Questions from General Taxation

Q: Which of the following items is not deductible as rental expense?

Which of the following items is not deductible as rental expense? a. Advertising. b. Repairs and maintenance. c. New bathroom addition. d. Insurance.

Q: Darren and Nikki own a cabin in Mammoth, California. During

Darren and Nikki own a cabin in Mammoth, California. During the year, they rented it for 45 days for $9,000 and used it for 12 days for personal use. The house remained vacant for the remainder of t...

Q: Sean and Jenny own a home in Boulder City, Nevada,

Sean and Jenny own a home in Boulder City, Nevada, near Lake Mead. During the year, they rented the house for 40 days for $3,000 and used it for personal use for 18 days. The house remained vacant f...

Q: Jamison is a single dad with two dependent children, Zoey,

Jamison is a single dad with two dependent children, Zoey, age 7 and Conner, age 3. He has an AGI of $69,000 and paid $4,300 to a qualified day care center for the two children. What amount can Jami...

Q: Joyce has $82,000 total worldwide income, which includes

Joyce has $82,000 total worldwide income, which includes $11,000 of taxable income from China. She paid $2,200 in foreign income taxes to China, and her U.S. tax liability is $21,610. Joyce’s foreig...

Q: Michael paid $3,350 in foreign income taxes to Argentina

Michael paid $3,350 in foreign income taxes to Argentina. His total worldwide income was $75,000, which included $9,800 of income from Argentina. His U.S. tax liability is $18,750. How much can Mic...

Q: Under which of the following situations would a taxpayer most likely take

Under which of the following situations would a taxpayer most likely take the foreign taxes paid as an itemized deduction rather than as a foreign tax credit? a. The foreign tax paid was less than 15...

Q: Allison is paid $1,325 per week. What is

Allison is paid $1,325 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? a. Allison is single and claims two withholding allowance...

Q: Martin is married and claims four exemptions on his W-4

Martin is married and claims four exemptions on his W-4. What is his federal income tax withholding under the following conditions? a. Martin is paid semimonthly, and his gross pay is $3,600 per pay...

Q: Lisa earns $65,000 per year. She is married

Lisa earns $65,000 per year. She is married and claims three allowances. a. If she is paid weekly, what is her withholding per paycheck? b. If she is paid monthly, what is her withholding per payc...