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ACC 425 Exam 2 (Ch. 4-6) | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC 425 Exam 2 (Ch. 4-6) | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC 425 Exam 2 (Ch. 4-6) | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
Mortgage interest on a personal residence - From AGI
Margin interest on a brokerage account - From AGI
Student loan interst - For AGI
IRA contributions - For AGI
Interest on a personal auto loan - Not deductible
Real estate taxes on a personal residence - From AGI
Alimony to an ex-spouse - For AGI
Employment related expenses such as Continuing Education for attorneys - From AGI
Donations to the local homeless shelter - From AGI
Donation to a homeless friend - Not deductible
Expenses related to an individual's self-employment - For AGI
Moving expenses - For AGI
Health insurance by self-employed individuals - For AGI
, Tax preparation fees - From AGI
State income taxes paid to WV on April 15th - From AGI
As a result of winning salesperson of the month, Carol received a vacation in Hawaii for her and her
spouse. The vacation is valued at $6,000. How much of this is taxable? - $6,000 - the full amount is
taxable income
Frank appears as a contestant on The Price is Right. As a result of his appearance, he won $2,500 playing
Plinko. Is the $2,500 taxable? - Yes, it is fully taxable
Peter always gets paid on the 15th and the last day of the month. Peter is on vacation on December 31,
2014 and does not pick up his paycheck until January 3, 2015. How should this be treated for tax
purposes? - It is taxable in 2014 because he had the right to receive it.
Which of the following would be taxable to an individual? - Large monetary gift from an employer.
Jerry was jogging when a negligent driver hit him with a car. Due to the accident, Jerry was awarded a
settlement of $100,000 to pay his medical expenses from the accident, $25,000 for pain and suffering
and an additional $50,000 for lost wages while off work recovering. How much of this is taxable to Jerry?
- $50,000
Carl received a scholarship worth $3,000 to attend West Liberty. This scholarship is dependent upon Carl
volunteering a minimum of 300 hours in the school's cafeteria. Carl accepted the scholarship and used
$2,000 for tuition and used the other $1,000 for a weekend trip to go skiing. How much must Carl report
as income? - $3,000
Donnie receives a regular paycheck from his employer on December 30, 2014. Donnie notices the date
on the check as January 3, 2015. He contacts his employer who informs him that the check is correct and
that the company is experiencing cash flow problems and that the check would have bounced has it
been cashed on December 30th. In what year will the income need to be reported on Donnie's W-2? -
2015
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