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Ac553 Week 1

In: Business and Management

Submitted By Katc
Words 280
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AC553 Homework Week 1 3.31 Tom & Linda married filing Jointly Itemized deduction $11,950.00 4 Exemptions @ 3700 $14,800.00 AGI $40,000.00 AGI $40,000.00 (Standard/Itemized deduction) $(11,950.00) (Personal Exemption) $(14,800.00) Taxable Income $13,250.00

3.32 Marie Single 2 dependent Children AGI $70,000.00 Itemized deduction $9,000.00 AGI $70,000.00 (Standard/Itemized deduction) $(9,000.00) (Personal Exemption) 3@3700 $(11,100.00) Taxable Income $49,900.00

3.36 Stanley age 16, dependent Wages $1,000.00 Interest from bonds $2,000.00 Gross Income $3,000.00 Gross Income $3,000.00 Standard deduction (1000+300) $(1,300.00) Taxable Income $1,700.00

13.55 Mr. Z (Non dealer) Installation Plan
Year Installation Sales Gross Profit Collections Profit/Sales Collection*%
2009 $200,000.00 $50,000.00 $25,000.00 0.25 $6,250.00
2010 $300,000.00 $81,000.00 $80,000.00 0.27 $21,600.00
2011 $400,000.00 $96,000.00 $125,000.00 0.24 $30,000.00 $57,850.00

13.69 Bill is cash basis, calendar year taxpayer December Items-Gross income or deductions Gross A) Check received for December Rent, deposited Jan 4
Deduction B) Check for $1100 to pay state income taxes mailed December, cashed Jan
Gross C) Cash received for services rendered the following year
Gross D) Interest of $800 credited to savings account
Gross E) Check received for Jan rent, deposited Jan 9
Deduction F)Charitable constitution charged on credit...

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