Shaun amp kayla earned the following in 2013 interest on a

Assignment Help Accounting Basics

Reference no: EM13480433

1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction?

2. Which of the following items would be excluded from income? (a) $100 bill found under the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother valued at $5,000. (c) Loan from your father-in-law to start your business, (d) Child Support received totaling $16,500.

3. Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return?

4. Explain what a Cafeteria Plan is (hint: it has nothing to do with what you eat between classes :-)

Reference no: EM13480433

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