Taxation question:

A married couple living in Manhattan in the USA. The husband Gregg owns five dry cleaning stores in NYC. The wife Sheila writes cookbooks and volunteers regularly for the Help Center, a suicide hotline. They have one son, David, who is studying engineering at NYU. You are preparing their income tax return for the current tax year. In September of the current year, you call Gregg and Sheila to find out if they have questions about year-end tax planning. The following scenarios pertain to transactions they engaged in this year:

1. Gregg is self-employed and this year he spent $1,800 on suits, shirts and shoes to wear while meeting with investors in his franchise of dry cleaners. Sheila is a writer and on her book tour the publisher requires that she wear suits, high heels and appropriate jewelry. The cost of those items for Sheila this year was $6,750. Under what circumstances may this couple deduct the cost of these work clothes?

2. Their son David is a junior at NYU. For his first two years he was eligible for scholarships which paid all of his tuition and expenses. Beginning in Fall of the current year, however, Gregg and Sheila are paying for his tuition and fees, though he will still receive a scholarship for room and board. In addition, they paid for a study abroad trip to Oxford for David in June/July of the current year, which included tuition and fees for the course he took there, as well as travel costs, room and board. They would like to know the tax treatment of these items. Also, their friend Helen told them they could have avoided this issue to begin with by saving in advance through other tax beneficial options. Gregg does not believe him and wants to know what they could have done differently.

Marcy and her husband have decided to start a family, but don't have medical insurance. They decide that Marcy should get a job, so that her medical expenses related to pregnancy will be covered by insurance. Marcy later applies for a job with your company to be a shipping clerk, where her duties include filling boxes with merchandise, sealing them, and loading them on to carts. The last 3 people you've hired have been female, and 2 of them have been out on maternity leave in the past year, leaving you severely short-staffed. Marcy is qualified for the job, but you can't help but notice that she's pregnant

1. Assume you hire Marcy, and within 2 months she tells you that her pregnancy prevents her from lifting the boxes to the cart. Can you legally fire her because she's no longer able to do her job?

2. After Marcy delivers her baby and takes 3 months' leave, she returns to work. Another employee tells you that Marcy is already talking about having another baby as soon as possible and then quitting work to be a stay-at-home mom after her medical insurance pays for the next pregnancy.  You call Marcy in and demand to know her intentions. She admits that she's a short-term employee and will quit as soon as the company pays for her next pregnancy. You decide she's better suited for office work where her absence won't cause so much stress to other employees, and reassign her to the secretary pool, with reduced pay. Have you committed any violation of law? Explain?

Sara Wald died, leaving to her husband Benno an insurance policy contract that provides that the beneficiary (Benno) can choose any one of the following options: a) 55,000 immediate cash b) 4,000 every 3 months payable at the end of each quarter for 5 years c) 18,000 immediate cash and 1,800 every 3 months for 10 years, payable at the beginning of each 3-month period d) 4,000 every 3 months for 3 years and 1,500 each quarter for the following 25 quarters, all payments payable at the end of each quarter Using the interest rate of 2.5 per quarter, compounded quarterly, which option would you recommend that Benno exercise? Show your computations!

sara is married and loved all year with her husband and two children. she will filt married filling separately and claim her two children as dependants. her son Glen, born may 1 2010 and her daughter, rona, born December 25 2000 are birth us citizens and did not provide any of their own support. Sara's wages were 40000 and she had no other income. her tax is 2155. Sara's child tax credit is:
a) 2155
b) 2000
c) 0
d) 1000

Julia Baker died, leaving to her husband Henry an insurance policy contract that provides that the beneficiary (Henry) can choose any one of the following four options. Money is worth 2.50% per quarter, compounded quarterly. Compute Present value if:

Click here to view factor tables Correct answer.

(a) Your answer is correct. (a) $56,770 immediate cash. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

(b) $4,200 every 3 months payable at the end of each quarter for 5 years. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

(c) $19,800 immediate cash and $1,980 every 3 months for 10 years, payable at the beginning of each 3-month period. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

(d) $4,200 every 3 months for 3 years and $1,640 each quarter for the following 25 quarters, all payments payable at the end of each quarter. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Which option would you recommend that Henry exercise?

Case study 4 Alana’s husband and sons are now in her room. They are speaking very loudly and crying. They insist that Mai ‘do something’ quickly. They direct their anger towards her. Mai listens patiently and speaks calmly. The doctor arrives accompanied by an interpreter. He suggests that Alana take a dose of morphine orally at regular intervals to help settle her pain and make her last hours comfortable Alana’s family are worried that increasing the dose of morphine will hasten Alana’s death. Shortly after, Alana’s breathing becomes irregular and Alana is not able to be roused. Alana’s husband notices that Alana’s legs are mottled and her finger feel cool to the touch. He requests that Alana be given more blankets. Although the family members know Alana is dying, it is still a shock when it happens. They are pleased that Alana’s wishes were respected. Alana’s family starts to wail, a traditional Italian expression of open grief. Mai had developed a caring relationship with Alana during her time caring for her. She is sad, as she thought Alana would have lived a little longer; however, she has often thought about death and dying and is comforted by her own beliefs. She follows the organisation’s protocols for maintaining Alana’s dignity after death and comforts Alana’s family members and makes sure her sadness doesn’t affect anyone else. The team leader is impressed by how Mai handles her grief, especially as she is a new worker. He asks Mai to prepare five helpful hints about handling personal grief, which the organisation can provide to new workers in the future.

1. With whom should Mai raise any concerns or ethical issues?

in response to the comment that all there is for the question? maybe thats why it got me confused dont know how to answer it, give it a shot will take anything as i am blank

Phil and Ling, husband and wife, both are employed by Laurel Corporation. Phil earns $135,000 in salary in 2019, and Ling earns $70,000.

a) How much FICA tax must Phil and Ling pay for 2019?

b) Please break down the different components of FICA tax for Phil and Ling for 2019.

c) Is Laurel Corporation required to make a separate FICA contribution for Phil and Ling for 2019? If so, what is the amount of the contribution? d) What is the total amount of the FICA payment remitted by Laurel Corporation to the IRS for Phil and Ling in 2019?

Sara Wald died, leaving to her husband Benno an insurance policy contract that provides that the beneficiary (Benno) can choose any one of the following options:

a) 55,000 immediate cash

b) 4,000 every 3 months payable at the end of each quarter for 5 years

c) 18,000 immediate cash and 1,800 every 3 months for 10 years, payable at the beginning of

each 3-month period

d) 4,000 every 3 months for 3 years and 1,500 each quarter for the following 25 quarters, all

payments payable at the end of each quarter

Using the interest rate of 2.5 per quarter, compounded quarterly, which option would you recommend

that Benno exercise?