1. For the year ended 1996, Harris had a salary of $42,000. Also, the following capital...

1. For the year ended 1996, Harris had a salary of $42,000. Also, the following capital transactions transpired during the year:

LTCG $15,000; LTCL ($5,000); STCG $5,000; STCL ($9,000)

What is his AGI$

	a.	$62,000
	b.	$39,000
	c.	$42,000
	d.	$48,000

2. Barney is single, reports net investment income of $75,000 and has modified adjusted gross income of $230,000 in 2020. What is Barney's net investment income tax?

	a.	$5,890
	b.	$1,140
	c.	$2,850
	d.	$0, because he is not subject to that tax.

3. Carly has two children under 13 and worked full time while her spouse, Michael, was attending college for 9 months during the year. Carly incurred $7,000 of child care expenses. In calculating the credit for child care expenses, the applicable percentage would be multiplied by which of the following amounts?

	a.	$4,500
	b.	$3,000
	c.	$6,000
	d.	$7,000

Expert Solution

Question 1

Question 2

Question 3

ekkarill92 answered 1 year ago

Question 5. (Profitability and capital structure analysis) In the year that just ended, Callaway Lighting had...

Question 5. (Profitability and capital structure analysis) In the year that just ended, Callaway Lighting had sales of $5,470,000 and incurred cost of goods sold equal to $4,460,000. The firm's operating expenses were $128,000 and its increase in retained earnings was $42,000 for the year. There are currently 99,000 common stock shares outstanding and the firm pays a $4.770 dividend per share. The firm has $1,180,000 in interest-bearing debt on which it pays 7.7 percent interest. The firm's earnings are...

1. Gomez Co. had the following transactions in the last two months of its year ended...

1. Gomez Co. had the following transactions in the last two months of its year ended December 31st Nov. 1st Paid $1,900 cash for future newspaper advertising 1st Paid $2,460 cash for 12 months of insurance through October 31st of the next year. 30th Received $3,700 cash for future services to be provided to a customer. Dec. Ist Paid $6,000 cash for a consultant's services to be received over the next three months. 15 Received $7,950 cash for future services...

1. during the year ended december 31, 2012, the town of jamestown had the following selected...

1. during the year ended december 31, 2012, the town of jamestown had the following selected transaction : a. the general fund made a $100,000 advance to an internal service fund. the internal service fund will repay the advance in 2013. b .the water utility enterprise fund billed the general fund $25,000 for water usage. c. the general fund transferred $30,000 to a debt service fund to pay interest on general obligation bonds on Jamestown's government-wide statement of activities for...

arris Inc. had the following transactions: 1. On May 1, Harris purchased parts from a Japanese...

arris Inc. had the following transactions: 1. On May 1, Harris purchased parts from a Japanese company for a U.S. dollar equivalent value of $6,200 to be paid on June 20. The exchange rates were May 1 1 yen = $ 0.0070 June 20 1 yen = 0.0075 2. On July 1, Harris sold products to a Brazilian customer for a U.S. dollar equivalent of $10,400, to be received on August 10. Brazil’s local currency unit is the real. The...

Question 1 Chaos Manufacturing had the following financial information for the year ended December 31 2018:...

Question 1 Chaos Manufacturing had the following financial information for the year ended December 31 2018: Inventory Balances: Beginning Ending Work in Progress $ 90,000 $ 80,000 Finished Goods $ 77,000 $ 67,000 Raw Materials $ 10,000 $ 10,000 During the year, the budgeted and actual costs were as follows: Note Budget Actual Raw Materials 1 300,000 290,000 Labour 2 540,000 518,000 Depreciation Factory Equipment 72,000 72,000 Depreciation Office Equipment ...

Tabor Company had the following account balances on January 1, 2020: Raw Materials Inventory $ 42,000...

Tabor Company had the following account balances on January 1, 2020: Raw Materials Inventory $ 42,000 Work in Process Inventory $ 87,000 Finished Goods Inventory $ 93,000 During 2020, the following transactions took place: 1. Raw materials costing $75,000 were purchased on account. 2. Raw materials costing $96,000 were issued to the factory, of which $70,000 is considered to be direct material cost. 3. Total factor labor costs for the period were $150,000 of which $120,000 is considered to be...

For the current year, Sarah has salary of 50,000. In addition, she has the following capital...

For the current year, Sarah has salary of 50,000. In addition, she has the following capital transactions: Long-term capital gain (15%) 12,000 Short-term capital gain 8,000 Long-term capital loss (28%) (4,000) Short-term capital loss (10,000) What is her taxable income for the year? She has a short-term capital loss carry-over of 5,000 from the previous year. The standard deduction amount for her is 12,000 Question 6 options: 37,000 39,000 49,000 59,000 None of the above

Brian had the following items of income this year. Salary - $22,000 Child support received -...

Brian had the following items of income this year. Salary - $22,000 Child support received - $6,000 Alimony received (divorce finalized June 1, 2017)- $10,000 Rent income of $2,000 and Royalty income of $3,000 Calculate Brian's gross income for the current year. Group of answer choices a. $27,000 d. $43,000 b. $34,000 c. $37,000

Bruce, who is single, had the following items for the current year: Salary of $85,000. Loss...

Bruce, who is single, had the following items for the current year: Salary of $85,000. Loss of $75,000 on the sale of § 1244 stock acquired three years earlier. Determine Bruce’s AGI for the current year. $27,000 $10,000 $85,000 $32,000

1.The Personal Responsibility and Work Opportunity Reconciliation Act, passed by Congress in 1996, ended the guarantee...

1.The Personal Responsibility and Work Opportunity Reconciliation Act, passed by Congress in 1996, ended the guarantee of assistance to A.registered Democrats B.every family in the U.S. C.every poor family that meets eligibility requirements D.every poor family regardless of whether they meet eligibility requirements 2.In which of the following nations is income inequality the highest? A.Germany B.United States C.Brazil D.Iran 3.What do functionalists, in particular, point out about malnourishment? A.It is a specific result of ongoing neocolonialism B.It serves beneficial effects...

Question