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Acct 553 Week 1 Assignment

 Essay upon Acct 553 Week one particular Assignment

Homework Assignment #1

3-31

Tom and Linda will be married taxpayers who data file a joint return. They have itemized deductions of $11, 950 and four exemptions. Presuming an tweaked gross income of $40, 1000. 00 what is their taxable income for 2012?

Adjusted Gross Income = $40, 000. 00

Less: Itemized Deductions of $12, two hundred and fifty. 00

Much less: Personal Faveur of money 4($3, seven-hundred. 00) =$14, 800. 00

Taxable Cash flow = $12, 950. 00

3-32

Compute Marie's taxable income for 2012, assuming she actually is single and claims two dependent kids. Her modified gross income is $70, 000, and she gets itemized rebates of $9, 000.

Modified Gross Income sama dengan $70, 000. 00

Fewer: Itemized Deductions of $9, 000. 00

Less: Personal Exemptions of $ 3($3, 700. 00) =$11, 95. 00

Taxable Income sama dengan $49, nine hundred. 00

3-36

Compute Stanley's taxable profits for 2012, supposing he features $1, 500 in wages from employed in a grocery store and $2, 000 in interest profits from a lot of bonds he owns. Stanley, age 16, is stated as a determined by his parents' return.

Revenues = $3, 000. 00

Less: Standard Deduction = $1, 000. 00 & $300. 00 = $1, 300. 00

Total Taxable Income = $1, seven-hundred. 00

13-55

Mr. Unces, a non-dealer, sold resources on an sequel plan. Identify Mr. Z's gross income for 2012. Relevant info include:

In order to decide the Gross Income, we must first determine the gross earnings percentage which usually = Gross profit/contract cost. A. 50, 000/200, 1000 =. 25

B. seventy eight, 000/300, 000 =. 28

C. 96, 000/400, 500 =. twenty four

Now we must take the total collected for every year and multiply this by the percentage to determine the revenues for payments collected. $25, 000. 00(. 25) sama dengan $6, two hundred fifity. 00 + $80, 500. 00 (. 27) =$21, 600. 00 + $125, 000. 00(. 24) = $30, 000. 00

Total Gross Income for 2012 = $57, 850. 00

13-69.

Comprehensive Problem. Bill is actually a cash-basis, calendar-year taxpayer. Which in turn of the next December things result in gross income or rebates for the latest year?

a. Check received for December rent, $700, not lodged...

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