Answer:
Tax Savings = 200
Explanation:
If Ward and June carry the bond, tax would be:
⇒ Interests * tax rate
⇒ 1000 * 32% = 320
They gift bond to their son, Wally, whose tax would be:
⇒ Interests * tax rate
⇒ 1000 * 12% = 120
The tax savings related to the transfer of Bond is:
⇒ 320 - 120 = 200
Answer:
The answer is: E) None of his salary can be excluded from gross income because Hank must reside overseas for the entire year
Explanation:
According to the IRS's Foreign Earned Income Exclusion (and Requirements) a US citizen can claim up to $105,900 (in 2019) of his gross income to be excluded from gross income in the US only if that person resided in the foreign country for at least 330 days in the last year.
How much taxes they take off
Answer:
C)Two.
Paying employees' salaries for the current month
Receiving but not paying a current utility bill.
Explanation:
When salaries are played to employees, an entry is recorded in Salary Expense account.
In accrual accounting when utility bill is received it is recognised in the books even when payment has not been made. Because it is a current utility bill it has to be recorded in this period.
