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16 Questions for the topic Tax Accounting

6d

Which are the journal entries that summarizes Apple’s Income Tax Expense for 2017

In the report there is:Provision for income tax expense =15738Cash paid for income taxes = 11591By seing this i would assume 15738 as a tax expense (debit), i would credit 11591 as cash and... more

18d

What does Income taxes mean in accounting policies and how they impact financial statements?

Income taxes expense comprises current and deferred taxes. Current income taxes and deferred income taxes are recognized in net income for the period, except for items recognized directly in equity... more

24d

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

09/17/18

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

05/07/18

tax macrs question

. Review of Ace’s financial reports and information revealed the following:Sales 2.4 millionOpening inventory 650,000Purchase 1.1millionClosing inventory 585,000Heat, light utilities... more

01/17/18

Form _______ reports the total amount received during the tax year from a pension, annuity, retirement or profit sharing plan, IRA or insurance contract.

a. 1099R b. 1099B c. W-2 d. 1098B

12/03/17

Corporate Distributions E+P Tax Need Help

Need some help with steps on this, trying to save money on review and that comes with no solutions sometimes :( I appreciate those who help me so far and gave me great results when I get that... more

07/30/17

CPA Exam Question Need Help Regulation

been studying for a while now and I came across some sims on AICPA practice exam which I can use some help with. its very long so I apologize in advance I would appreciate some guided help :)Falcon... more

06/13/17

How to calculate net income after withholding tax subtracted and GST added.

Example: (A) 90 hours @ $55 p/hr = $4950 (B) less 20% withholding tax = (A * 0.2) = $990 (C) plus 15% GST = (A * 0.15) = $742.50 TOTAL incl GST (A-B+C) = $4702.5 Is there a formula to work... more

05/05/17

Word Problem

Mary pays Metropolis an annual tax of $80 plus 1.7% of her annual income. If Mary paid $1,015 in tax, what was Mary's income?

03/04/17

When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised

Tax Accounting class

11/11/15

Please show how you solved

In 2013 and 2014 Andy, who is single owned a vacation home that generated both income and related expenses as listed below. Andy’s only other income is W2 wages of $276,000YEAR INCOME Ad Valorem... more

11/11/15

Please show each step of solving the problem! I need to understand this before tomorrow.

Janie and Steve purchased an apartment building. They are active with respect to this rental. They have losses of $60,000 from the building this year. They have other income as follows:Salaries... more

11/11/15

Accounting

Filing Status Deduction* Basic Standard Deduction** Additional Standard Social Security Base AmountsMarried Joint $12,400 $1,200 ... more

01/18/14

What can I file for?

I have been currently unemployed for the whole 2013 year, and tax season is coming up here soon and I was wondering what I could file for? During the year I purchased a 2013 TDI Jetta, can I get... more

11/10/12

15 year recovery property costing $4,000,000 was placed in service in oct 2012.

there was no disposition of the property.taxpayer had taxable income of $1,175,000 before cost recovery deduction.whats the maximum cost recovery deduction for year 3?

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