Week One Homework Essay

664 words - 3 pages

3-31.
Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $12,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income for 2012?
Adjusted Gross Income = 40,000
Greater of Itemized Deductions or Standard Rate = - 12,250 (standard 11,900)
Personal Exemptions= - 15,200 (3,800*4)
Taxable Income = =12,550
3-32.
Compute Marie's taxable income for 2012, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000, and she has itemized deductions of $9,000
Adjusted Gross Income = 70,000
Greater of Itemized Deductions or Standard Rate = - 9,000 (standard 5,950)
Personal Exemptions= - 11,400 (two dependents and self)
Taxable Income = =49,600
3-36.
Compute Stanley's taxable income for 2012, assuming he has $1,000 in wages from working in a grocery store and $2,000 in ...view middle of the document...

(http://www.protax.com/articles/article/is-your-childs-income-taxable/)
13-55.
Mr. Z, a nondealer, sold assets on an installment plan. Determine Mr. Z's gross income for 2012. Relevant data include:

Step 1-Determine Gross profit from sales
Step 2-Determine contract/selling price
Step 3-Divide the two to get the gross profit percentage
Step 4-Determine the gain in year of sale
Step 5-Add gains for gross income

50,000 / 200,000 = 0.25
0.25 * 25,000 = 6,250

81,000 / 300,000 = 0.27
0.27 * 80,000 = 21,600

96,000 / 400,000 = 0.24
0.24 * 125,000 = 30,000

30,000+21,600+6,250=57,850

13-69 Comprehensive Problem. Bill is a cash-basis, calendar-year taxpayer. Which of the following December items result in gross income or deductions for the current year?
Answer A, B, D, E, F
• a. Check received for December rent, $700, not deposited until January 4
Although the check is not deposited until January 4th, the check was received and should therefore be recognized as income.
• b. Check for $1,100 to pay Bill's state income taxes mailed December 28, cashed January 7
The check was mailed by Bill on the 28th still within the calendar year, therefore Bill should recognize for the year end.
• c. Cash received in the amount of $500 for services to be rendered the following year
Prepayments of Services. Generally, no deduction is allowed until services have been rendered, except for de minimis amounts.
• d. Interest of $800 credited to his savings account, added to Bill's account balance
Interest is income and has to be accounted for.
• e. Check received for January rent, $700, deposited on January 9
The check is for January but was received in December. Because of this (I think) the check should be accounted for at calendar year closing.
• f. Charitable contribution of $300, charged on Bill's MasterCard
A charitable contribution would be accounted for as an itemized deduction and does not get accounted for with gross income but with adjusted gross income.
• g. Bills totaling $2,000 sent for services rendered during the year, uncollected as of year-end
The bills remain uncollected therefore no income is affected.

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