90 Answered Questions for the topic Tax Accounting

Tax Accounting Math Business Gmat

10/29/22

I'm a teenager in high school working my first summer job. Do I have to complete Form W4?
Follow me for more fun taxation and accounting tips @gmacericpa.
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Tax Accounting

10/29/22

Are my work clothes tax deductible?
So you started a new job and bought a new wardrobe. Is this tax deductible?
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10/29/22

Accounting Question
Journalise the following transactions, post them into ledger and balance theaccounts: 1 st April 2022 Ashok commenced business with cash Rs. 1,20,0003 rd April 2022 Purchased furniture for cash Rs.... more
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Tax Accounting Math Financial Accounting

10/27/22

If the amount is 25 and it increases by 5% per month then what will the amount be after 12 month?

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Tax Accounting Law

10/12/22

forming a legal entitys
we need detailed information about forming llc or s corp and holding company all pros and cons where to start what's required taxes for ecommerce business ...
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Tax Accounting Math Financial Accounting

06/14/22

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
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Tax Accounting Business Accounting

05/22/22

Gift and Estate Tax / Partnership Accounting Question
1) Shafi is single and lives in California (a community property state).In 2021, Shafi gifted his niece, Nelly, a car worth $54,508. He also gifted his mother, Martina, a diamond necklace worth... more
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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
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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
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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
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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
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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
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Tax Accounting Business Accounting Economics

03/07/22

at one hundred per cent tax
hiim reading this text and confuse about the meaning, could you please explain to me?it means 100% tax? per cent!?"""in particular, they are subject to the non-affectation principle, according to... more
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Tax Accounting Mathematics

02/06/22

oday, everything at a store is on sale! The store is offering a 20% discount! If the regular price of an item is x dollars, write an equation to find the discount price
I dont understand what this is asking please help!!
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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
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Tax Accounting

02/08/21

A laptop has a listed price of $895.95 before tax. If the sales tax rate is 7.75%, find the total cost of the laptop with sales tax included. Round your answer to the nearest cent, as necessary.
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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
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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
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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
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Tax Accounting Math

10/28/20

Use the 2016 Tax Table for Married Couples Filing Jointly to calculate the tax due from a married couple filing jointly with a taxable income of $158,000. (Round your answer to the nearest cent.)
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10/27/20

Your company is hiring a new CIO, Anita Mack, effective January 1, 2020 and you have been asked to come up with some information related to this hire.
Assignment 6 – Chapter 10Your company is hiring a new CIO, Anita Mack, effective January 1, 2020 and you have beenasked to come up with some information related to this hire. The annual salary for... more
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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
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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?
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Tax Accounting

04/14/20

Andrea bought tacos from a food truck and left at 25% tip at two dollars. What was the price of Andrea‘s tacos before tipping?
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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
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