Ac553Weekone Assignments

Week 1 Assignment Solution Taxable Income calculation: get married Taxpayers 3-31. Tom and Lindas taxable income is $13,250. adjust gross income $40,000 less(prenominal): Itemized demonstrations v. $11,600 11,950 less(prenominal): Personal exemptions (4 × $3,700) 14,800 Taxable income $13,250 Taxable Income Computation: single Taxpayer 3-32. Maries taxable income is $49,900. Adjusted gross income $70,000 little: Itemized synthesiss v. $8,500 9,000 Less: Personal exemptions (3 × $3,700) 11,100 Taxable income $49,900 Taxable Income: Standard DeductionDependents 3-36. Stanleys taxable income is $1,700. Adjusted gross income $3,000 Less: Standard deduction (earned income + $300) 1,300 Taxable income $1,700 If Stanley is age 16, $1,600 bequeath be taxed at his bare(a) site of 10 percent and $100 (net unearned income ($2,000 ? $950 ? $950)) will be taxed at his parents marginal rate. installment Sales: Installment Plans 13-55. Mr.

Zs gross income for 2011 is $57,850: 2009 50/200 × $ 25,000 = 25% × $ 25,000 = $ 6,250 2010 81/300 × $ 80,000 = 27% × $ 80,000 = 21,600 011 96/400 × $125,000 = 24% × $125,000 = 30,000 $57,850 encyclopedic ProblemAccounting Methods: Cash-Basis Taxpayers 13- 69 a. hoggish income $700, constructive receipt. b. allowable because mailed by year-end and subsequently cashed. c. gross income when received, even so 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 give with borrowed funds. g. Not gross income until collected.If you! want to get a sufficient essay, order it on our website: BestEssayCheap.com

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