Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you help me with these and double check my work? I got these wrong...thank you! 1. The federal tax return for Jack and Jill,

Can you help me with these and double check my work? I got these wrong...thank you!

1. The federal tax return for Jack and Jill, a married couple who are California residents, shows the following income and adjustments on their 2015 Form 1040: Wages $60,000 Self-Employment Income $12,000 Gain from Stock Sale $300 AZ Municipal Bond Interest $200 US Savings Bond Interest $750 CA Lottery Winnings $2,500 Inheritance $5,000 Traditional IRA Contribution $3,000 Tuition and Fees Deduction $2,000 What is their California AGI?

$67,500

$68,450

$69,500

$74,500

2. When a taxpayer signs California Form 8879, under penalty of perjury, they are declaring:

They have paid the preparer, or agree to pay the preparer, to file their return.

They agree to pay their balance due by electronic means.

They have examined the return and accompanying schedules and statements and to the best of their knowledge and belief, it is true, correct, and complete.

They have filed their federal return.

3. A California taxpayer is single with no dependents, self-employed, and won $250 from the California Lottery. What California form or schedule will he include with his California return file?

Schedule CA (540).

Schedule P (540).

Form 3506.

Schedule D-1.

4. A California taxpayer is depreciating property. Which of the following situations would require an adjustment on the California return?

Property is located in Idaho.

Property was placed into service in 1995.

Bonus depreciation was taken in 2014.

Section 179 was taken on $10,000 of property in 2010.

5. Which of the following itemized deductions are allowed for California?

Mortgage interest.

Property tax.

Unreimbursed job-related expenses for a teacher.

All of the above.

None of the above.

6. A California taxpayer takes an early distribution from their 401(k) of $1,000. What is the California penalty?

$0.00

$25.00

$60.00

$100.00

7. Which of the following federal taxes does not have a comparable California tax?

Income tax.

Self-employment tax.

Early distribution penalty on an IRA.

California has a comparable tax on all of the above.

8. Assuming that each of the following taxpayers have gross income over the California filing requirement, which of the following situations requires the taxpayer to file Form 540NR (instead of Form 540)?

A service member stationed in California, whose only income is from the Air Force, and his wife, who worked at a local gas station. They are both domiciled in Michigan, where he joined the military.

A California resident who regularly works on a fishing boat in Alaska for two months out of the year.

A California resident who had income that is earned in Canada.

A taxpayer who became a resident of California in February 2015.

9. A California taxpayer had the following items included on her 2015 tax return: Wages $35,000 Loss on sale of stock $5,000 California state income tax refund $45 Rental home in TX (after expenses) $600 Alimony $10,000 Unemployment $1,800 US Savings Bond interest $1,250 California municipal bond interest $705 Arizona municipal bond interest $1,000 How much is her California AGI?

$30,600

$39,600

$43,600

$50,645

10. A California taxpayer is in the 9.3% tax bracket. What will be the rate at which his capital gains are taxed in California?

0%

5%

9.30%

15%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Marketing Audit And Performance A Case Of Parastatals Marketin Audit And Performance

Authors: Bonventure Onyango Odote, Wyckliffe Otieno Robby

1st Edition

365946595X, 978-3659465956

More Books

Students also viewed these Accounting questions

Question

WHAT IS AUTOMATION TESTING?

Answered: 1 week ago

Question

What is Selenium? What are the advantages of Selenium?

Answered: 1 week ago

Question

Explain the various collection policies in receivables management.

Answered: 1 week ago