31 Answered Questions for the topic Tax Accounting

2019 tax payable

Max finished his PhD and graduated from university in December 2018. He entered the workforce on January 1, 2019 with a gross salary of $85,000 plus an immediate $5,000 signing bonus when he... more


How to find the tax

Find last years salary if, after a 2% pay raise, this years salary is $31,110


A fixed asset with a cost of $30,000 and accumulated depreciation of $27,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset?

 A. $3,500 gain B. $1,000 gain C. $1,000 loss D. $2,500 loss C. $3,500 loss D. $2,500 gain


What is Nexus, in relation to sales tax?

Does it have any effect on foreign commerce? State between state?


General journal entry for Value-added tax in transaction.

Prepare general journal entry to record the below transaction. Round off all amounts to the nearest whole number.The Seed Factory (Pty) Ltd is a company that makes and distributes all types of food... more


Advise Emma of the capital gain tax (CGT) consequences of her transitions. Ignore indexation

Emma has provided to you a listing of the transactions she has undertaken throughout the financial year to assist you in completing her 2015 income tax return. Sale of a block of land for... more


How do I answer this?

Several years ago, Ned Stark borrowed $250,000 from the Bank of the Seven Kingdoms and used it to buy an apartment building. Mr. Stark, very busy visiting Winterfell, has not been able to rent any... more


I need some help figuring this out...

Troy Acheman is a sports caster for Everyone’s Sports Presentations Nightly. While Troy was covering a professional football game from the sideline, the Birds famous wide receiver, Harry Race, ran... more


Is there a calculator formula for what to charge my customer if i know sales tax and Total?X.

Is there a calculator formula for figuring out what to charge the customer($_) if i know SalesTax and Grand Total?Initial. Sales. Grandcharge($_._ _) + tax ... more


Children on family health insurance

In 2011, one phase of the patient protection and PPACA came into effect allowing parents to keep children on their family health insurance until the age of?


Tax Cut and Job Act of 2017

Tax laws continously change and with that, individuals should be aware of what has changed to best prepare for your annual tax returns.With that, I want you to investigate the TCJA of 2017 and... more


EITC Eligibility

Is a taxpayer eligible for the EITC (Earned Income Tax Credit) if the filing status is Married Filing Separate?


1099 Tax Credit for Payer

Does the payer automatically receive a tax credit from the IRS for issuing a 1099-MISC information return to a payee?


Can dues and subscriptions expenses be deducted 100% to calculate taxable income in an LLC company?

I'm using Quickbooks Online, "Dues & Subscriptions" is one of the expense accounts we have. I would like to know if this expense can be deducted 100% for calculating my taxable income. Our... more


How should I account for Social Security contributions?

I'm currently tracking all my finances with GNUCash, and splitting the various paycheck deductions into expenses. It's pretty nice to be able to correctly predict what will be on my W2, and it's... more


What are some factors I should consider when choosing between a CPA and tax software?

Its my first time filing taxes on my own and I need to decide between using some tax software like TurboTax or hiring an accountant. What are some factors I should consider when making this... more


What tax year does my income get assigned to if my client sends the payment in December but I receive it in January?

Suppose I did some contracting in December, my client puts a check in the mail in December, and I receive it and cash it in January. Does my income count for December or January?


What are the three basic rules of accounting?


Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200?

I am confused about calculating Massachusetts Sales Tax (6.25%). Is there such an amount, that when added to its sales tax, equals $200? The reason I ask is because my business has been charging... more


What does "write-off" mean?

I've heard this term throughout my life but I've never been entirely sure exactly what it means or why you would want to write something off.


U.S. Taxes: Can you deduct or depreciate equipment that was both bought and sold in the same year?

Assume there is equipment used for a for profit endeavor that will be deducted from earnings. That equipment is also sold in the same year, for less than or equal to the purchase price. How does... more


Business calculations

Christina has recently been hired as an account assistant. Which form will Christina’s employer require her to complete in order to have the appropriate amount of federal taxes withheld from her... more


Filing status exemptions and eitc?

Karla is 25, unmarried and was a full-time student from January through June. Karla worked part time but did not provide more than 50% support for herself or her son Sam, who is 1. Karla and Sam... more


Tax preparation

Elise worked for 30 years for her employer. She has decided to retire. Elise is 60 years old. She contributed $15,000 pre-tax to her qualified employee pension plan. Elise will receive from the... more

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.


Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.