56 Answered Questions for the topic Tax Accounting

Tax Accounting Math Financial Accounting

13d

Please Help!!! I am clueless about how to work this problem out!

A certain retailer increases wholesale prices by 36%. If this retailer offers a 5% discount off the ticket price, what percent profit will the retailer realize?The realized profit is the amount of... more
Tax Accounting

03/08/22

Lou Shyster, attorney at law, uses a country club to entertain clients and spends the following amounts at the club: 

Lou Shyster, attorney at law, uses a country club to entertain clients and spends the following amounts at the club: Annual dues $2,000Personal meals 1,500Business meals 3,000. What amount can Lou... more
Tax Accounting

03/08/22

Tom and Gerrie , both aged 68, file a joint return.

Tom and Gerrie , both aged 68, file a joint return. Gerrie was covered by a pension plan at work with an employer contribution. Tom is a bum and just stays home.  If their 2022 AGI was $51,000, how... more
Tax Accounting

03/08/22

Anna, a proprietor, drove her car a total of 14,000 miles in 2022. 

Anna, a proprietor, drove her car a total of 14,000 miles in 2022. Of those, 12,000 were for business. Anna’s actual expenses for auto were gasoline, $3,000, maintenance $1,600, insurance $1,100,... more
Tax Accounting

03/08/22

Joe and Mary sell their primary home for $450,000. 

Joe and Mary sell their primary home for $450,000. They had purchased it 5 years before for $200,000 and lived there, installing a pool and a deck at a cost of $40,000, re-coating the roof at a... more
Tax Accounting

03/08/22

Helen gave her daughter Nicole 100 shares of stock on Nicole’s birthday. The stock had cost Helen $2,000 and had a market value of $3,000 when Helen gifted it to Nicole.

Helen gave her daughter Nicole 100 shares of stock on Nicole’s birthday. The stockhad cost Helen $2,000 and had a market value of $3,000 when Helen gifted it to Nicole. Eighteen months later,... more
Tax Accounting

01/20/22

Tax return details

Hello Could you please provide documentation I can pass on to my accountant as proof of payment to Wyzant to prepare my tax returns. Thank you
Tax Accounting Accounting Economics Finance

12/13/20

What is the present worth of the depreciation tax held?

Company A purchases $200,000 of equipment in year zero. It decides to use straight-line depreciation over the expected 20 years life of the equipment. The interest rate is 14%. If its average tax... more
Tax Accounting

11/30/20

Question about property tax

There are four people on a deed. Two of them were already on there before our mother died. When she died myself and my niece were added as the will stated. Now that the property taxes are coming up... more

11/27/20

Accounting question

MR. ABC acquired his business for P3 million. The Fair Market value of the business is P5 million. Will it be more useful if accounting records were adjusted corresponding to the fair market value... more
Tax Accounting Accounting Tax Preparation

09/03/20

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

04/22/20

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

04/14/20

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

03/30/20

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

PREPARE A PROPERLY CLASSIFIED BALANCE SHEET AD MULTIPLE STEP INCOME STATEMENT

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

03/01/20

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

02/20/20

Sam is making his 1st Registered Retirement Savings Plan contribution.he wants to calculate its max and his 2019 personal income tax return ?

It is February 13, 2020 and Sam just turned 18 year’s old (resident of Quebec). He has been working part-time since he was 16 year’s old and is looking at making his first Registered Retirement... more
Tax Accounting Finance Financial Accounting

02/17/20

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

01/07/20

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

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