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Accounting Expert Answers & Study Resources : Page 95

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93) Hope is a marketing manager at a local company.  Information about her 2013 income and expenses is as follows: Income received Salary $150,000 Taxes withheld from salary: Federal income tax                $30,000 State income tax                         8,000 Social Security tax                      9,300 Medicare tax                               2,175 Interest income from bank 6,000 Dividend income from U.S. stocks 4,000 Short-term capital gain 2,000 Long-term capital gain 3,000 State income tax refund.

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  • 93) Hope a marketing manager at a local company.  Information
  • Accounting
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1) Deferred compensation refers to methods of compensating employees based upon their current service where the benefits are deferred until future periods. 2) If an individual is self-employed, business-related expenses are deductions for AGI. 3) Unreimbursed employee business expenses are deductions from AGI. 4) An employer-employee relationship exists where the employer has the.

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  • 1) Deferred compensation refers to methods of compensating employees based
  • Accounting
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89) During the current year, Deborah Baronne, a single individual, paid the following amounts: Federal income tax$10,000 State income tax$4,000 Real estate taxes on land in France              $1,500 Real estate taxes on land in U.S.              $1,700 State sales taxes$2,000 State occupational license fee              $   600 How much can Deborah deduct in taxes as itemized deductions? 90) Phoebe's AGI.

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  • 89) During the current year, Deborah Baronne, a single individual,
  • Accounting
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98) Harley, a single individual, provided you with the following information for this year: Income: Salary from part-time employment $ 16,000 Interest income from savings 1,000 Net long-term capital gain from investment property 3,000 Deductions: Net business loss (sales of $100,000 less expenses of $130,000) ($30,000) Personal exemption (   3,900) Standard deduction (   6,100) Net-operating loss carryover from last year (   3,000) What is the.

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  • 98) Harley, a single individual, provided you with the following
  • Accounting
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95) Determine the net deductible casualty loss on the Schedule A for Alan Michael when his adjusted gross income was $40,000 in 2013 and the following occurred:  Adj. FMV  FMVInsurance AssetBasisBeforeAfterReimbursement A$1,200$2,000$ 500$ 100 B14,00012,0005,0001,100 C6003,0002,775125 A and B were destroyed in the same casualty in March. C was destroyed in a separate casualty in.

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  • 95) Determine the net deductible casualty loss the Schedule A
  • Accounting
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109) Richard traveled from New Orleans to New York for both business and vacation. He spent 4 days conducting business and some days vacationing. He incurred the following expenses: Airfare$460 Lodging-per day175 Meals-per day100 Business Entertainment800 What is his miscellaneous itemized deduction (before the floor), assuming Richard is an employee and is not reimbursed, under.

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  • 109) Richard traveled from New Orleans to New York for
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