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APUS ACCT420: Individual Federal Taxes FULL ASSIGNMENT + QUIZ`S

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Question;ALL THE Ivan Incisior 2010 Tax ReturnWeek 1 Assignment;Complete theCumulative Software Problem found;onpage;1-39 of the text. This assignment requires the;use of the H&R Block At Home software that comes with the text. The;assignment should be completed in the H&R software program, saved, and;submitted as "For Filing Version" PDF file. (Do not submit;Draft Version).;Week 2 Assignment;Complete theCumulative;Software Problemfound on;page 2-42 of the text. This assignment requires the use of the H&R;Block At Home software that comes with the text. The assignment should be;completed in the H&R software program, saved, and submitted as a PDF file;(For Filing Version) in the Assignments area of the course.;Week 3 Assignment;Complete theCumulative Software Problem found on page 3-44of the;text. This assignment requires the use of the H&R Block At Home;software that comes with the text. The assignment should be completed in the;H&R software program, saved, and submitted as a PDF file (For Filing;Version) in the Assignments area of the course.;Week 4 Assignment;Complete;theCumulative Software Problem found on page 4-53of the;text. This assignment requires the use of the H&R Block At Home;software that comes with the text. The assignment should be completed in the;H&R software program, saved, and submitted as a PDF file (For Filing;Version) in the Assignments area of the course.;Week 5 Assignment;Complete theCumulative Software Problem found on page 5-45of the text. This assignment requires the use of the H&R;Block At Home software that comes with the text. The assignment should be;completed in the H&R software program, saved, and submitted as a PDF file;in the Assignments area of the course.;Week 6 Assignment;Complete theCumulative Software Problem found on page 6-45 of;the text. This assignment requires the use of the H&R Block At Home;software that comes with the text. The assignment should be completed in the;H&R software program, saved, and submitted as a PDF file (For Filing;Version) in the Assignments area of the course.;Week 7 Assignment;Completemultiple choice questions 1 through 10 on pages 8-36 and 8-37;Week 8 Final Assessment;CompleteGroup 3: Comprehensive Problem 1 (David and Darlene Jasper)on pages 6-43 and 6-44. Submit;your answers in the attached pdf documents by day 7.Week 1 Quiz;Question 1 of 10;Partnership income is reported on;Question 2 of 10;Martin, a 50-year-old single;taxpayer, paid the full cost of maintaining his dependent mother in a home;for the aged for the entire year. What is the amount of Martin's standard;deduction for 2010?;Question 3 of 10;Which of the following is a true;statement with respect to the gross income test for the qualifying relative;dependency exemption?;Question 4 of 10;Which of the following is not a;capital asset?;Question 5 of 10;Irma, widowed in 2008, pays all;costs related to the home in which she and her unmarried son live. Her son;does not qualify as her dependent. What is her filing status for 2010?;Question 6 of 10;John, age 25, is a full-time;student at a state university. John lives with his sister, Ann, who provides;over half of his support. His only income is $4,000 of wages from a part-time;job at the college book store. What is Ann's filing status for 2010?;Question 7 of 10;Jill is a 16-year-old child who is;claimed as a dependent by her parents. Jill's only income is $1,400 from her;bank savings account. What is the amount of Jill's standard deduction for;2010?;Question 9 of 10;Oscar and Mary have no dependents;and file a joint income tax return for 2010. For 2010, they have adjusted;gross income of $145,000 and itemized deductions of $32,000. What is the;amount of taxable income that Oscar and Mary must report on their 2010 income;tax return?;Question 10 of 10;Bob owns a rental property that he;bought several years ago for $260,000. He has taken depreciation on the house;of $37,000 since buying it. He sells it in 2010 for $290,000. His selling;expenses were $12,000 for the year. What was Bob?s realized gain on the sale?;Week 2 Quiz;Question 1 of 10;For 2010, the maximum percentage;of Social Security benefits which must be included in a taxpayer?s gross;income is?;Question 2 of 10;All of the following amounts are;excluded from gross income, except;Question 3 of 10;In the tax law, the definition of;gross income is;Question 4 of 10;For divorces after 1984, which of;the following statements about alimony payments is not correct?;Question 5 of 10;Richard, who retired on April 30;2010, receives a monthly employee annuity benefit of $1,400 payable for life;beginning May 1, 2010. During his years of employment, Richard contributed;$29,400 to the company?s plan. Richard?s life expectancy from the IRS tables;is 10 years. Using the general rule, how much of the annuity payment amounts;received during 2010 ($11,200) may Richard exclude from gross income?;Question 6 of 10;Laura and Leon were granted a;divorce in 2004. In accordance with the decree, Leon made the following;payments to Laura in 2010: Child support payments contingent on the age of;the child$4,000 Annual cash payments, other than child support, specified as;alimony in the divorce agreement$6,000 How much should Laura include in her;2010 taxable income as alimony?;Question 7 of 10;Robert works for American Motors.;American Motors pays a $1,200 premium on Robert?s health insurance in 2010.;Robert has an operation on his big toe in 2010 that cost $7,200. The;insurance company paid for $6,800 of it. Which one of the following is true?;Question 8 of 10;Which of the following is;nontaxable income to the recipient for tax purposes?;Question 9 of 10;Jerry and Sally were divorced;under an agreement executed July 1, 2010. The terms of the agreement provide;that Jerry will transfer to Sally his interest in a rental house worth;$250,000 with a tax basis to Jerry of $80,000. What is the amount of the gain;that must be recognized by Jerry on the transfer of the property and what is Sally?s;tax basis in the property after the transfer, respectively?;Question 10 of 10;Employer-provided spending;accounts;Week 3 Quiz;Question 1 of 10;(1point) Which of the following;statements is true of a distribution rollover (not a trustee-to-trustee;transfer) from a retirement plan?;Question 2 of 10;(1point) Ellen loans Nicole;$45,000 to start a hair salon. Unfortunately, the business fails in 2010 and;she is unable to pay back Ellen. In 2010, Ellen also had $20,000 of income;from her part-time job and $12,000 of capital gain from the sale of stock.;How much of the $45,000 bad debt can Ellen claim as a capital loss in 2010?;Question 3 of 10;(1point) Donald, a 40-year-old;married taxpayer, has a salary of $55,000 and interest income of $6,000. What;is the maximum amount Donald can contribute to a Roth IRA?;Question 4 of 10;(1point) Choose the incorrect;answer. Money removed from a traditional IRA is taxable as ordinary income;and subject to a 10 percent penalty except for taxpayers who are;Question 5 of 10;(1point) Patricia is a business;owner who is trying to determine her cost of goods sold for 2010. She bought;20 units of inventory at $11, then 26 units at $9, and finally 18 units at;$14. She sold 30 units in 2010 and uses FIFO for her inventory valuation.;What was her cost of goods sold in 2010 assuming that there was no inventory;at the beginning of the year?;Question 6 of 10;(1point) Polly, age 45;participates in her employer?s Section 401(k) plan which allows employees to;contribute up to 15 percent of their salary. Her annual salary is $100,000 in;2010. What is the maximum she can contribute to this plan on a tax-deferred;basis under a salary reduction agreement?;Question 7 of 10;(1point) Lester rents his vacation;home for 6 months and lives in the home during the other 6 months of 2010.;The gross rental income from the home is $4,500. For the entire year, real;estate taxes are $800, interest is $3,000, utilities and maintenance expenses;are $2,200, and depreciation expense on the entire home would be $4,000. What;is Lester?s allowable net loss from renting his vacation home?;Question 8 of 10;(1point) Arnold purchased;interests in two limited partnerships 6 years ago. During 2010, Arnold had;income of $22,000 from one of the partnerships. He had a loss from the other;partnership of $32,000, salary income of $35,000, and dividend income of;$2,000. What is Arnold?s net passive income or loss before any limitations?;Question 9 of 10;(1point) Bill is the owner of a;house with two identical apartments. He resides in one apartment and rents;the other apartment to a tenant. The tenant made timely monthly rental;payments of $500 per month for the months of January through December, 2010.;The following expenses were incurred on the entire building: Utilities$3,600;Maintenance and repairs800 Insurance on building600 In addition, depreciation;allocable to the rented apartment is $1,500. What amount should Bill report;as net rental income for 2010?;Question 10 of 10;(1point) What is the deadline for;making a contribution to traditional IRA or a Roth IRA for 2010?;Week 4 Quiz;Question 1 of 10;Barry is a self-employed attorney;who travels to New York on a business trip during 2010. Barry?s expenses were;as follows: Airfare$560 Taxis40 Meals100 Lodging350 How much may Barry deduct;as travel expenses for the trip?;Question 2 of 10;Peter operates a dental office in;his home. The office occupies 250 square feet of his residence, which is a;total of 1,500 square feet. During 2010, Peter pays rent for his home of;$12,000, utilities of $4,800, and maintenance expenses of $1,200. What amount;of the total expenses should be allocated to the home office?;Question 3 of 10;Which of the following is not;deductible as a moving expense?;Question 4 of 10;During 2010, Harry, a;self-employed accountant, travels from Kansas City to Miami for a 1-week;business trip. While in Miami, Harry decides to stay for an additional 5 days;of vacation. Harry pays $600 for airfare, $200 for meals, and $500 for;lodging while on business. The cost of meals and lodging while on vacation;was $300 and $500, respectively. How much may Harry deduct as travel expenses;for the trip?;Question 5 of 10;Which of the following items;incurred while on travel is not considered a travel expense?;Question 6 of 10;If an employer chooses a per diem;method of substantiation for travel expenses;Question 7 of 10;What income tax form does an;employee use to report expenses that are not reimbursed by an employer under;an accountable plan?;Question 8 of 10;Which of the following does not;give rise to a business expense for uniforms or special clothing?;Question 9 of 10;Charles, a corporate executive;incurred business related, unreimbursed expenses in 2010 as follows;Entertainment$900 Transportation700 Education400 Assuming that Charles;itemizes his deductions, how much of these expenses should he deduct on his;2010 Schedule A (before the 2 percent of adjusted gross income limitation)?;Question 10 of 10;Carla is a high school teacher who;is required by her school district to take continuing education courses which;are offered at the local college. She is also in the process of taking;classes at a different university where she is pursuing her Ph.D. to become a;research specialist. She pays the tuition for both schools. Which of the;following is true?;Week 5 Quiz;Question 1 of 10;Which of the following;miscellaneous deductions are not subject to the 2 percent of adjusted gross;income limitation?;Question 2 of 10;Roberto?s AGI is $110,000. He has;medical expenses of $12,000. How much of the medical expenses can Roberto;deduct on his Schedule A for 2010?;Question 3 of 10;Which of the following is not;deductible as an itemized deduction?;Question 4 of 10;Weber resides in a state that;imposes a tax on income. The following information relating to Weber?s state;income taxes is available: State income taxes withheld in 2010$3,000 Refund;received in 2010 of 2009 tax300 Assessment paid in 2010 of 2007 tax800;Assuming he elects to deduct state and local income taxes, what amount should;Weber use as state and local income taxes in calculating itemized deductions;for his 2010 Federal income tax return?;Question 5 of 10;Which one of the following is not;considered a casualty or theft loss for tax purposes?;Question 6 of 10;Which of the following charitable;contributions is not tax deductible?;Question 7 of 10;What percentage of medical;insurance payments can self-employed taxpayers deduct for adjusted gross;income on their 2010 tax returns?;Question 8 of 10;Frank is a resident of a state;that imposes a tax on income. The following information pertaining to Frank?s;state income taxes is available: State income taxes withheld in 2010$3,500;Refund of 2009 tax received in 2010400 Deficiency assessed and paid in 2010;for 2007: Tax600 Interest100 What amount should Frank use as state and local;income taxes in calculating itemized deductions for his 2010 Federal tax;return, assuming he elects to deduct state and local income taxes?;Question 9 of 10;Amy paid the following interest;expense during 2010: Qualified home mortgage interest$11,000 Credit card;interest1,000 Personal bank loan interest3,000 What is the amount of Amy?s;interest deduction for 2010?;Question 10 of 10;During 2010, Mr. and Mrs. West;paid the following taxes: Property taxes on residence$1,800 Special;assessment for installation of a sewer system in their neighborhood1,000;State personal property tax on their automobile (based on value)600 Property;taxes on land held for long-term appreciation300 What amount can the Wests;deduct as property taxes in calculating itemized deductions for 2010?;Week 6 Quiz;Question 1 of 10;Clark, a widower, maintains a;household for himself and his two dependent preschool children. For the;year ended December 31, 2010, Clark earned a salary of $36,000. He paid;$3,500 to a housekeeper to care for his children in his home, and also paid;$1,500 to a kiddie play camp for child care. He had no other income or;expenses during 2010. How much can Clark claim as a child care credit in;2010?;Question 2 of 10;Molly and Steve are married and;live in Texas. Molly earns a salary of $50,000 and Steve owns a rental;property that gives him $35,000 of income. If they filed separate tax;returns, what amount of income would Steve report?;Question 3 of 10;Which of the following tax;credits is not available for the 2010 tax year?;Question 4 of 10;Which one of the following;taxpayers qualify for the earned income credit?;Question 5 of 10;In 2010, the child tax credit;available to married taxpayers filing jointly is phased out, beginning at;Question 6 of 10;Glen and Mary have two children;Chad (12-years-old) and Linda (8-years-old). For 2010, Chad has $4,000 in;net unearned income and Linda has net unearned income of $1,000. If the;total parental tax for 2010 is $1,400, how would the tax be allocated;between Chad and Linda?;Question 7 of 10;Which of the following is true;of the alternative minimum tax?;Question 8 of 10;Jessica and Robert have two;young children. They have $7,000 of qualified child care expenses and an AGI;of $24,000 in 2010. What is their allowable child care credit?;Question 9 of 10;William and Irma have two;children, Tom (age 13) and Sara (age 8). For 2010, Tom and Sara have a;total parental tax of $5,600. Tom?s net unearned income is $15,000, while;Sara?s net unearned income is $5,000. How much of the parental tax would be;allocated to Sara on her 2010 tax return?;Question 10 of;10;The earned income credit;Week 7 Quiz;Question 1 of 10;Simonne, a single taxpayer, bought;her home in La Jolla 25 years ago for $45,000. She has lived continuously in;the home since she purchased it. In December, 2010, she sells her home for;$405,000. What is Simonne?s taxable gain on the sale?;Question 2 of 10;For purposes of taxation of;capital gains;Question 3 of 10;For purposes of determining the;adjusted basis of a capital asset at the time of its sale;Question 4 of 10;On August 8, 2010, Sam, age 62;sold for $210,000 his principal residence which had an adjusted basis of;$60,000. On November 1, 2010, he purchased a new residence for $80,000. For;2010, Sam should recognize a gain on the sale of his residence of;Question 5 of 10;In 2010, Paul, a single taxpayer;has taxable income of $30,000 exclusive of capital gains and losses. Paul;incurred a $1,000 short-term capital loss and a $5,000 long-term capital;loss. What is the amount of his long-term capital loss carryover to 2011?;Question 6 of 10;Which of the following is true;about capital gains?;Question 7 of 10;Sol purchased land as an;investment on January 12, 2004 for $85,000. On January 31, 2010, Sol sold the;land for $90,000 cash. What is the nature of the gain or loss?;Question 8 of 10;An asset?s adjusted basis is;computed as;Question 9 of 10;Martha has a net capital loss of;$20,000 and other ordinary taxable income of $45,000 for the current tax;year. What is the amount of Martha?s taxable income after deducting the;allowed capital loss?;Question 10 of 10;Which one of the following is a;capital asset?

 

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