1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dexar [7]
3 years ago
15

How much of the following is taxable? a. Cheline, an actress, received a $6,400 gift bag for attending the Academy Awards Ceremo

ny during 2018.b. Jon received a gold watch worth $660 for 25 year of service to his accounting firm (not a qualified award).c. Kerry won $1,000,000 in her state lottery.d. Deborah is a professor who received $30,000 as an award for her scientific research from the university that employs her.
Business
1 answer:
Bingel [31]3 years ago
6 0

Answer:

A. $6,400

B. $240

C. $1,000,000

D. $30,000

Explanation:

Requirement A, C, and D:

Prizes and awards are taxable income for a taxpayer. Any awards or prizes won from the lottery or television should be added to the income. Therefore, the Winning lottery is a taxable income for Kerry, $1,000,000. Again, Receiving the award for scientific research is also taxable income for Deborah, $30,000.

The winning award for accomplishments is also a taxable income. So, receiving a $6,400 worth gift bag is a taxable income for Cheline.

Requirement B:

There is an exception if the award is for tangible property and a long-years of accomplishment. At that time, the taxpayers will be excluded from some part of the necessary amounts to be paid as tax. If it is not a qualified award, the exclusion will be $400. If it is qualified, the tax exclusion is 1,600. Since Jon received a gold watch for 25 years of service and the gift is not qualified, he has to pay tax for $(660 - 400) = $240.

You might be interested in
Question 1<br> What is the most important question you should have after seeing this ad about a check cashing business?<br> Why
TEA [102]

The most important question you should have after seeing this ad about a check cashing business is"

  • Why Choose ACE to Cash Your Check?
  • No credit check necessary?
  • Can I get a written copy of all of the fees that you charge for your services?

<h3>Is a check cashing business considered a financial institution?</h3>

A money service business is one that is seen as a kind of  a financial institution that is known to be  involved with one or a lot of of the following entities such as:

  • Check casher
  • Foreign currency dealer, etc.

So, the most important question you should have after seeing this ad about a check cashing business is"

  • Why Choose ACE to Cash Your Check?
  • No credit check necessary?
  • Can I get a written copy of all of the fees that you charge for your services?

Learn more about check cashing business from

brainly.com/question/14017700

#SPJ1

6 0
2 years ago
The ________ type of recruitment strategy uses physical and/or psychological pressure on potential members and threatens that ei
lubasha [3.4K]
<span>The gang recruitment strategy is a type of recruitment strategy that uses physical and/or psychological pressure on potential members and threatens that either they or their family will be attacked if they fail to join.

This type of recruitment strategy will show members what needs to be improved and what is going good for the current recruitment process. The potential members have challenges to overcome and one on one interviews. </span>
3 0
3 years ago
Which security method involves coding your readable emails into a format that is illegible
Natalka [10]
Which security method involves coding your readable emails into a format that is illegible? Cryptography. Businesses and individuals will use cryptography to keep information secret. This makes it hard for people who want to crack information and decode information that they do not have access to.
6 0
3 years ago
A back-up plan is a (an)...
Delvig [45]
B) alternative plane
3 0
3 years ago
Becky hunter is an accountant employed by faf enterprises. recently she has spent much of her time working on defining measures
boyakko [2]
<span>Becky is a private accountant whose work is mainly with managerial accounting. Managerial accounting is a process o identifying, measuring, analyzing, interpreting, and communicating information in order to achieve the goals of an organization. Another name for managerial accounting is cost accounting.</span>
7 0
3 years ago
Other questions:
  • Eccles Inc., a zero growth firm, has an expected EBIT of $100,000 and a corporate tax rate of 30%. Eccles uses $500,000 of 12.0%
    6·1 answer
  • For this question, assume that the expected rate of inflation is a function of the past year's inflation. Also, assume that the
    7·1 answer
  • According to Fiedler's contingency model, ______ situation control favors a leader who is ______ oriented.
    12·1 answer
  • Dion, an accountant for Entertainment Sports, Inc., attempts to apply a duty-based approach to ethical reasoning in conflicts th
    12·1 answer
  • Tim’s credit card has an APR of 24 percent. What is the periodic rate for this credit card?
    10·1 answer
  • A hardware store ordered 200 cans of wood stain in various shades. The written contract between the store and manufacturer provi
    7·1 answer
  • Which pathway includes the most self-employed workers?
    6·1 answer
  • The law of demand states that:
    12·1 answer
  • FIFO Perpetual Inventory
    10·1 answer
  • a project requires an investment of $1,400 and has a net present value of $400. if the internal rate of return is 12%, what is t
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!