Gross income threshold - Study guides, Class notes & Summaries

Standard Deduction AGI is reduced by greater of Standard Deduction or Itemized Deduction Based on filing status and calendar year of filing Taxpayer 65 and older can take an additional deduction, another deduction available to those who are blind Itemized Deductions AGI is reduced by greater of Standard Deduction or Itemized Deduction Reported on Schedule A of 1040 Expenses must be ordinary and necessary Timing of deductions depend on accounting method (accrual vs. cash b...

Enrolled Agent Individual Income Tax Return Questions And Answers 100% Correct!!!

Form 1040 - Summary document for entire tax return Gross Income - Income in form of money, goods, property, services (not exempt from tax) Adjustments - Amount that reduces gross income (AKA "above the line deductions") Adjusted Gross Income - Gross income minus adjustments Deductions - Amounts that lower AGI, which therefore reduces taxable income. Itemized vs Standard deductions. VITA only files standard deductions Taxable Income - Amount taxed after AGI reduced by deduc...

Vita Exam Study Guide Questions with Complete Solutions How much of Herb and Alice's Social Security is taxable? - Answer-$0 Interview Notes - Herb and Alice are married and file a joint return. Herb is 74 years old and Alice is 70. Neither are blind. - Both Herb and Alice are retired. Herb works part time as a greeter. - Herb earned $15,000 in wages. They also received Social Security benefits of $28,000. They received no other income in 2021. - Both Herb and Alice are U.S. citiz...

economics - answer-the study of how people choose to se their limited resources to satisfy their unlimited wants economy - answer-a system used to manage limited resources for the production, distribution, and consumption of goods and services positive economics - answer-the branch of economics that uses objective analysis to find out how the world works; the goal is to describe how things are normative economics - answer-the branch of economics that applies value judgments to data in o...

MCT Gross Capital Available components correct answers - qualifying category A common shares - contributed surplus - retained earnings - reserves - accumulated other comprehensive income - qualifying category B instruments - qualifying category C instruments - non controlling interests MCT Gross Capital Available - components potentially affected by additions/deductions correct answers - retained earnings - reserves - accumulated other comprehensive income - qualifying category C...

FPC Test Random 72 Questions with Verified Answers An employee earns $1,031.00 semimonthly and with this paycheck receives a $300.00 production bonus. Deductions include $126.00 for federal income tax, $101.82 for social security and Medicare tax, $125.00 for court-ordered child support payments, and a $25.00 credit union payment. For this pay period, calculate the employee's semimonthly disposable pay for a creditor garnishment. - CORRECT ANSWER $1,103.18. An individual receiving a taxab...

Hotel Revenue Management Chapters 1-6 Questions and Answers 100% Solved Revenue management, sometimes called yield management, is a set of revenue maximization strategies and tactics that: can be used to increase profitability When the American Airlines CEO developed yield management, what type of information was crucial to its success? Forecasting Which of the following statements about hotel revenue management is FALSE? Revenue mgt. is new, as are all the strategies that are employed to max...

1. Bobby and Sissy got married 2.5 years ago. Since that time, they have lived in Bobby's home. Sissy sold her previous home three years ago and ex- cluded her entire gain ($80,000) at that time. Bob- by and Sissy decided to move to a bigger home this year. As a result, they sold Bobby's home for $500,000 (original cost $150,000). How much of the gain from the sale is taxable? 2. T/F Gambling winnings are included in gross in- come only to the extent that the winnings exceed gambling losses...

FPC Practice Exam 188 Questions with Verified Answers Cafeteria plan are authorized by what Internal Revenue Code Section? A. 125 B. 401k C. 403b D. 457b - CORRECT ANSWER a. 125 all of the following are tax implications of a cafeteria plan except: a. no income tax withholding b. no social security and medicare tax withholding c. must withhold income, social security, and medicare taxes d. no form W2 reporting - CORRECT ANSWER C. must withhold income, social security, and medicare t...