Martin S. Albert is 39 years old and is married to Michele R. Albert. The Alberts live at 512 Ferry Rd, Newport News, VA 23601. They file a joint return and have two dependent children, Charlene, age 17, and Jordan, age 18.
Martin and Michele had the following transactions:
a. Martin received $120,000 in salary from Red Steel Corporation, where he is a construction engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA taxes were as follows: $7,049 for Social Security and $1,740 for Medicare. Martin worked in Mexico from January 1, 2017, until February 15, 2018. His $120,000 salary for 2018 included $18,000 he earned for January and one-half of February while working in Mexico.
b. Martin and Michele received $400 interest on Montgomery County (Virginia) school bonds.
c. Martin received $2,500 interest from a Bahamian bank account.
d. Michele received 50 shares of Applegate Corporation common stock as a stock dividend. The shares had a fair market value of $2,500 at the time Michele received them and she did not have the option of receiving cash.
e. Martin and Michele received a $1,200 refund on their 2017 Virginia income taxes. Their itemized deductions for 2017 totaled $14,000.
f. Martin paid $6,000 alimony to his former wife Rose T. Morgan. The divorce was finalized in 2015.
g. Martin and Michele kept the receipts for their sales tax paid of $1,100.
h. Martin and Michele’s itemized deductions were as follows: a. State income tax paid and withheld $5,100 b. Real estate taxes on their principal residence $3,700 c. Mortgage interest on their principal residence $2,500 d. Cash contributions to the church totaled $2,800
compute the albert's net tax payable or refund due
In: Accounting
Penny Lawrence is a research scientist in Miama, Florida. Her husband Lary Lawrence stays home to take care of their two young children, George (age 11) and Allie (age 9). Penny's total wages for 2019 were $73,023 from which $6,418 of federal income tax was withheld. Florida does not have a state income tax.
They had $213 in interest income. Penny received dividends from Exxon in the amount of $434 and Lary received dividends from First National Bank in the amount of $324. The additionally received interest on a State of Florida bond in the amount of $42. They gave $4,418 to their church, $2000 to the Committee to Elect Sam Spade, and gave a bag of clothing valued at $471 to the Salvation Army (they have a receipt). The Kenzie’s paid taxes on their house in the amount of $3,210.
Penny attended the University of Florida and is still paying off her student loans. She paid $4800 in student loans this year, and $196 of that amount was interest.
The Lawrence’s paid $6,281 in medical insurance premiums (after tax dollars). They also paid $523 in doctor’s visits and $481 for new glasses. Penny Lawrence is a big believer in vitamins and spent $522 at the GNC this year on supplements.
The Lawrence’s mortgage payment is $1,546 per month. 80% of their total mortgage payment is interest. Penny receives child support from her ex-husband in the amount of $300 per month. They were divorced in 2014.
Lary likes to play the nickel slots. He went to Las Vegas for a trip with the guys. He won $2,291 on the slot machines. He didn’t tell Penny, however, that it cost him in nickels $1,143 to win that money.
Prepare the Penny's 2019 Form 1040 tax return and any necessary schedules. Calculate their 2019 federal income tax and determine if they owe additional taxes or are receiving a refund.
In: Finance
Kim is a 27-year-old woman who recently moved from a small
town in Texas to work in the city of Dallas as a reporter for one
of the major newspapers. She is 5’6” tall and weighs 115 lb. To
keep in shape she likes to jog, which she did regularly in her
hometown. She doesn’t know anyone in Dallas and has been
lonely for her family since arriving. But she has moved into a
small apartment in a quiet neighborhood and hopes to meet
young people soon though her work and church.
On the first Saturday morning after she moved into her new
apartment, Kim decided to get up early and go jogging. It was
still dark out, but Kim was not afraid. She had been jogging
alone in the dark many times in her hometown. She donned her
jogging clothes and headed down the quiet street toward a nearby
park. As she entered the park, an individual came out from a
dense clump of bushes, put a knife to her throat, and ordered her
to the ground. She was raped and beaten unconscious. She
remained in that condition until sunrise when she was found by
another jogger who called emergency services, and Kim was
taken to the nearest emergency department. Upon regaining
consciousness, Kim was hysterical, but a sexual assault nurse
examiner (SANE) was called to the scene, and Kim was assigned
to a quiet area of the hospital, where the post-rape examination
was initiated.
Answer the following questions related to Kim:
1. What are the initial nursing interventions for Kim?
2. What treatments must the nurse ensure that Kim is aware
are available for her?
3. What nursing diagnosis would the nurse expect to focus on
In: Nursing
Cecil C. Seymour is a 64-year-old widower. He had income for 2020 as follows:Pension from former employer$39,850Interest income from Alto National Bank5,500Interest income on City of Alto bonds4,500Dividends received from IBM stock held for over one year2,000Collections on annuity contract he purchased from Great Life Insurance5,400Social Security benefits14,000Rent income on townhouse9,000The cost of the annuity was $46,800, and Cecil was expected to receive a total of 260 monthly payments of $450. Cecil has received 22 payments through 2020.Cecil’s 40-year-old daughter, Sarah C. Seymour, borrowed $60,000 from Cecil on January 2, 2020. She used the money to start a new business. Cecil does not charge her interest because she could not afford to pay it, but he does expect to collect the principal eventually. Sarah is living with Cecil until the business becomes profit-able. Except for housing, Sarah provides her own support from her business and $1,600 in dividends on stocks that she inherited from her mother.Other relevant information is presented below.• Expenses on rental townhouse:Utilities$2,800Maintenance1,000Depreciation2,000Real estate taxes750Insurance700• State income taxes paid: $3,500• County personal property taxes paid: $3,100• Payments on estimated 2020 Federal income tax: $5,900• Charitable contributions of cash to Alto Baptist Church: $7,400• Federal interest rate: 6%• Sales taxes paid: $912Compute Cecil’s 2020 Federal income tax payable (or refund due)."
requirement
1) What is the 2020 Adjusted Gross Income for Cecil Seymour?
2) What is the 2020 taxable income for Cecil Seymour?
3) What is the 2020 balance due or (refund) for Cecil Seymour?
In: Accounting
What accounts do I credit and debit?
On December 1, Photography issued 10,000 shares of common stock to john in exchange for $40,000 cash
On December 1, Photography purchased photography equipment for $7,560 cash
On December 1, Photography prepaid $2,300 for the first 2 month's rent for their photography studio. The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts
On December 4, Photography received a $4,200 deposit (partial payment) from john for their June wedding. The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts
On December 9, Photography received $2,160 cash for full payment in advance from john for a late December photo shoot
On December 12, Photography purchased $1,680 of photography supplies on account
On December 15, Photography performed photography services for a local church and billed the client $8,800
On December 18, Photography received its electric bill (utilities) in the amount of $1,680. Payment is due on January 18
On December 28, Photography paid $700 on account
On December 30, Photography paid $1,450 in staff assistant's salary for December
On December 30, Photography paid a $1,300 cash dividend
Information for adjusting entries: The photography equipment purchased on December 1 has an estimated useful of of 3 years and no residual value. Prepare the adjusting entry to record depreciation for the month of December
Prepare the adjusting entry required for rent expired during December
Prepare the adjusting entry to record revenue earned from the photo shoot for Edward Taylor. Taylor paid $2,160 in advance on December 9, and the service was completed late in December
A physical count of photography supplies indicate that $340 of supplies are on hand as of December 31. Prepare the required adjusting entry, if any
In: Accounting
Andy and Currie met in Tax class and were married. They have five children: Miranda age 6, Savannah age 10, Wenbo age 12, Rachel age 15, and Luke age 20. Luke has his own apartment but he works in the family business, he earned $25,000 last year. Andy works for a CPA firm. In 2020 he earned $77,000, $12,000 of federal income tax was withheld, and $3,000 of state income tax was withheld. In addition, they earned $300 of interest on their joint savings account, they received dividends of $1,200 on stock that they own (all the dividends are qualified), and they sold 100 shares of stock for $20 a share (they paid $10 a share three years ago).
Currie operates a welding shop in a facility that she rents. The business motto is “Still not as fun as Tax Class”. She operates as a sole proprietor, she has one part-time employee, plus Luke who does most of the welding (the rest of the children have to clean up the shop each evening before they get their supper).
Income and expenses of the welding business in 2020 were:
Gross revenues $248,000
Employee salaries 54,000
Employee payroll taxes 5,400
Building Insurance 16,000
Welding supplies 55,000
Rent 18,900
Currie paid estimated State income tax of $4,300 during the year, and estimated federal income tax of $15,000.
In addition the family also had the following expenses:
Family medical and dental expenses $19,000
Real estate taxes 3,400
Home mortgage interest 9,000 (their mortgage is $300,000)
Credit card finance charges 2,600
Sales tax 4,200
Cash donations to their church 4,000
Assume that there is no Alternative Minimum Tax (AMT) for them.
What is their taxable income? taxes before tax credits? total tax liability? refund?
In: Accounting
Mr. Charlie Brown has spent his entire career with the Peanuts Manufacturing Company. He is located in Sarnia, Ontario and started with the company as a production line manager. He has since moved up the ranks of the company, and most recently has been supervising the entire production department. In early 2020, Charlie was offered an opportunity to oversee the construction of a new manufacturing operation in Jacksonville, Florida, USA. If Mr. Brown takes the position, he would move to the United States on May 1, 2020 and when the facility is completed, Mr. Brown would remain as the senior vice president in charge of all of the Florida operations. Mr. Brown and his wife have 2 school age children who are enrolled at the local elementary school in grades 3 and 5. The Browns own a home in Sarnia and are involved in their community. They belong to their local church and a local recreational club where their children take swimming lessons and the family enjoys socializing. The Brown Family is considering the offer to move and is looking for advice on how their Canadian residency for tax purposes would be affected by this potential move. Mr. Brown has been told by the American payroll department that his tax rate will be lower if he is taxed in the United States. Mr. Brown would leave on May 1st, but the Browns are considering having Mrs. Brown and the children stay in Sarnia to finish out the school year which finishes at the end of June.
Required: Create a short (one page) memo explaining the tax policy to your client. Keep in mind that he will have limited understanding of income taxation, so you need to analyze the issue at a high level and then clearly describe the options available to Mr. Brown so that he can make an informed decision about his move and the tax consequences.
In: Accounting
Cecil C. Seymour is a 64-year-old widower. He had income for 2018 as follows:
Pension from former employer $39,850
Interest income from Alto National Bank 5,500
Interest income on City of Alto bonds 4,500
Dividends received from IBM stock held for over one year 2,000
Collections on annuity contract he purchased from Great Life Insurance 5,400
Social Security benefits 14,000
Rent income on townhouse 9,000
The cost of the annuity was $46,800, and Cecil was expected to receive a total of 260 monthly payments of $450. Cecil has received 22 payments through 2017. Cecil’s 40-year-old daughter, Sarah C. Seymour, borrowed $60,000 from Cecil on January 2, 2017. She used the money to start a new business. Cecil does not charge her interest because she could not afford to pay it, but he does expect to collect the principal eventually. Sarah is living with Cecil until the business becomes profitable. Except for housing, Sarah provides her own support from her business and $1,600 in dividends on stocks that she inherited from her mother. Other relevant information is presented below: • Expenses on rental townhouse:
Utilities $2,800
Maintenance 1,000
Depreciation 2,000
Real estate taxes 750
Insurance 700
• State income taxes paid: $3,500
• County personal property taxes paid: $2,100
• Payments on estimated 2016 Federal income tax: $5,900
• Charitable contributions of cash to Alto Baptist Church: $6,400
• Federal interest rate: 6%
• Sales taxes paid: $912
Compute Cecil’s 2018 Federal income tax payable (or refund due).
In: Accounting
Although people’s acceptance of homosexuality and homosexuals has improved, prejudice and stigma remain, and attitudes towards homosexuals are frequently negative (Avery et al., 2007; Ben-Ari, 2001; Petersen & Hyde, 2010). Prejudice and stigma against the (LGBT) community have also been reported by several studies in Turkey, the findings of which were consistent with those of other international studies (Çırakoğlu, 2006; Gelbal & Duyan, 2006). Some of these negative attitudes and oppositions arise from misconceptions and stereotypes about homosexuals. homosxual men were generally described as people who act different … wearing feminine clothes, talking feminine, being similar to females, etc.’ (Sakallı, 2002, p. 116). Since masculine traits are overvalued and feminine traits are undervalued, homosexuals in Turkey have been rejected by a heterosexist society, and homosexuality is regarded as intolerable and dishonourable to manhood (Akpınar, 2003). Prejudice and negative attitudes towards homosexuality in Turkey have also been profoundly affected by another factor: the Islamic religion. Turkey is a secular country which has a 99% Muslim majority (Bereket & Adam, 2008). Although there are many controversies about Islam’s view of homosexuality and homosexuals (Siraj, 2006), referring to the hadiths (an interpretation of the Islamic Holy Book Qur’an) on the destruction of sexual deviants, homosexuality is explicitly condemned, absolutely forbidden and punishable by death, and many Islamic scholars regard homosexuality as a major sin and a crime (Siraj, 2009). Accepting homosexuality as legal, homosexuals and homosexual acts are neither appreciated nor tolerated; homosexuality is regarded as a violation of human nature in Turkish society (Tapınç, 1992). In addition to identifying the hostility within the sociocultural structures and religion towards homosexuality, the social context in the field of physical education (PE) and sports is not a welcoming environment for LGBT individuals either. Davison and Frank (2006) defined masculinity as ‘not-feminine’ and as having ideal physical and athletic qualities including strength, power, speed and endurance. In addition, masculine men were expected to be heterosexual; lesbian women and men were considered to be deviant, and not suited for sports (Elling & Janssens, 2009). Several studies have shown negative attitudes and behaviours towards lesbians and homosexual men in PE and sports settings (Roper & Halloran, 2007; Southall, Nagel, Anderson, Polite, & Southall, 2009). The Turkish PE and sports literature is bereft of studies investigating the existence of homophobic attitudes. One of the most well-known arguments related to sports homophobia in Turkey started with a statement made by a famous Turkish ballet dancer. He stated that ‘there are more homosexual football players than homosexual ballet dancers. I know homosexual football players’. Many people from the Turkish soccer world protested against his statements for bringing soccer players under suspicion (Akbaş, 2004). Following these attacks, the ballet dancer made a statement that his friends who are homosexual soccer players played in another country. He stressed that he had not intended to cast aspersions on soccer players. After his statements the Turkish soccer world returned to a ‘normal’ heterosexual life. Given the marginalization of homosexuality in Turkish society and, perhaps even more so in the Turkish sporting world, the topic is predictably an understudied and seemingly taboo subject for investigation. As a sport psychology consultant in training working at a public university, your client today is Reza, a 20 year old student-athlete from Turkey studying in the US who is disclosing his preference for men in relationships to you and sharing his country's atittude and belief about homosexual men in sport as cited above.
1. Analyse a homosexual university student’s experiences of homophobia in Turkish society 2. Discuss if the fact that he is a major in Health and Fitness Management can help with his motivation to play, the stress to deal with the situation he returns to every summer on holidays. 3. What kind of feedback could you give him to help him? 4. Could imagery be useful when dealing with adversity? if so, how. 5. How would you introduce self confidence and well-being concepts to him to help him process what is going on in his country and in the sport in this country?
In: Psychology
Question: In January 2009, Tom Sosa, the purchasing manager, received a telephone call from their Columbus,...
In January 2009, Tom Sosa, the purchasing manager, received a telephone call from their Columbus, Indiana, diesel engine supplier informing him that effective June they were no longer producing the D-342 diesel engines at the Columbus plant. The D-342 engine sales were decreasing and would no longer be in their product line. Tom was in shock. He was now forced to deal with the sole supplier of the D-342 located in Portland, Oregon. The most recent price schedule submitted by the Oregon engine supplier is given below:
| Units per Order | Unit Price |
| Less than or equal to 100 | $ 4,800 |
| Between 100 and 200 | 4,700 |
| Greater than 200 | 4,550 |
The prices had been basically the same as the Columbus supplier except that they are F.O.B. Portland. The traffic department informed Tom that the transportation cost per hundredweight is $10 for carload lots of 50,000 pounds. The less than carload rate is $15 per hundredweight. The replenishment cycle normally takes one week.
BACKGROUND
Tom Sosa, the supply manager for MARS, Inc. was contemplating several significant changes in the D-342 diesel engine market. Mr. Sosa was concerned because in its production of the 98-D loader, MARS used 10 diesel engines each working day of the month. (MARS operated on a 20-day-per-month schedule.) Each engine weighs 500 pounds. Engine orders are currently placed every Monday morning. For the past 10 years, the D-342 engines had been produced in only two locations in the United States, one in Columbus, Indiana, and the other in Portland, Oregon. Mr. Sosa felt fortunate that the Columbus producer was located approximately 30 miles from his facility. The Columbus supplier offered just-in-time delivery service at no charge to MARS.
MARS implemented lean manufacturing in 2002. The kanban-controlled JIT production system was implemented based on the premise of minimizing work-in-process inventories (waste) by reducing lot sizes in order to increase production efficiency and product quality.
ACTION TAKEN BY TOM
Mr. Sosa compiled cost and warehouse capacity data on the D-342 engine from the accounting department. See Table C17.1.
Mr. Sosa wonders what effects these new developments will have on his cost structure.
Assignment Questions
TABLE C17.1
Cost and Warehouse Capacity
| Cost of unloading engines into warehouse | $0.25 (per 100/wt) |
| Order processing cost per requisition | $100 |
| Warehouse capacity | 200 units |
| Outside warehouse costs | $39 per year per unit* |
| Expediting cost per requisition | $50 |
| Inventory carrying cost | 38% |
In: Operations Management