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Hello I need this 3 questions answered until 48 hours. Thanks Problem 1 J. Paige, Social Security number 111-22-3333, is the vice president of marketing

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Hello I need this 3 questions answered until 48 hours. Thanks

image text in transcribed Problem 1 J. Paige, Social Security number 111-22-3333, is the vice president of marketing (Japan) for International Industries, Inc. (III). III is headquartered at 123 Main Street, Los Angeles, California 92601. A. J., who is single, accepted the position and became a resident of Japan on July 8 of last year. Her business address is 86 Sano, Tokyo, Japan. A. J.'s visa permits her to stay in Japan indefinitely. Her only trips to the United States in the current year were for vacations (August 2 to 16 and December 21 to 28). A. J.'s contract specifies that her appointment is to last indefinitely, but states that III is to pay her $4,000 per year to cover the cost of two vacation trips to the United States. Her salary is $140,000, out of which she pays rent on an apartment of $28,000 per year. A. J. has no family or residence in the United States. She paid an income tax in Japan of $23,500. Complete a Form 2555. PROBLEM 2 Monica , a widow is retired and receives Social Security Benefits of $ 18,000 in 2014. She has a Adjusted Gross Income of $52,000. Monica must include $ $ __________________________ of her Social Security Benefits in income. Determine the amount included in income: Hint : Use the Worksheet : Social Security Taxable Income Caqlculation ( www.irs.gov) ( I send this worksheet in a email attachment) DETERMIEN LA PROCION DEL INGRESO DE SEGURO SOCIAL TRIBUTABLE. UTILIZE LA HOJA DE TRABAJO QUE LES ENVIE O BAJELA DEL SITIO EN INTERNET DEL IRS PROBLEM 3 For the 2015 tax year. Kevin and Janet are married and file a joint retirn. They have Social Security Benefits of $13,000, and their adjusted gross income is $20,000. They also received $30,000 in tax free municipal bond interest. How much if any, of the Social Security Benefits should this couple include in gross income ? 1. Please refer the pdf attached. 2. Combined Income = 52,000 + (18,000 x 50%) = $61,000 Since the combined income of the Monica is above $34,000 thus, she will 85% of the Social Security Benefits will be added to the Adjusted Gross Income. Social Security Benefits to be added = 18,000 x 85% = $15,300 3. Combined Income = 20,000 + 30,000 + (13,000 x 50%) = $56,500 Since the combined income of the Monica is above $44,000 thus, she will 85% of the Social Security Benefits will be added to the Adjusted Gross Income. Social Security Benefits to be added = 13,000 x 85% = $11,050 Form 2555 OMB No. 1545-0074 Foreign Earned Income Department of the Treasury Internal Revenue Service 2014 Attach to Form 1040. Information about Form 2555 and its separate instructions is at www.irs.gov/form2555. Attachment Sequence No. 34 For Use by U.S. Citizens and Resident Aliens Only Name shown on Form 1040 Your social security number J. Paige Part I 111-22-3333 General Information 1 Your foreign address (including country) 2 Your occupation 86 Sano, Tokyo, Japan Vice president marketing(Japan Employer's name 3 International Industries, Inc. 4a Employer's U.S. address 123 Main Street, Los Angeles, California 92601 b Employer's foreign address 86 Sano, Tokyo, Japan a A foreign entity b A U.S. company c Self 5 Employer is (check any that apply): d A foreign affiliate of a U.S. company e Other (specify) 6a If you previously filed Form 2555 or Form 2555-EZ, enter the last year you filed the form. and go to line 7. b If you did not previously file Form 2555 or 2555-EZ to claim either of the exclusions, check here c Have you ever revoked either of the exclusions? . . . . . . . . . . . . . . . . . . . . Yes d If you answered \"Yes,\" enter the type of exclusion and the tax year for which the revocation was effective. Of what country are you a citizenational? 7 US No Did you maintain a separate foreign residence for your family because of adverse living conditions at your Yes No tax home? See Second foreign household in the instructions . . . . . . . . . . . . . . . b If \"Yes,\" enter city and country of the separate foreign residence. Also, enter the number of days during your tax year that you maintained a second household at that address. List your tax home(s) during your tax year and date(s) established. 9 8a Next, complete either Part II or Part III. If an item does not apply, enter \"NA.\" If you do not give the information asked for, any exclusion or deduction you claim may be disallowed. Part II Taxpayers Qualifying Under Bona Fide Residence Test (see instructions) , and ended a Purchased house b Rented house or apartment d Quarters furnished by employer 12a Did any of your family live with you abroad during any part of the tax year? . . . . . . . . . . b If \"Yes,\" who and for what period? 10 11 Date bona fide residence began Kind of living quarters in foreign country c . Rented room Yes No Have you submitted a statement to the authorities of the foreign country where you claim bona fide Yes No residence that you are not a resident of that country? See instructions . . . . . . . . . . . . b Are you required to pay income tax to the country where you claim bona fide residence? See instructions . Yes No If you answered \"Yes\" to 13a and \"No\" to 13b, you do not qualify as a bona fide resident. Do not complete the rest of this part. If you were present in the United States or its possessions during the tax year, complete columns (a)-(d) below. Do not 14 include the income from column (d) in Part IV, but report it on Form 1040. 13a (a) Date arrived in U.S. 15a b c d e (b) Date left U.S. (c) Number of days in U.S. on business (d) Income earned in U.S. on business (attach computation) (a) Date arrived in U.S. (b) Date left U.S. (c) Number of days in U.S. on business (d) Income earned in U.S. on business (attach computation) List any contractual terms or other conditions relating to the length of your employment abroad. Enter the type of visa under which you entered the foreign country. Yes Did your visa limit the length of your stay or employment in a foreign country? If \"Yes,\" attach explanation . Did you maintain a home in the United States while living abroad? . . . . . . . . . . . . . . Yes If \"Yes,\" enter address of your home, whether it was rented, the names of the occupants, and their relationship to you. For Paperwork Reduction Act Notice, see the Form 1040 instructions. Cat. No. 11900P No No Form 2555 (2014) Form 2555 (2014) Page 2 Taxpayers Qualifying Under Physical Presence Test (see instructions) Part III 1 jan The physical presence test is based on the 12-month period from Enter your principal country of employment during your tax year. 18 If you traveled abroad during the 12-month period entered on line 16, complete columns (a)-(f) below. Exclude travel between foreign countries that did not involve travel on or over international waters, or in or over the United States, for 24 hours or more. If you have no travel to report during the period, enter \"Physically present in a foreign country or countries for the entire 12-month period.\" Do not include the income from column (f) below in Part IV, but report it on Form 1040. Japan through 31 dec 16 17 (b) Date arrived (c) Date left (d) Full days present in country 2 aug 21 dec (a) Name of country (including U.S.) 16 aug 28 dec 15 8 US US Part IV (e) Number of days in U.S. on business (f) Income earned in U.S. on business (attach computation) All Taxpayers Note: Enter on lines 19 through 23 all income, including noncash income, you earned and actually or constructively received during your 2014 tax year for services you performed in a foreign country. If any of the foreign earned income received this tax year was earned in a prior tax year, or will be earned in a later tax year (such as a bonus), see the instructions. Do not include income from line 14, column (d), or line 18, column (f). Report amounts in U.S. dollars, using the exchange rates in effect when you actually or constructively received the income. If you are a cash basis taxpayer, report on Form 1040 all income you received in 2014, no matter when you performed the service. Amount (in U.S. dollars) 2014 Foreign Earned Income 19 20 a b Total wages, salaries, bonuses, commissions, etc. . . . . . . . . . Allowable share of income for personal services performed (see instructions): In a business (including farming) or profession . . . . . . . . . . . In a partnership. List partnership's name and address and type of income. . . . . . . 19 . . . . . . 21 Noncash income (market value of property or facilities furnished by employerattach statement showing how it was determined): Home (lodging) . . . . . . . . . . . . . . . . . . . . . . . . . . . 140000 20a 20b a b Meals . . . . . . . . . . . . . . 21a . . . . . . . . . . . . . . . . 21b c Car . . . . . . . . . . . . . . . . d Other property or facilities. List type and amount. . . . . . . . . . . . . . . . 21c 21d 22 a b c d e f Allowances, reimbursements, or expenses paid on your behalf for services you performed: Cost of living and overseas differential . . . . . . . . . 22a Family . . . . . . . . . . . . . . . . . . . . 22b Education . . . . . . . . . . . . . . . . . . . 22c 22d Home leave . . . . . . . . . . . . . . . . . . 4000 22e Quarters . . . . . . . . . . . . . . . . . . . For any other purpose. List type and amount. 22f g Add lines 22a through 22f . . . . . . . . . Other foreign earned income. List type and amount. 23 . . . . . . . . . . . . . . 22g 4000 23 24 Add lines 19 through 21d, line 22g, and line 23 . . . . . . . . . . . . . . . . 25 26 Total amount of meals and lodging included on line 24 that is excludable (see instructions) . . Subtract line 25 from line 24. Enter the result here and on line 27 on page 3. This is your 2014 foreign earned income . . . . . . . . . . . . . . . . . . . . . . . 24 144000 25 0 26 144000 Form 2555 (2014) Form 2555 (2014) Part V 27 32 33 34 35 36 37 38 39 40 41 42 . . . . . . . . . . . 27 Taxpayers Claiming the Housing Exclusion and/or Deduction Qualified housing expenses for the tax year (see instructions) . . . . . . . . . . . . 28 Enter location where housing expenses incurred (see instructions) Japan Enter limit on housing expenses (see instructions) . . . . . . . . . . . . . . . 29b Enter the smaller of line 28 or line 29b . . . . . . . . . . . . . . . . . . . 30 Number of days in your qualifying period that fall within your 2014 tax year (see instructions) . . . . . . . . . . . . . . . . 31 days 0 Multiply $43.48 by the number of days on line 31. If 365 is entered on line 31, enter $15,872.00 here 32 Subtract line 32 from line 30. If the result is zero or less, do not complete the rest of this part or any of Part IX . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Enter employer-provided amounts (see instructions) . . . . . . 34 0 Divide line 34 by line 27. Enter the result as a decimal (rounded to at least three places), but do not enter more than \"1.000\" . . . . . . . . . . . . . . . . . . . . . . . 35 Housing exclusion. Multiply line 33 by line 35. Enter the result but do not enter more than the 36 amount on line 34. Also, complete Part VIII . . . . . . . . . . . . . . . . . Note: The housing deduction is figured in Part IX. If you choose to claim the foreign earned income exclusion, complete Parts VII and VIII before Part IX. Part VII 3 All Taxpayers Enter the amount from line 26 . . . . . . . . . . . Are you claiming the housing exclusion or housing deduction? Yes. Complete Part VI. No. Go to Part VII. Part VI 28 29a b 30 31 Page 28000 29760 28000 0 28000 . Taxpayers Claiming the Foreign Earned Income Exclusion Maximum foreign earned income exclusion . . . . . . . . . . . . . . . . . . . . . If you completed Part VI, enter the number from line 31. 38 days All others, enter the number of days in your qualifying period that fall within your 2014 tax year (see the instructions for line 31). If line 38 and the number of days in your 2014 tax year (usually 365) are the same, enter \"1.000.\" Otherwise, divide line 38 by the number of days in your 2014 tax year and enter the result as a decimal (rounded to at least three places). Multiply line 37 by line 39 . . . . . . . . . . . . . . . . . . . . . . . Subtract line 36 from line 27 . . . . . . . . . . . . . . . . . . . . . . 37 $99,200 00 } } Foreign earned income exclusion. Enter the smaller of line 40 or line 41. Also, complete Part VIII 39 . 40 41 42 Part VIII Taxpayers Claiming the Housing Exclusion, Foreign Earned Income Exclusion, or Both 43 44 Add lines 36 and 42 . . . . . . . . . . . . . . . . . . . . . . . . . Deductions allowed in figuring your adjusted gross income (Form 1040, line 37) that are allocable to the excluded income. See instructions and attach computation . . . . . . . . . . 45 Subtract line 44 from line 43. Enter the result here and in parentheses on Form 1040, line 21. Next to the amount enter \"Form 2555.\" On Form 1040, subtract this amount from your income to arrive at total income on Form 1040, line 22 . . . . . . . . . . . . . . . . Part IX 46 47 48 49 50 43 44 45 Taxpayers Claiming the Housing DeductionComplete this part only if (a) line 33 is more than line 36 and (b) line 27 is more than line 43. Subtract line 36 from line 33 . . . Subtract line 43 from line 27 . . . Enter the smaller of line 46 or line 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 47 48 Note: If line 47 is more than line 48 and you could not deduct all of your 2013 housing deduction because of the 2013 limit, use the housing deduction carryover worksheet in the instructions to figure the amount to enter on line 49. Otherwise, go to line 50. Housing deduction carryover from 2013 (from the housing deduction carryover worksheet in the instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Housing deduction. Add lines 48 and 49. Enter the total here and on Form 1040 to the left of line 36. Next to the amount on Form 1040, enter \"Form 2555.\" Add it to the total adjustments reported on that line . . . . . . . . . . . . . . . . . . . . . . . . 50 Form 2555 (2014)

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