Questions from Federal Taxation

Q: Farr is single, has no dependents and does not itemize her

Farr is single, has no dependents and does not itemize her deductions She reports the following items on her 2018 tax return. a. Determine Farr's AMT adjustments and preferences for 2018. b. Calcula...

Q: Lynn, age 45, is single and has no dependents.

Lynn, age 45, is single and has no dependents. Her income and expenses for 2018 are reported as follows. The $64,000 business income is from Apex Office Supplies Company, a sole proprietorship that...

Q: Bonnie, who is single and itemizes deductions, reports a zero

Bonnie, who is single and itemizes deductions, reports a zero taxable income for 2018. She incurs positive timing adjustments of $200,000 and AMT exclusion items of $100,000 for the year. What is Bonn...

Q: Which of the following individuals qualifies for the earned income credit for

Which of the following individuals qualifies for the earned income credit for 2018? a. Thomas is single, is 21 years of age, and has no qualifying children. His income consists of $9,000 in wages. b....

Q: Jason, a single parent, lives in an apartment with his

Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,40o during 2018 and uses the standard deduction. Calculate the amount, if any, of Jason'...

Q: In each of the following independent situations, determine the amount of

In each of the following independent situations, determine the amount of FICA that should be withheld from the employee’s 2018 salary by the employer. a. Harry earns a $50,000 salary, files a joint re...

Q: During 2018, Greg Cruz (1401 Orangedale Road, Troy,

During 2018, Greg Cruz (1401 Orangedale Road, Troy, MI 48084) works for Maple Corporation and Gray Company. He earns $90,000 at Maple Corporation, where he is a full-time employee. Greg also works par...

Q: Rafael and Lucy, married taxpayers, each contribute $29,

Rafael and Lucy, married taxpayers, each contribute $29,00 to their respective 401(k) plans offered through their employers. The AGI reported on the couple's joint return is $39,000. Determine their c...

Q: In each of the following independent situations, determine the maximum withholding

In each of the following independent situations, determine the maximum withholding allowances that Eli (an employee) is permitted on Form w-4. a. Eli is single with no dependents b. Eli is married to...

Q: Jane, who is expecting to finish college in May 2018,

Jane, who is expecting to finish college in May 2018, is fortunate to have already arranged full-time employment after graduation. She will begin work on July 1, 2018, as a staff accountant at a nearb...