User Account

All Pages

Computation, Taxation

Assignment Help:
"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''''s Social Security number is 111-11-1111. Beulah''''s Social Security number is 123-45-6789, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304.

Alfred was divorced from Sarah Old in March 2009. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah''''s death, whichever occurs first. Alfred pays Sarah $15,000 in 2011. In addition, in January 2011, Alfred pays Sarah $50,000, which is designed as being for her share of the martial property. Also Alfred is responsible for all prior year''''s income taxes. Sarah''''s Social Security number is 123-45-6788.

Alfred''''s salary for 2011 is $150,000, and his employer, Cherry, Inc. (Federal I.D. No. 98-7654321), provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The following amounts were withheld for FICA taxes: $4,486 ($106,800 × 4.2%) for Social Security and $2,175 ($150,000 × 1,45%) for Medicare.

Beulah recently graduated from law school and its employed by Legal Aid Society, Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives a salary of $40,000×4.2%) for Social Security and $580 ($40,000 × 1.45%) for Medicare.

Beulah has $2,500 in qualified dividends on Yellow Corporation stock she inherited. Alfred and Beulah receive a $1,900 refund on their 2010 state income taxes. They itemized deductions on their 2010 Federal income tax return (total = $15,000). Alfred and Beaulah pay $4,500 interest and $1,450 property taxes on their personal residence in taxes of $1,400 for which they maintain the receipts.

Related Discussions:- Computation

TRANSFER PRICING, WHAT ARE THE ADVANTAGES

WHAT ARE THE ADVANTAGES

., Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the followin...

Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the following remuneration package with ABC: • salary of $300,000; • Payment of Alan''s mobile phone bill ($220 per mont

1040 Project in Tax Individuals US, Hi Dear, Could you please do my Proj...

Hi Dear, Could you please do my Project in Tax individuals class ..!! and I attached the all Instructions. Thank you

Income tax and investment calculator, Income Tax and Investment Calculator ...

Income Tax and Investment Calculator Your task is to produce a Java program, which can calculate income tax and investment growth based on the yearly income/salary of an indiv

Tax haven, T ax Haven A country with tax-preference laws for fo...

T ax Haven A country with tax-preference laws for foreign organization and individuals. 3 classes of jurisdictions are provided to as tax havens those are (1) levy taxe

What is the net amount of cash received by the seller, Given the following ...

Given the following set of facts, what is the net amount of cash received by the seller ? The seller records a credit sale for $1,000.  Shortly after the sale, the buyer retu

Deferred tax, Loren z Limited is a lorry  manufacturer. On 1 January 2011, ...

Loren z Limited is a lorry  manufacturer. On 1 January 2011, the company entered into an operating lease (as a lessee) over a company systems. Details of the annual lease rentals,

Tax liability calculation, The XYZ Corporation has total earnings of $20 mi...

The XYZ Corporation has total earnings of $20 million and decides to pay its stockholders a dividend of $8 million. If the corporate tax rate is 30% and the personal tax rate on in

MCQ in Taxation, I have MCQ In corp. Tax area ?

I have MCQ In corp. Tax area ?

DEPRECIATION, In April 2016, Reiko purchased and placed a rental house in s...

In April 2016, Reiko purchased and placed a rental house in service. She paid $184,000, including $27,000 for the land. Compute her 2016 depreciation on the rental.

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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