Gradually, I have 13 multiple problems whereby each are sub-categorized additionally. Please complete asap. Thanks a million!
Chapter 7 In 2014, Carson is claimed as a dependent on his parent's tax return. His parents' ordinary income marginal tax rate is 28 percent. Carson's parents provided most of his support. Use Tax Rate Schedule for reference. What is Carson's tax liability for the year in each of the following alternative circumstances? a. Carson is 17 years old at year-end and earned $12,300 from his summer job and part-time job after school. This was his only source of income b. Carson is 23 years old at year-end. He is a full-time student and earned $12,300 from his summer internship and part-time job. He also received $6,000 of qualified dividend income 2 of 3) Kyle worked as a free-lance software engineer for the first three months of 2014. During that time, he earned $88,000 of self-employment income. On April 1, 2014, Kyle took a job as a fulltime software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $204,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year? (Round your intermediate and final answer to the nearest dollar amount.) 3 of 3) n 2014, Elaine paid $2,440 of tuition and $1,160 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? a. b. Elaine's AGI is $88,000 Elaine's AGI is $170,000. (Round your intermediate calculations to two decimal places and final answer to the nearest whole dollar amount.) c. . Elaine's AGI is $222,500. Chapter 9 Dennis contributed business assets to a new business in exchange for stock in the company. The exchange did not qualify as a nontaxable exchange. The fair market value of these assets was $319,000 on the contribution date. Dennis's original basis in the assets he contributed was $148,000, and the accumulated depreciation on the assets was $131,250. a. What is the business's basis in the assets it received from Dennis? . What would be the business's basis if the transaction qualified as a nontaxable exchange? Chapter 12 1.) Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen accrued and deducted the following bonuses for certain employees for financial accounting purposes. $62,800 for Ken. $47,100 for Jayne. $31,400 for Jill. $15,700 for Justin. How much of the accrued bonuses can Jorgensen deduct in year 1 under the following alternative scenarios? b. Jorgensen paid the bonuses to the employees on April 1 of year 2 c. Jorgensen paid the bonuses to employees on March 1 of year 2, and there is a requirement that the employee remain employed with Jorgensen on the payment date to receive the bonus. JDD Corporation provides the following benefits to its employee, Ahmed (age 37): Salary $ 366,000 Health insurance Dental insurance Life insurance 3,000 Dependent care Professional dues Personal use of company jet 15,100 3,300 5,000 1,420 205,000 2.) Assume the life insurance is a group-term life insurance policy that provides $243,000 of coverage for Ahmed. (Use EXHIBIT 12-10.) a. Assuming Ahmed is subject to a marginal tax rate of 30 percent, what is his after-tax benefit of receiving each of these benefits (ignoring FICA taxes)? (Round your answers to the nearest whole dollar Description Amount Taxable benefits Salary Taxable Total Marginal Tax Rate Income Tax On Benefits After-Tax Benefits On Taxable-Items Non-taxable benefits Non-taxable Total After-tax benefits of salary and benefits 3.) Jarvie loves to bike. In fact, he has always turned down better paying jobs to work in bicycle shops where he gets an employee discount. At Jarvie's current shop, Bad Dog Cycles, each employee is allowed to purchase four bicycles a year at a discount. Bad Dog has an average gross profit percentage on bicycles of 25 percent. During the current year, Jarvie bought the following bikes: Description Retail Price Cost Employee Price Specialized road bike $3,200 $2,400 $2,240 Rocky Mountain mountain bike 7,000 5,500 5,600 Trek road bike 2,800 2,650 1,960 Yeti mountain bike 3,400 3,290 2,720 a. What amount is Jarvie required to include in taxable income from these purchases Chapter 13 4.) Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM she is to receive 3 percent of the average salary of her three highest years of compensation from JMM. She retired on January 1, 2014. Before retirement, her annual salary was $93,500, $112,000, and $147,000 for 2011, 2012, and 2013. What is the maximum benefit Alicia can receive in 2014? 5.) n 2014, Nina contributes 10 percent of her $149,000 annual salary to her 401(k) account. She expects to earn a 8 percent before-tax rate of return. Assuming she leaves this (and any employer contributions) in the account until she retires in 20 years, what is Nina's after-tax accumulation from her 2014 contributions to her 401(k) account? (Round intermediate calculations to the nearest whole dollar amount. Round "Future value factor" to 4 decimal places.) a. Assume Nina's marginal tax rate at retirement is 30 percent Before tax-contribution= Future Value Fact= Future Value of contribution= Taxes Payable= After-Taxes Payable= b. Assume Nina's marginal tax rate at retirement is 20 percent. Before tax-contribution= Future Value Fact= Future Value of contribution= Taxes Payable= After-Taxes Payable= c. Assume Nina's marginal tax rate at retirement is 40 percent. Before tax-contribution= Future Value Fact= Future Value of contribution= Taxes Payable= After-Taxes Payable= 6.) Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2014, their AGI is $185,600. Jackson and Ashley each earned half of the income. a. How much can Ashley contribute to her Roth IRA if they file a joint return? b. How much can Ashley contribute if she files a separate return? c. Assume that Ashley earned all of the couple's income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson's Roth IRA if they file a joint return? Chapter 14 7.) Several years ago, Junior acquired a home that he vacationed in part of the time and rented out part of the time. During the current year Junior: Personally stayed in the home for 24 days. Rented it to his favorite brother at a discount for 36 days. Rented it to his least favorite brother for fifteen days at the full market rate. Rented it to his friend at a discounted rate for thirteen days. Rented the home to third parties for 51 days at the market rate. Did repair and maintenance work on the home for three days. Marketed the property and made it available for rent for 202 days during the year (in addition to the days mentioned above). How many days of personal use and how many days of rental use did Junior experience on the property during the year? 8.) In year 1, Peter and Shaline Johnsen moved into a home in a new sub division. Theirs was one of the first homes in the subdivision. In year 1, they paid $3,700 in real property taxes to the state government, $1,260 to the developer of the subdivision for an assessment to pay for the sidewalks, and $760 for real property taxes on land they hold as an investment. What amount of property taxes are the Johnsens allowed to deduct assuming their itemized deductions exceed the standard deduction amount before considering any property tax deductions? 9.) Jenae and Terry Hutchings own a parcel of land as tenants by entirety. That is, they both own the property but when one of them dies the other becomes the sole owner of the property. For nontax reasons, Jenae and Terry decide to file separate tax returns for the current year. Jenae paid the entire $3,250 property tax bill for the land. How much of the $3,250 property tax payment is each spouse entitled to deduct in the current year? Deductible Jenae Property tax= Deductible Terry Property tax=
