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Rom4ik [11]
2 years ago
13

Can someone help pick 1, 2,or 3 ?

Business
1 answer:
ollegr [7]2 years ago
8 0

Answer:

2no I think you are confused so

You might be interested in
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and w
vova2212 [387]

Answer:

Check the explanation

Explanation:

1040 form

Your first name : George Last Name: Large SSN:000-11-1111

Spouse’s first name :Marge Last Name: Large SSN:000-22-2222

Home address:

2000, Lake View Drive,

City, town or post office, state, and ZIP code:

Cleveland, OH,49001

Filing Status:

2) Married filing jointly

Income :

7)Salary:::::::::::::::::::::::::::::::::::::::::::$80,000

12 Business income:::::::::::::::::::::::::$4,375(SCHEDULE C)

22) Gross income=$84,375

27 Deductible part of self-employment tax.=$669.37

($4,375 * 15.3%/100=$669.37( $117,000 or less, multiply line 4 by 15.3% as per irs for 2014)

36 Add lines 23 through 35 = $669.37

37 Subtract line 36 from line 22. =$84,375 - $669.37=$83,705.63

38) Amount from line 37 (adjusted gross income) =$83,705.63

40 Itemized deductions:::::::::::::::::::::::::::::::::::::::::$18,870.89(see SCHEDULE A)

41 Subtract line 40 from line 38 :::::::::::::::::::::::::$64,923.98($83,793.12 - $18,870.89=$64,922.23)

42) Exemptions:::::::::::::::::NIL

43)Taxable income Subtract line 42 from line 41::::::::::::::::$64,922.23

55) Taxable income(no other credits and Tax)::::::::::::::::::::::$64,923.98

other taxes :

56 Self-employment tax:::::::::::::::::::::: $669.37

61) total tax =$669.37

Payments

62 Federal income tax withheld:$8,500

72 ) total payments= $8,500

_______________________________________________________

SCHEDULE A (Form 1040) Itemized Deductions

Taxes paid

6 Real estate taxes :::::::::::::::::::::::::::::$2,500

9 Add lines 5 through 8::::::::::::::::::::::::$2,500

10 Home mortgage interest :::::::::::::::::$3,375 *75/100=$3,375)

15 Add lines 10 through 14 .:::::::::::::::::$3,375

16 Gifts to Charity::::::::::::::::::::::::::::::::$3,500

19 Add lines 16 through 18 :::::::::::::::::::$3,500

21 Unreimbursed employee expenses:::$11,170( see the explanation 2106 form)

24 Add lines 21 through 23::::::::::::::::::$11,170

25 Enter amount from Form 1040, line 38 :::::::$83,793.12

26 Multiply line 25 by 2%:::::::::::::::::::::::::::::::$1 674.11

($83,705.63* 2/100=1 674.11)

27 Subtract line 26 from line 24=$9,494.14

($11,170 - 1 674.11=$9,495.89)

29)Total Itemized Deduction

29 Add the amounts in the far right column for lines 6 through 28. Also, enter this amount on Form 1040, line 40=$18,870.89

($2,500 +$3,375+$3,500+$9,495.89=$18,870.89

_______________________________________________________________________

SCHEDULE C (Form 1040)

Name of proprietor:Marge Large SSN:000-22-2222

A) Principal business: Repair Rubber Toy Boats:::::::::::::Business Code::::::::811490

Part 1

1) Gross receipts or sales::::::::::::::::::::::::::::$15,000

7 Gross income:::::::::::::::::::::::::::::::::::::::::::$15,000

Part II

Expenses:

11 Contract labor=$3,500

16 Interest: a Mortgage=$1,125($4,500 *25/100=$1,125)

22 Supplies =$5,000

25 Utilities=$500($2,000 * 25/100=$500)

27a)Other expenses= $500(phone )

28) Total expenses : Add lines 8 through 27a:$10,625

29 Tentative profit Subtract line 28 from line 7 =$4,375

_________________________________________________

Form 2106

Employee Business Expenses

Part 1

Expense

1) Vehicle Expense :$ 10080 (0.56 cents * 18,000 miles)

3 Travel expense::::::::::::::::::::::::::$515($200 + $255 + $60)

(Airfare =$200

Loding = $85 per day * 3days= $255

Taxicabs=$20 per day *3days=$60)

5)Meals and entertainment expenses=$50 *50/100 per day *3 days=$75 +$5,500=$5,575

(Customer means and Entertainment=$1500+$4,000=$5,500)

6) total Expense =$16,170

7)reimbursements received =$5,000

8)Subtract line 7 from line 6=$16,170 - $5,000=$11,170

4 0
3 years ago
Lisa and lena own a shop together. they are partners in their business of 2 years. lisa is a designer; lena is a seamstress. lis
Ratling [72]
The agent of Lisa would likely tell her about the process and the rules in regards of the disability buy and sell insurance. The agent would likely explain that if she acquired this type, the insured person would likely be protected when the person has exhibit a disability and that having this type of insurance have benefits and are likely to be tax free.  
8 0
3 years ago
Preferred stock is a hybrid security because it has some characteristics typical of debt and others typical of equity. The follo
jonny [76]

Answer:

Dividends are fixed. ⇒ Consistent with Debt

Fixed dividends makes preferred shares consistent with debt because debt repayments are made in equal payments as well.

Usually has no specified maturity date ⇒ Consistent with Equity.

Equity has no set maturity date unlike debt and preferred stock has no maturity date either so is much like equity in this regard.

Cost of preferred stock.

Preferred stock is like a perpetuity. The cost of preferred stock is therefore:

= Constant dividend / Price of stock

= 13 / 130.45

= 9.97%

= 10%

8 0
3 years ago
Lyons Company deducts insurance expense of $210,000 for tax purposes in 2021, but the expense is not yet recognized for accounti
Goryan [66]

Answer:

$42,000

Explanation:

Deferred tax liability can be defined as the tax liability which has been due for the current period but has not yet been paid such as installment sales receivable.

Insurance expense of $210,000

Tax rate of 20%

( $210,000 × .20 )

=$42,000

Therefore the amount of the deferred tax liability at the end of 2021 will be $42,000

6 0
3 years ago
Anthony is deciding between different savings accounts at his bank. He has four options, based on how frequently interest compou
GaryK [48]

Answer: D) Daily Compounding

Explanation:To earn as much interest as possible, Anthony should open a savings account that earns compound interest and has the highest interest rate.

Daily compounding is compounded every day, hence Anthony will get the best rate of return on his interest with this.

7 0
3 years ago
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