Tax return and gross income

Assignment Help Accounting Basics
Reference no: EM13151970

Richard and Alice Kelley lived apart during 2009 and did not file a joint tax return for the year. Under the terms of the written separation agreement they signed on July 1, 2006, Richard was required to pay Alice $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2009. Assuming that Alice has no other income, her tax return for 2009 should show gross income of:

a. $0

b. $5,400

c. $10,800

d. $12,600

Reference no: EM13151970

Questions Cloud

Current stock price what would be the dividend yield? : Currently Chester is paying a dividend of $16.10 (per share). If this dividend were raised by $3.64, given its current stock price what would be the Dividend Yield?
Calculate the ph of the final solution : A buffered solution is made by adding 50.9 g NH4Cl to 1.00 L of a 0.75 M solution of NH3. Calculate the pH of the final solution. (Assume no volume change.)
How many products are formed in the reaction : How many products are formed in this reaction? Which of the products are triatomic molecules? How many of the substances involved in this reaction are compounds?
Calculate the mass of solid iron produced : In a reaction, 82.00 g of sodium reacts with 74.00 g of ferric oxide to form sodium oxide and iron metal. Calculate the mass of solid iron produced
Tax return and gross income : He made 12 such payments in 2009. Assuming that Alice has no other income, her tax return for 2009 should show gross income of:
Calculate the amount of pv work done : The addition of H2 to C=C double bonds is an important reaction used in the preparation of margarine from vegetable oils.
What impact are these events expected to have on the economy : What do they perdict will happen to labor market participation rates in the comming years? What impact are these events expected to have on the economy's potential GDP and why?
What symbol is used in a chemical equation to represent : What symbol is used in a chemical equation to represent the following phrases? Select the symbol in blue and drag it into the appropriate bin
Calculate average value for random sample of rectangles : Choose at random one of the random sample averages of 5 rectangles. Calculate the average value for a random sample of 20 rectangles.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Government-wide changes in net assets

The government-wide changes in net assets would be displayed as ??

  Revenue principle stating revenue

The revenue principle states that revenue should be recognized at a point when:

  Prepare a 2011 statement of stockholders equity

The Cleaning Authority provides janitorial services for commercial customers. On December 31, 2010, the credit balance of the Common Stock and Retained Earnings accounts were $12,000 and $5,500, respectively. During 2011, the company issued $4,200..

  Tax treatment legislation on employee disposable income

Explain the impact of tax treatment legislation on employee disposable income and employer profits.

  Impairment in value prior to transfer

Assuming no impairment in value prior to transfer, assets transferred by a parent company to another entity it has created should be recorded by the newly created entity at the assets:

  Gross profit (loss) recognition

Requirement 1 ($ in millions) 2011 2012 2013 Contract price $340 340 340 Actual costs to date $70 150 200 Estimated costs to complete $150 90 0 Total estimated costs $220 240 200 Estimated gross profit (actual in 2013) $ 120 100 140

  What makes a contribution income statement unique

What makes a contribution income statement unique? Discuss how a contribution income statement could be used to improve planning in a company.

  What are the auditing procedures green

What are the auditing procedures Green should consider performing to gather evidence concerning subsequent events?

  Determine the tax consequences of entity given

Amber has a 20% ownership interest in an entity for which she initially contributed $100,000. She is one of the original owners of the business. None of the owners are related. During the life of the business, the following have occurred:

  Net operating income-operating assets

Last year, the House of Orange had sales of $826,650, net operating income of $81,000, and operating assets of $84,000 at the beginning of the year and $90,000 at the end of the year. What was the company's turnover rounded to the nearest tenth?

  Compute the new current ratio

Suppose that at the end of 2010, the Lancer Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. Compute the new current ratio?

  Investment in common stock of keller corporation

You are considering an investment in the common stock of Keller Corp. The stock is expected to pay a dividend of $2 a share at the end of the year (D1 = $2.00).

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!

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