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ACC 401 Read, Lead, Succeed/Uophelpdotcom

For more course tutorials visit<br>www.uophelp.com<br>32) List the five types of filing status and briefly explain the requirements for the use of each one.<br>33) In which of the following cases may the taxpayer claim head of household filing status?<br>a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son.<br>b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother.<br>c. The taxpayer is married from January to October and lived with his spouse from January to May. From June 1 to December 31, the taxpayer maintained a household that was the principal place of abode of his married son and daughter-in-law whom the taxpayer can claim as dependents.<br>Same as (c) except the taxpayer lived with his ex-spouse until August and maintained the household for his married son and daughter-in-law from September 1 to the end of the year<br>38) Julio and Martina are engaged and are planning to travel to Las Vegas during the 2009 Christmas season and get married around the end of the year. In 2009, Julio expects to earn $45,000 and Martina expects to earn $15,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Julio nor Martina has any itemized deductions. They are trying to decide whether they should get married on December 31, 2009 or on January 1, 2010. What do you recommend? Explain your answer (disregard the making work pay credit).<br>Chapter 3: Problems 35, 36, & 42<br>35) Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2009 in each of the following independent cases.<br>A taxpayer completes $500 of accounting services in December 2009 for a client who pays for the accounting work in January 2010.<br>A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2009, she rents a computer for a $200 rental fee and receives a $500 deposit. The customer returns the computer and is refunded the deposit on December 20, 2009.<br>Same facts as (b) except that the computer is returned on January 5, 2010.<br>On December 18, 2009, a landlord rents an apartment for $700 per month and collects the first and last month’s rent up front. It is customary that tenants apply the deposit to their last month’s rent upon moving out.<br>An accountant agrees to perform $500 of tax services for an auto mechanic who has agreed to perform repairs on the car of the wife of the accountant. The mechanic repairs the car in December 2009 and the accountant starts and completes the tax work in March 2010. <br>36. A taxpayer who purchases a Series EE U.S. Savings Bond must report the interest income (i.e., increase in value) on the bond on the date the bond is redeemed or the taxpayer can elect to report the interest currently in income. Under what circumstances should a taxpayer report income at maturity? Under what circumstances is it more advantageous to report income currently?<br>42. Sean, who is single, received social security benefits of $8,000, dividend income of $13,000, and interest income of $2,000. Except as noted, those income items are reasonably consistent from year to year. At the end of 2009, Sean is considering selling stock which would result in an immediate gain of $10,000, a reduction in future dividends of $1,000, and an increase in future interest income of $1,500. He has asked you for advice. What course of action do you recommend <br> <br>

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ACC 401 Read, Lead, Succeed/Uophelpdotcom

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  1. ACC 401 Read, Lead, Succeed/Uophelpdotcom For more course tutorials visit www.uophelp.com

  2. ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38 • For more course tutorials visit • www.uophelp.com • 32) List the five types of filing status and briefly explain the requirements for the use of each one. • 33) In which of the following cases may the taxpayer claim head of household filing status? • a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son. • b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother.

  3. ACC 401 Week 1 DQ 1 Basic Concepts • For more course tutorials visit • www.uoptutorial.com • From Chapter 1, complete discussion questions 6, 9, & 10. From Chapter 2, complete discussion questions 3, 6, 9, & 10. Review Appendix E (2014 IRS Tax Forms) to see where dependents are shown on the tax return. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome.

  4. ACC 401 Week 1 DQ 2 Gross Income • For more course tutorials visit • www.uoptutorial.com • From Chapter 3, answer discussion questions 1, 2, 3, 10, 12, & 15. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome.

  5. ACC 401 Week 1 Quiz Set 2 • For more course tutorials visit • www.uoptutorial.com • 1. Question : What is the amount of the social security wage limitation for 2014? • 2. Question : With respect to the income tax formula, which of the following statements is • 3. Question : To be a qualifying child, the taxpayermust meet three general tests and five • specific tests. Which one is not part of the five specific tests? • 4. Question : Which of the following would disqualify a taxpayer from filing a Form 1040EZ? • 5. Question : The basic standard deduction in 2014 for a single taxpayer who is 67 years old • and not blind is:

  6. ACC 401 Week 1 Quiz • For more course tutorials visit • www.uoptutorial.com • ACC 401 Week 1 Quiz

  7. ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55 • For more course tutorials visit • www.uoptutorial.com • 53. Under the terms of a divorce decree executed May 1, 2008, Rob transferred a house worth $650,000 to his ex-wife, Linda, and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000. • a. How much of this must be reported on Linda’s tax return? • b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house? • 54. Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences?

  8. ACC 401 Week 2 DQ 1 Adjusted Gross Income • For more course tutorials visit • www.uoptutorial.com • 38. What are some of the limitations concerning deductibility of student loan interest? Be specific and comprehensive • 43. How much, if any, may Antonio take as a moving expense deduction on his 2014 tax return? Is that deduction subject to any conditions that could change its deductibility in the future? • 47. Three types of payments are associated with a decree of separation or a divorce. •             a. What are those three payments

  9. ACC 401 Week 2 DQ 2 Itemized Deductions • For more course tutorials visit • www.uoptutorial.com • Ch5. • 48. Mickey is a 12-year-old dialysis patient. Three times a week he and his mother, Sue, drive 20 miles one way to Mickey’s dialysis clinic. On the way home they go 10 miles out of their way to stop at Mickey’s favorite restaurant. Their total round trip is 50 miles per day. How many of those miles, if any, can Sue use to calculate an itemized deduction for transportation? Use the mileage rate in effect for 2010. Explain your answer. • 52. On April 1, 2010, Paul sold a house to Amy. The property tax on the house, which is based on a calendar year, was due September 1, 2010. Amy paid the full amount of property tax of $ 2,500. Calculate both Paul’s and Amy’s allowable deductions for the property tax. Assume a 365 day year.

  10. ACC 401 Week 2 Quiz • For more course tutorials visit • www.uoptutorial.com • QUIZ 2 • 1) Henry graduated from university of Maryland in 2006, in 2009, to take advantage of lower interest rates, he refinanced his qualified education loans with another loan. He is not a dependent on another person’s tax return. What is the maximum deduction available to him for the $3,200 he paid for educational loan interest in 2009? • 2) Which of the following interest expenses incurred by Amanda is treated as personal interest expense and, therefore not deductible as an itemized deduction? • 3) Which of the following miscellaneous itemized deduction is not subject to the 2% of adjusted gross income limitation?

  11. ACC 401 Week 3 Assignment Chapter 6 • For more course tutorials visit • www.uoptutorial.com • 39. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows: • Income from consulting business $4,000 • Consulting expenses other than home office 1,500 • Total costs relating to home: • Interest and taxes 6,500

  12. ACC 401 Week 3 DQ 1 Self-Employed Business Income & Capital Gains • For more course tutorials visit • www.uoptutorial.com • Ch6. • 1.    Discuss the definition of trade or business. Why does it matter whether a taxpayer is classified as an employee or as self-employed? • 2.    Discuss the concepts of ordinary, necessary, and reasonable in relation to trade or business expenses. • 9.  Discuss the concept of electing §179 expense. Does the election allow a larger expense deduction in the year of asset acquisition? • 15. Why were the hobby loss rules established? What factors determine whether an activity is a trade or business or a hobby? Is any one factor controlling?

  13. ACC 401 Week 3 DQ 2 Rental Property & Royalties • For more course tutorials visit • www.uoptutorial.com • Ch8. • 33. Ramone is a tax attorney and he also owns an office building that he rents for $8,500 /month. He is responsible for paying all taxes and expenses relating to the building’s operation and maintenance. Is Ramone engaged in the trade or business of renting real estate? • 34. Kelvin owns and lives in a duplex. He rents the other unit for $750 per month. He incurs the following expenses during the current year for the entire property:

  14. ACC 401 Week 3 Quiz • For more course tutorials visit • www.uoptutorial.com • QUIZ 3 • 1) Which one of the following is Section 1231 property? • 2) Which of the following expense items is (are) deductible as rental expense? • 3) If an activity is considered a hobby, which of the following is true? • 4) $179 expense is available for all of the following business assets except: • 5) Brad and Kate receive $9,500 for rent from Mike and Janet, who are renting their home in Santa Ana, California. Brad and Kate do not use this property for personal use. The rent covers eight months from August 1

  15. ACC 401 Week 4 Assignment Chapter 9, Problem 42 problem 49 • For more course tutorials visit • www.uoptutorial.com • 42. Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally by Tim and Martha. What amount of child and dependent care tax credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $36,000 that was entirely earned by Tim?

  16. ACC 401 Week 4 DQ 1 Tax Credits and Payroll Taxes • For more course tutorials visit • www.uoptutorial.com • From Chapter 9, complete questions 3 and 7, and problem 43. From Chapter 10, complete question 1 and question 7. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome. Respond to at least two of your classmates' postings.

  17. ACC 401 Week 4 DQ 2 Payroll Taxes and Retirement Plans • For more course tutorials visit • www.uoptutorial.com • From Chapter 10, complete questions 12 and 13. From Chapter 11, complete question 5, question 15, and question 19. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome.

  18. ACC 401 Read, Lead, Succeed/Uophelpdotcom For more course tutorials visit www.uophelp.com

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