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Martin Albert, married filing jointly with two dependent children, now living in Virginia, received $115,000 in salary in 2009. Martin worked in Mexico from Jan 1, 2008 to February 15, 2009. His $115,000 salary for 2009 includes $16,000 he earned for Jan and one-half of Feb while working in Mexico. Withholding for federal income tax was $10,750. The amounts withheld for FICA tax were as follows: $6,622 for Social Security, and $1,668 for Medicare. Itemized deductions total $13,800.
What amount of the $16,000 earned in Mexico is excludable under the foreign earned income exclusion.
Do you agree with the legal principle of "Innkeepers Strict Liability" rule in relation to lost or stolen property?
Booth Financial Services, LLC has two revenue producing departments, Financial Planning and Business Consulting. The accounting department is trying to determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception ..
An S corporation has both voting and non-voting stock. What effect does this differentiation in voting rights have on S corporation eligibility and on shareholder pro rata share of corporate tax items?
Candi purchased a 10 percent limited partnership interest in rental property for $30,000. The partnership has a $1,300,000 mortgage that is secured by the building.
Assume that Corporation X has 20,000 shares of $10 par value cumulative 6% preferred stock and 5,000 shares of common stock outstanding. No dividends were paid in 2009 and 2010. In 2011, the board of directors declares dividends of $50,000. What i..
breakeven analysis and target profit taxes - patterson parkas companys sales revenue is 30 per unit variable costs are
If a fixed asset, such as a computer, were purchased on January 1st for $1,950 with an estimated life of 3 years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is:
abc earned a net profit margin of 5 last year and had an equity multiplier of 3.5. if its total assets are 93 million
The Winnipeg Chemical Company uses flexible budgets and a standard cost system. Prepare an analysis of all variances
An appraisal showed that the fair market value of inventory was $300,000 and that the fair market value of the plant assets was $1,250,000. The fair market value of the receivables is equal to book value. The agreed purchase price was $2,200,000 m..
Carter Corporation had net income of $250,000 and paid dividends of $50,000 to common stockholders and $20,000 to preferred stockholders in 2008.
a traveling circus puts on 120 performances per year. each performance sells 1000 tickets at 45 per ticket. the circus
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