Download
1 / 1
10 likes | 74 Views
DEVRY ACCT 224 Week 4 Homework Assignment<br><br>Check this A tutorial guideline at<br><br>http://www.assignmentcloud.com/acct-224/acct-224-week-4-homework-assignment<br><br>For more classes visit<br>http://www.assignmentcloud.com<br><br>1. Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was $25,000. Nancy’s marginal tax rate for the current year is 45%; her grandson’s is 25%.Its fair market value was $575,000 at the date of the transfer. If the gift tax rate is 40% and she has never made a gift in excess of $10,000 before this, what amount of gift tax will she pay? What is their net tax savings percentage as a family unit if Sean sells the land?<br>Question two:<br>1. Tom and Judy Bell, who file jointly, collected $6,000 of Social Security benefits, $18,000 in fully taxable pension payments and $10,000 of tax-exempt interest.<br>How much of their Social Security is included in gross income? How would this change if they had received $20,000 in tax-exempt interest?<br>
E N D
DEVRYACCT 224 Week 4 Homework Assignment Check this A+ tutorial guideline at http://www.assignmentcloud.com/acct- 224/acct-224-week-4-homework- assignment For more classes visit http://www.assignmentcloud.com 1. Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was $25,000. Nancy’s marginal tax rate for the current year is 45%; her grandson’s is 25%.Its fair market value was $575,000 at the date of the transfer. If the gift tax rate is 40% and she has never made a gift in excess of $10,000 before this, what amount of gift tax will she pay? What is their net tax savings percentage as a family unit if Sean sells the land? Question two: 1. Tom and Judy Bell, who file jointly, collected $6,000 of Social Security benefits, $18,000 in fully taxable pension payments and $10,000 of tax-exempt interest. How much of their Social Security is included in gross income? How would this change if they had received $20,000 in tax-exempt interest?
