Chapter 1 – Cumulative Software Problem Answer 1-1 Comprehensive Problem 2 1040 Form Department of the Treasury—Internal Revenue Service (99) U.S. Individual Income Tax Return Last name 2011 ‚ 2011‚ ending OMB No. 1545-0074 ‚ 20 IRS Use Only—Do not write or staple in this space. * For the year Jan. 1–Dec. 31‚ 2011‚ or other tax year beginning Your first name and initial If a joint return‚ spouse’s first name and initial See separate instructions. Your social
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Financial Situation Summarize Take Home Income His annually income includes $65000 from self-employed business and $20000 from part-time job totally worth $85000. After contributing to superannuation‚ the taxable income is $80000; there is no Medicare levy since they have private health insurance. So the total tax is $17550‚ his take home income is $62450. Her take home pay is $601*52 equals $31252 per year‚ which is after tax amount. So their total take home income is $93702 per year ($7808.5 monthly)
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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region‚ including gross domestic product (GDP)‚ gross national product (GNP)‚ net national income (NNI)‚ and adjusted national income (NNI* adjusted for natural resource depletion). All are specially concerned with counting the total amount of goods and services produced within some "boundary". The boundary is usually defined by geography or citizenship‚ and may also restrict
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with a remaining life of 15 years. During 2007 and 2008 Stator reported net income of $25‚000 and $15‚000 and paid dividends of $10‚000 and $12‚000‚ respectively. Rotor uses the equity method. 1. Based on the preceding information‚ what amount of differential will be amortized annually? A. $0 B. $750 C. $1‚000 D. $2‚000 2. Based on the preceding information‚ what will be the balance in the investment account on Dec 31‚ 2007? A. $150‚000 B. $157‚500 C. $154‚500 D. $153‚500
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prices and nutritional value‚ but for how good they taste. “More or less” Gini index measures inequality Brazil: inequality worldly-famous The view that income inequality harms growth—or that improved equality can help sustain growth—has become
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at a price of 327 per 1‚000 par value. The question asked‚ was the yield on these bonds 15 percent‚ as Joan had calculated. Yes! (b) Assuming that bond discount amortization is tax deductible by the issuing corporation that has a .40 percent income tax rate‚ using a straight-line amortization of original discount is permissible. What is the effective or “true” after –tax interest rate to the issuer? * Corporate Bonds- have no tax-free provisions on Zero Coupon Bonds. * Zero
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5 PROBLEM 28. Y‚ an S corporation formed at the beginning of the year‚ has the following information in its first year: Gross Income from services $100‚000 Net short-term capital loss (2‚200) Salary paid to F (10‚000) Medical insurance premium for F (300) Other operating expenses (54‚000) Cash distributions to F 5‚000 F‚ a 50 percent owner of Y‚ is single and has no other tax information. F’s A.G.I. is a. $21‚900 b. $26‚750 c. $26‚900 d. $35‚700 e. Some other amount‚ which is $_________
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notices of additional assessment to income tax for the years of assessment 1968–72. The assessments were:— 1968 .... .... .... .... | $ 431‚112 | 1969 .... .... .... .... | 356‚253 | 1970 .... .... .... .... | 1‚019‚229 | 1971 .... .... .... .... | 90‚790 | 1972 .... .... .... .... | 67‚202 | 2. The appellant appealed against the assessments. The appeal was dismissed by the Special Commissioners of Income Tax‚ by the High Court‚ and by
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has been incurred but not paid‚ it must be accrued‚ thus it is a liability. 6. Accounts payable and short-term notes payable are both current liabilities‚ that is‚ both are due and payable within one year or within the company’s operating cycle. Differences: Accounts payable are amounts owed for products or services that are purchased on open account. Short-term notes payable are a form of financing. Accounts payable have no interest obligation (however‚ if paid late‚ interest or late payment
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partnership agreement (partnership) or operating agreement (LLC) establishes the income- sharing ratio among the partners (members)‚ amounts to be invested‚ and admission and withdrawal of partners (members). In addition‚ for an LLC the operating agreement specifies if the LLC is owner-managed or manager-managed. 5. No. Maholic would have to bear his share of losses. In the absence of any agreement as to division of net income or net loss‚ his share would be one-third. In addition‚ because of the unlimited
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