Question
Which of the following does an individual taxpayer use to remit estimated tax payments to the IRS? Form 1099 Form 941 Form 1040-ES Form W-2
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Which of the following does an individual taxpayer use to remit estimated tax payments to the IRS?
Form 1099
Form 941
Form 1040-ES
Form W-2
None of the above.
19. In 2020, Jose sells Intel stock for a $7,000 loss. He has no other capital gains or losses for the year. Jose's taxable income excluding the capital loss is $60,000. What is his current year taxable income considering this capital loss?
| a. | $53,000 | |
| b. | $54,000 | |
| c. | $57,000 | |
| d. | $67,000 | |
| e. | None of the above |
21. In 2020, Daniel has a net capital loss of $10,000 and other ordinary taxable income of $45,000. What is Daniel's capital loss carryover to 2021?
| a. | $35,000 | |
| b. | $10,000 | |
| c. | $7,000 | |
| d. | $3,000 | |
| e. | None of the above |
23.
Josie purchased a building for use as a residential rental property for $175,000. The building was placed in service on August 1, 1998. The building has a 27.5-year MACRS life. What is the depreciation on the building for 2020?
| $2,387.70 | ||
| $6,364.75 | ||
| $5,327.65 | ||
| Zero because the building is fully depreciated by 2020. | ||
| $6,098.75 |
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
