old child Dexter who lived in the same home as Jasmine for the entire year. Dexter is employed full-time, earning $29,000 this year. What is the Jasmine's most favorable filing status for the year?
a. single
b. surviving spouse
c. married filing separately
d. head of household
6. Lydia and John Wickham filed jointly in year 1. They divorced in year 2. In late year 2, the IRS discovered that the Wickham's underpaid their year 1 taxes by $2,000. Both Lydia and John worked in year 1 and received equal income but John had $2,000 less tax withheld than did Lydia. Who is legally liable for the tax underpayment?
a. John
b. Neither Lydia nor John
c. both lydia and john
d. Lydia
|
Problem regarding the working capital policy
: Payne products sales last year were an anemic $1.6 million, but with an improved product mix it expects sales growth to be 25% this year, and Payne would like to determine the effect of various current asset policies on its financial performance. ..
|
|
Pessimistic durations and immediate predecessors
: 1. A series of activities must be completed in a coordinated fashion to complete a landscaping overhaul. The following table shows the activities their optimistic, most likely and pessimistic durations and their immediate predecessors
|
|
Tax rate schedule-how much gain is included in gross income
: Scot and Vidia, married taxpayers, earn $184,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule). This year, Fred and Wilma sold their home (sales price $750,000; cost $200,000). Al..
|
|
Identify a good of the sort that utilitarian seems to need
: What does Mill identify as the good, and does it have these characteristics? What about Singer? What good does he seem to be referring to and does it have these characteristics? What implications would there be if we can't identify a good of th..
|
|
Legally liable for the tax underpayment
: Lebron received $50,000 of compensation from his employer and he received $400 of interest from a municipal bond. What is the amount of Lebron's gross income from these items? Lydia and John Wickham filed jointly in year 1. They divorced in year 2. I..
|
|
Weights for the weighted average cost of capital
: The comptroller currently finds the weights for the weighted average cost of capital (WACC) from information from the balance sheet shown in Table 2. Compute the book value weights that the comptroller currently uses for the company's capital stru..
|
|
Write reflection paper discussing your scores on the scales
: Write a short paper 3-5 page reflection paper discussing your scores on the scales and what you learned about yourself. Explain how this behavior can hinder you in the future if not mitigated now; how might this behavior effect your organization; ..
|
|
Design a marketing plan for 3m australia
: Marketing mix strategy by looking at the various marketing theories taught this term. The challenge is to think outside the box and create a plan that is feasible for the brand - Marketing Plan for a company - the specific case study.
|