Question
This is about income tax questions Question 1 (1 point) Denise, a single mother, received $25,000 from employment and had a capital gain of $1,000.
This is about income tax questions
Question 1 (1 point)
Denise, a single mother, received $25,000 from employment and had a capital gain of $1,000. In addition, she received $800 universal child care benefits. She did not elect to report the UCCB on a return for her child. Denise's net income for tax purposes is?
Question 1 options:
$26,800 | |
$26,300 | |
$25,750 | |
$25,500 | |
none of the above |
Save
Question 2 (1 point)
Following Max's death, his former employer paid a $12,000 death benefit to his wife and a $5,000 death benefit to each of his two children. How are these amounts reported?
Question 2 options:
$12,000 by his wife and $5,000 by each child | |
$2,000 by his wife and nothing by his children | |
$2,000 by his wife and $5,000 by each child | |
$12,000 by his wife and nothing by each child | |
none of the above |
Save
Question 3 (1 point)
A university professor received an $8,000 research grant and incurred research related expenses of $12,000. Her net research grant income is:
Question 3 options:
-$4,000 | |
$12,000 | |
$8,000 | |
$0 | |
none of the above |
Save
Question 4 (1 point)
When his employer dismissed him without notice, Daren sued for breach of contract. He was awarded damages for wrongful dismissal in the amount of $80,000, the approximate amount of the compensation he would have received in the notice period provided in his employment contract. The $80,000 is:
Question 4 options:
not taxable | |
taxable as employment income | |
taxable as income from property | |
taxable on $40,000 only | |
none of the above |
Save
Question 5 (1 point)
Ms. Linden received $1,000 in 2016 from her employer's income maintenance insurance plan, her first claim against the plan. Her contribution to the plan in 2014 (the first year of the plan's existence), 2015, and 2016 was $100 per year. She must report as net income in 2016:
Question 5 options:
$1,000 | |
$900 | |
$700 | |
$0 | |
none of the above |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started