Questions from Individual Taxation

Q: Elvira is a self-employed taxpayer who turns 42 years old

Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2018). In 2018, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is consi...

Q: Hope is a self-employed taxpayer who turns 54 years old

Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2018). In 2018, her net Schedule C income was $130,000. This was her only source of income. This year, Hope is consideri...

Q: Rita is a self-employed taxpayer who turns 39 years old

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2018). During 2018, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is consi...

Q: Reggie is a self-employed taxpayer who turns 59 years old

Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2018). In 2018, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is consi...

Q: Tim has worked for one employer his entire career. While he

Tim has worked for one employer his entire career. While he was working, he participated in the employer’s defined contribution plan [traditional 401(k)]. At the end of 2018, Tim retires. The balance...

Q: Matthew (48 at year-end) develops cutting-edge

Matthew (48 at year-end) develops cutting-edge technology for SV, Inc. located in Silicon Valley. In 2018, Matthew participates in SV’s money purchase pension plan (a defined contribution plan) and in...

Q: In 2018, Maggy (34 years old) is an employee

In 2018, Maggy (34 years old) is an employee of YBU Corp. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee c...

Q: In 2018, Nina contributes 10 percent of her $100,

In 2018, Nina contributes 10 percent of her $100,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assuming she leaves this (and any employer contribu...

Q: 1. Kathleen, age 56, works for MH, Inc

1. Kathleen, age 56, works for MH, Inc. in Dallas, TX. Kathleen contributes to a Roth 401(k) and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $30,000 to her Roth 401(...

Q: Discuss how the property limitation restricts large businesses from taking the §

Discuss how the property limitation restricts large businesses from taking the §179 expense.