2 factors that affect the type and severity of abnormalities in an individual who is an aneuploid mosaic

1. An individual who is eligible to be claimed as a dependent on another's return and has $1,000 of earned income may claim a standard deduction of $1,350.

1. True

   False

1. Andres and Lakeisha are married and file jointly. Andres is 72 years old and in good health. Lakeisha is 62 years old and blind. What amount of standard deduction can Andres and Lakeisha claim in 2019?

   		$27,700.
   		$25,700.
   		$27,000.
   		$25,850.
   		None of the choices are correct.

1. Angelena files as a head of household. In 2019, she reported $53,450 of taxable income, including a $10,000 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the Tax rate schedules, long-term capital gains tax brackets.)

   		$5,042
   		$4,937
   		$6,437
   		$6,137

1. Assuming the kiddie tax applies, what amount of a child's income is subject to the kiddie tax?

   		The net unearned income
   		Taxable income less the standard deduction
   		All of the unearned income
   		All of the child's income

Review the three scenarios below. Look for which, if any, of these scenarios presents an example of post-investment holdup.

1. Your firm conducted a search for a new chief financial officer and hired a highly qualified candidate with a yearly salary of $250,000. After six months, the person left to join another firm.
2. Your firm has an exclusive contract to assemble automobile seats for a number of luxury models. Almost 100% of the materials are imported and, of those, over 50% include parts manufactured in China. All of the prices on the parts from China increased by 25% when the U.S. imposed tariffs on China. Your company has informed all of its customers that increased cost must be passed on for your firm to continue supplying the seats. All of your customers reluctantly agreed to pay the additional cost.
3. Your company took note of your progress toward your MBA, and when the director for customer services left the company, you were asked to take over as interim director. You were encouraged to apply for the full-time position once you got your MBA. You served for 13 months, at which time your company was acquired by another company and your position was abolished.

In your discussion post, address the following:

• Introduce yourself to your peers by sharing something unique about your background. Explain how you expect this course will help you move forward in your current or future career.
• Which of the above, if any, are an example of post-investment holdup?
• Define the following and explain each within the context of a chosen scenario:
  • What is the sunk, or stranded, cost?
  • What is the contract?
  • Was the contract breached?
  • What are the damages?

Instructions

Review the three scenarios below. Look for which, if any, of these scenarios presents an example of post-investment holdup.

1. Your firm conducted a search for a new chief financial officer and hired a highly qualified candidate with a yearly salary of $250,000. After six months, the person left to join another firm.
2. Your firm has an exclusive contract to assemble automobile seats for a number of luxury models. Almost 100% of the materials are imported and, of those, over 50% include parts manufactured in China. All of the prices on the parts from China increased by 25% when the U.S. imposed tariffs on China. Your company has informed all of its customers that increased cost must be passed on for your firm to continue supplying the seats. All of your customers reluctantly agreed to pay the additional cost.
3. Your company took note of your progress toward your MBA, and when the director for customer services left the company, you were asked to take over as interim director. You were encouraged to apply for the full-time position once you got your MBA. You served for 13 months, at which time your company was acquired by another company and your position was abolished.

In your discussion post, address the following:

• Introduce yourself to your peers by sharing something unique about your background. Explain how you expect this course will help you move forward in your current or future career.
• Which of the above, if any, are an example of post-investment holdup?
• Define the following and explain each within the context of a chosen scenario:
  • What is the sunk, or stranded, cost?
  • What is the contract?
  • Was the contract breached?
  • What are the damages?

Scenario:

Melissa Denton is a 68-year old individual who retired from Vanguard Corporation last year. Vanguard is a multi-national corporation employing over 10,000 employees. She worked for the company for over 20 years, and was fully insured for purposes of Social Security retirement benefits, which she began receiving at age 63. At age 65, her Medicare Part A coverage began, and she opted to receive Medicare Part B coverage. Melissa has come to you with the following questions regarding her Medicare coverage

Answer the following questions:

1. What types of costs are covered under Medicare Part A?

2. What types of costs are covered under Medicare Part B?

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee’s pay. The amount of federal income tax withheld from her earnings was $1,325.17. What is the total amount of taxes withheld from the Portia’s earnings? (Round your intermediate calculations to two decimal places.)

A- $3,097.17

B- $2,443.21

C- $1,957.06

D- $1,722.00

E- $1,495.36

A beverage company target market includes: local organizations, the island university as well as different universities in the Caribbean region, supermarkets, retail companies and different companies in the region through exportation. Jason is seeking to obtain data to introduce a new Malt beverage to the Market. This data will be obtained through the use of a survey distributed to the Local University students. However, he found these students to be non-cooperative at times and wondered whether the data supplied was fudged.

From observation, the market research is limited to just the university students.

Questions

i)List and explain the disadvantages of having limited data in a research report

ii) List and explain the disadvantages of having a limited market research report

Hank is a single taxpayer who earned $31,896 in wages and $11,724 of Social Security benefits. How much of Hank’s Social Security benefits are taxable?

a.$31,896

b.$7,694

c.$11,724

d.$9,965

Reba Dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental.                                                         

Reba and her daughter heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of heather’s support. they had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. luckily, last December, a teaching position opened up and Reba and heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and heather spent two days driving the 1,426 miles to Georgia.
Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January and throughout the rest of the year at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba out by paying the remaining $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses.                                                                                                    

   Reba wasn't sure if she would have enough items to her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might qualify if she was able to itemize. Reba paid $5,800 in state income taxes and $12,500 in charitable contributions during the year. she also paid the following medical-related expenses for herself and heather:

insurance premiums                            $ 7,952
medical care expenses                        $ 1,100
prescription medicine                         $ 350
nonprescription medicine                   $ 100
new contact lenses for heather           $ 200

            Shortly after the move, Reba got distracted while driving and she ran into a street sign. the accident caused $900 in damage to the car and gave her whiplash. because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn’t able to work for two months after the accident. fortunately, she received $2,000 from her disability insurance. her employer, the central Georgia school district, paid 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba paid the remaining 40 percent portion.
            A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest income from corporate bonds and $1,500 interest income from city of Denver municipal bonds. overall, Reba’s stock portfolio appreciated by $12,000 but she did not sell any of her stocks.                                Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. this was heather’s only source of income for the year.

Required:

1. Determine Reba’s federal income taxes due to taxes payable for the current year.

Complete pages 1 and 2, Schedule 1, and Schedule 3 of Form 1040 for Reba.

2. Determine the amount of FICA taxes Reba was required to pay on her salary.
3. Determine Heather’s federal income taxes due or payable.

Reba Dixon is a fifth grade school teacher who earned a salary of 38,000 in 2018. She is 45 years old and has been divorced for four years. She receives 1,200 of alimony payments each month from her former husband. Reba also rent out a small apartment building. This year Reba receive 50,000 of rental payments from tenant and she incurred 19,500 of expenses associated with the rental.
        Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one half of Heather support. They had been living in Colorado for the past 15 years, but ever since her divorced, Reba has been wanting to go back to Georgia to be closer to her family. Luckily last December, a teaching position opened up and Reba and Heather decided to make a move. Reba paid a moving company 2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia.
          Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full time in January at near by university. She was awarded a & 3000 partial tuition scholarship this year and Reba help out by paying the remaining 500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses.
           Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return, however she kept track of several expenses this year that she thought might qualify if she was able to itemized. Reba paid 5800 in state income taxes and 12500 in charitable contribution during the year. She also paid the following medical related expenses for herself and Heather :
Insurance premiums.     5,795
Medical care expenses   1,100
Prescription medicine         350
Nonprescription medicine. 100
New contact lenses for Heather. 200

   Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused 900 in damage to the car and gave her whiplash. Because the repair was less than her insurance deductible, she paid the entire cost of the repair. Reba wasn't able to work for two months after the accident. Fortunately, she receives 2000 from her disability insurance. Her employer, the central Georgia school district, paid 60%of premium on the policy as a non-taxable fringe benefits and Reba paid the remaining 40% portion.
      A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments : 2200 of interest income from corporate bonds and 1500 interest income from city of Denver municipal bonds. Overall, Reba stock portfolio appreciated by 12000 but she did not sell any of her stock.
      Heather reported 6200 of interest income from corporate bonds she received as a gift from her father over the last several years. This was Heather only sources of income for the year. Reba had 10,000 of federal income taxes withheld by employer. Heather made 1000 estimates tax payments during the year. Reba did not make any estimate payments. Reba had qualifying insurance for purposes of the affordable care Act (ACA).

Required :

(A) Determine Reba federal income taxes due or taxes payable for current year, complete pages 1 and 2 of forms 1040 for Reba.

(b) is Reba allowed to file as a head of household or single?

(c) Determine the amount of FICA taxes Reba was required to pay on her salary.

(d) Determine Heather federal income taxes due or payable