Answer:
40,000 - 11,950 = 28,050
28,050 4 (3,700) = $13,250 in ratable income for 2011
3 - 32. Compute Maries taxable income for 2011, assuming she is single and claims two capable children. Her adjusted egregious income is $70,000, and she has itemized deductions of $9,000.
Answer:
70,000 - 9,000 = 61,000
61,000 3 (3,700) = $49,900 in taxable income for 2011
3 - 36. Compute Stanleys taxable income for 2011, assuming he has $1,000 in wages from working in a grocery retentiveness and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents return.
Answer:
3,000 - 1,300 = $1,700 in taxable income for 2011
13 - 55. Mr. Z, a nondealer, sold assets on an installment plan. fix Mr. Zs gross income for 2011. Relevant data include:
Answer:
pull in Profit % for each year:
2009: 50,000 / 200,000 = 0.25
2010: 81,000 / 300,000 = 0.27
2011: 96,000 / 400,000 = 0.24
2011 Collections for 2009 = 0.25 * 25,000 = 6,250
2011 Collections for 2010 = 0.27 * 80,000 = 21,600
2011 Collections for 2011 = 0.
24 * 125,000 = 30,000
2011 Gross Income = 30,000 + 21,600 + 6,250 = $57,850
13 - 69. turn on is a cash-basis, calendar-year taxpayer. Which of the following celestial latitude items result in gross income or deductions for the current year?
Answers:
a. Check received for December rent, $700, not deposited until January 4. Gross Income
b. Check for $1,100 to pay scorecards state income taxes mailed December 28, cashed January 7. Deduction
c. property received in the amount of $500 for services to be rendered the following year. Gross income
d. Interest of $800 credited to his savings account, added to Bills account balance. Gross income
e. Check received for January rent, $700,...If you desire to get a full essay, order it on our website: Orderessay
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