Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer unanswered questions nca has adjusted gross income of $310,350 in 2016 and she files as head of household and claims two personal exemptions:

please answer unanswered questions

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

nca has adjusted gross income of $310,350 in 2016 and she files as head of household and claims two personal exemptions: one for herself plus one for her daughter. For 2016, Veronica's personal exemptions are redued by what amount? 50 B. $800 C $1.620 D. $2.100 67. Sean and Dianne are a married couple filing jointly. For 2016, their adjusted gross income (AGI) is $452,000. For 2016, Sean and Dianne's personal exemptions total what amount? A. $0 B $5,200 C $7,300 D $8,000 147. All of the following are true when reporting car and truck expenses on Schedule C except A. Placing the company logo, displays, or advertisements on a vehicle changes the use from personal to B If the taxpayer owns or leases five or more cars that are used for business at the same time, he or she business use must use the actual expense method C. If the taxpayer takes the standard mileage rate, multiply the number of business miles driven by 54 cents D. If the taxpayer takes the standard mileage rate, add to the total amount any amounts for parking fees and tolls 148. Harvey is the sole proprietor of a flower shop. He drove his van 20,000 miles during the year. 16,000 miles were for delivering flowers to customers and 4,000 miles were for personal use. Instead of figuring actual expenses Harvey decides to use the standard mileage rate to figure the deductible costs of operating his van. What amount can Harvey claim as the cost of operating his van as a business expense? A S0 B. $4600 C $8,640 D. $9,820 149. Carl, a single filer, has $145,000 in self-employment income and $130,000 in wages. Carl's wages do not exceed $200,000. Carl's employer did not withhold Additional Medicare Tax. Therefore, Carl is liable to pay Additional Medicare Tax on what amount of self-employment income? A S0 B. $75,000 C) $130.000 $145.000 To figure whether she should pay estimated tax for 2016, Jane determines her expected adjusted gross income (AGI) for 2016 will be $82,800. Her AGI for 2015 was $73,700. Her total tax on her 2015 return (Form 1040. line 61) was $9,001. Using the 2016 Estimated Tax Worksheet she figures her total 2016 estimated tax to be $11,015. Her tax expected to be withheld in 2016 is $10,000. She will file as head of household and expects no refundable credits in 2016. All of the following are true regarding Jane's estimated taxes except A. She expects to owe at least $1,000 for 2016 alter subtracting her withholding from her expected total tax B. She expects her income tax withholding to be at least 90% of the tax to be shown on her 2016 return C. Jane does not need to pay estimated tax D. Jane will need to pay estimated tax nca has adjusted gross income of $310,350 in 2016 and she files as head of household and claims two personal exemptions: one for herself plus one for her daughter. For 2016, Veronica's personal exemptions are redued by what amount? 50 B. $800 C $1.620 D. $2.100 67. Sean and Dianne are a married couple filing jointly. For 2016, their adjusted gross income (AGI) is $452,000. For 2016, Sean and Dianne's personal exemptions total what amount? A. $0 B $5,200 C $7,300 D $8,000 147. All of the following are true when reporting car and truck expenses on Schedule C except A. Placing the company logo, displays, or advertisements on a vehicle changes the use from personal to B If the taxpayer owns or leases five or more cars that are used for business at the same time, he or she business use must use the actual expense method C. If the taxpayer takes the standard mileage rate, multiply the number of business miles driven by 54 cents D. If the taxpayer takes the standard mileage rate, add to the total amount any amounts for parking fees and tolls 148. Harvey is the sole proprietor of a flower shop. He drove his van 20,000 miles during the year. 16,000 miles were for delivering flowers to customers and 4,000 miles were for personal use. Instead of figuring actual expenses Harvey decides to use the standard mileage rate to figure the deductible costs of operating his van. What amount can Harvey claim as the cost of operating his van as a business expense? A S0 B. $4600 C $8,640 D. $9,820 149. Carl, a single filer, has $145,000 in self-employment income and $130,000 in wages. Carl's wages do not exceed $200,000. Carl's employer did not withhold Additional Medicare Tax. Therefore, Carl is liable to pay Additional Medicare Tax on what amount of self-employment income? A S0 B. $75,000 C) $130.000 $145.000 To figure whether she should pay estimated tax for 2016, Jane determines her expected adjusted gross income (AGI) for 2016 will be $82,800. Her AGI for 2015 was $73,700. Her total tax on her 2015 return (Form 1040. line 61) was $9,001. Using the 2016 Estimated Tax Worksheet she figures her total 2016 estimated tax to be $11,015. Her tax expected to be withheld in 2016 is $10,000. She will file as head of household and expects no refundable credits in 2016. All of the following are true regarding Jane's estimated taxes except A. She expects to owe at least $1,000 for 2016 alter subtracting her withholding from her expected total tax B. She expects her income tax withholding to be at least 90% of the tax to be shown on her 2016 return C. Jane does not need to pay estimated tax D. Jane will need to pay estimated tax

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

Step: 3

blur-text-image

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

Cost Accounting A Managerial Emphasis

Authors: Madhav, Charles, Srikant

15th Edition

933254221X, 978-9332542211

More Books

Students also viewed these Accounting questions