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42 Answered Questions for the topic Tax Accounting

Tax Accounting Accounting Tax Preparation


Are the LT capital gains tax rates based off gross income or AGI?

Say a single filer has 2019 wages of $50,000 and LT capital gains of $10,000. Would I use $60,000 to determine my capital gains tax rate or $47,800 ($60,000 less the 2019 standard deduction)? I... more
Tax Accounting Tax Preparation


What tax form scheduale can be used for MACRS

·       If I have assets placed in service before 2019 on Form 4562, line 17. What Supporting Schedule can be used to show the depreciation?
Tax Accounting


How much of this is gross income? Does it pass the all event test?

In November of 2019, the corporation entered into a contract with a major retailer to provide $1,000,000 worth of product in 2020. The company was paid the full 1,000,000 in December 2019 but will... more
Tax Accounting


Tax information

Good Afternoon,I am a nonprofit program coordinator and our organization has been using Wyzant to assist some of our members with online tutorial services. For tax purposes, should we obtain a w-9... more



Restaurant revenue- Credit 1,000Cost of restaurant revenue- Debit 200Telephone expenses- Debit 100Cash- Debit 500Accounts Receiveable- Debit150Supplies Inventory-Debit 20LAnd- Debit 200Building,... more


Hi! Please help me define some accounting terms

a more descriptive title for the balance sheet another name for income statement 2 synonyms for the owner's equity What is the function of an income statement What is the function of a balance... more
Tax Accounting Graphic Design


What is 'fiscal personality'?

i have to answer a question for a school discussion board and the questiion is What is the tax personality of the graphic designer, when carrying out a project?
Tax Accounting Finance Financial 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
Tax Accounting


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
Tax Accounting


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
Tax Accounting


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
Tax Accounting Accounting Finance


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
Tax Accounting Finance Financial Accounting


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
Tax Accounting


if the property tax on a $149500 home is $3860, what is the tax on a $175000 home

Tax Accounting


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
Tax Accounting Affordable Care Act


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 Accounting Personal Finance


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
Tax Accounting


EITC Eligibility

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


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?
Tax Accounting Accounting United States


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
Tax Accounting Accounting United States


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

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