83 Answered Questions for the topic Tax Accounting

12/16/19

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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Tax Accounting

11/30/19

What is Nexus, in relation to sales tax?
Does it have any effect on foreign commerce? State between state?
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11/26/19

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
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Tax Accounting

09/28/19

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
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Tax Accounting

07/15/19

How to calculate tax
If at 139,0007€, the tax burden is 35000€. What is the tax if at 122,000€
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Tax Accounting Accounting Finance

06/24/19

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
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Tax Accounting Finance Financial Accounting

06/24/19

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
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Tax Accounting

05/19/19

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

05/07/19

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
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Tax Accounting Affordable Care Act

04/26/19

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?
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Tax Accounting Personal Finance

04/18/19

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
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Tax Accounting

04/13/19

EITC Eligibility

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

04/10/19

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?
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03/19/19

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
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03/19/19

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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Tax Accounting Accounting Taxes United States

03/19/19

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
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03/19/19

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?
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03/19/19

What are the three basic rules of accounting?
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03/19/19

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
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Tax Accounting Accounting Taxes

03/18/19

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.
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Tax Accounting Accounting Taxes United States

03/18/19

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
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Tax Accounting Accounting Taxes United States

03/18/19

Are in-kind donations from my S-Corp tax-deductible in any way?
I have an S Corp that each year, sponsors a film festival by creating their website for free. In return, they print our logo in their program guide. Last year, I gave them 80 hours of work ... more
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Tax Accounting Business Business business

03/04/19

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
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Tax Accounting Tax Preparation

11/19/18

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
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Tax Accounting Tax Preparation

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
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