Ac553Weekone Assignments

Week 1 fitting Solution nonexempt Income Computation: overtake married Taxpayers 3-31. Tom and Lindas rateable income is $13,250. Adjusted tax income income $40,000 less(prenominal): Itemized demonstrations v. $11,600 11,950 less(prenominal): individualised exemptions (4 × $3,700) 14,800 assessable income $13,250 Taxable Income Computation: bingle Taxpayer 3-32. Maries taxable income is $49,900. Adjusted porcine income $70,000 little: Itemized deductions v. $8,500 9,000 Less: Personal exemptions (3 × $3,700) 11,100 Taxable income $49,900 Taxable Income: meter DeductionDependents 3-36. Stanleys taxable income is $1,700. Adjusted megascopic income $3,000 Less: Standard deduction (earned income + $ccc) 1,300 Taxable income $1,700 If Stanley is age 16, $1,600 bequeath be taxed at his bare(a) rate of 10 percent and $100 (net honorary income ($2,000 ? $950 ? $950)) will be taxed at his pa enlists marginal rate. installment gross revenue: Installment Plans 13-55. Mr.

Zs gross income for 2011 is $57,850: cc9 50/200 × $ 25,000 = 25% × $ 25,000 = $ 6,250 2010 81/300 × $ 80,000 = 27% × $ 80,000 = 21,600 011 96/four hundred × $125,000 = 24% × $125,000 = 30,000 $57,850 Comprehensive caperAccounting Methods: Cash-Basis Taxpayers 13- 69 a. hoggish income $700, plastic receipt. b. deductible because mailed by year-end and subsequently notesed. c. utter(a) income when received, withal though a prepayment because Bill is on the cash basis. d. Gross income, constructive receipt. e. Prepayment of rent is gross income. f. Deductible, even though paid with borrowed funds. g. Not gross income until collected.If you want to get a copious essay, order it on our website: Ordercustompaper.com

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