What are deductions - Study guides, Class notes & Summaries

What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address What is the cost of the indi...

PSI Practice Exam - Life Insurance Questions and Answers Rated A+ For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? 1. age 2. cost of care 3. policy value 4. premium cost 1 The group conversion option is allowed for all of the following EXCEPT 1. termination of the master policy . 2. loss of group coverage due to termination of employment. 3. upon the loss of eligibility on the part of a class of insureds. ...

WGU C239 Exam Problems | 110 Questions with 100% Correct Answers | Verified | Latest Update Angel has an AGI of $85,000 without considering the sale of a nondepreciable asset for $35,000. The asset was acquired five years ago and has an adjusted basis of $50,000. She has no other sales or exchanges. Determine Angel's AGI for the following independent situations when the asset is: A capital asset § 1231 asset - 82,000 - 70,000 A owns invest land with an adjusted bases of 50000 FMV of...

LML4804 EXAM PACK 2023 LATEST QUESTIONS WITH ANSWERS. Income Tax: QUESTION 1 During the 2003 tax year, Mr Johnson leased a dilapidated but wellsituated shopping centre for a period of 10 years. He intended to sub-let it at a profit. Mr Johnson had to renovate the property in order to render it suitable for letting. His expenditure in this regard during the 2003 tax year included an amount of R30 000 for the replacement of broken windows, an amount of R80 000 for the painting of the buildi...

Angel has an AGI of $85,000 without considering the sale of a nondepreciable asset for $35,000. The asset was acquired five years ago and has an adjusted basis of $50,000. She has no other sales or exchanges. Determine Angel's AGI for the following independent situations when the asset is: A capital asset § 1231 asset - 82,000 - 70,000 A owns invest land with an adjusted bases of 50000 FMV of 70000 subject to a mortgage of 15000. B owns investment land with an adjusted basis of 60000 FMV...

The Payroll Source CPP Practice Exam 100 Questions with Verified Answers Which of the following is LEAST likely to be considered when looking at the security of a new payroll system? A. regular data back-up and storage B. protection against computer viruses C. limited system access D. system edits - CORRECT ANSWER D. system edits Company deadlines for payroll data input documents are essential for: A. timely processing of the payroll B. accurate entry of data C. guaranteeing that al...

RSC2601 – Research in Social Sciences 1 RSC2601 - Research in the Social Sciences EXAM PREPARATION This document is a compilation of past UNISA exam Questions and Answers, Assignment Questions and Answers, as well as Test Yourself Questions and Answers from Studyguide. Answers are motivated by a combination of: • Page references to the UNISA Study Guide: • Short summaries regarding the relevant topic(s) in question. Past exams covered are: • May/Jun 2011 • Oct/Nov...

LML4804 PORTFOLIO MEMO - MAY/JUNE 2023 - SEMESTER 1 - UNISA - (DETAILED ANSWERS - DISTINCTION GUARANTEED!) QUESTION 1 (GROSS INCOME) Mr Makubu is a South African resident who owns a panel beating (motor vehicle repair) business, His-Way Mechanics, in Pretoria. On 13 January 2023, Mr Makubu entered into a contract with Mr Naidoo whereby Mr Makubu was to purchase parts needed for the repair of vehicles in his business in Pretoria. The agreement provided that Mr Naidoo would be paid R10 000 upo...

Payroll compliance legislation final Exam Chapters 5-9|76 Questions with Verified Answers The Ontario Health Premiums are calculated based on - CORRECT ANSWER employee earnings in excess of $20,000.00 Which of the following provinces funds its health care coverage through premiums? - CORRECT ANSWER British Columbia Newfoundland and Labrador fund their health care systems through: - CORRECT ANSWER employer tax If a province funds their health care systems through the regular tax base,...

What is the most advantageous filing status allowable that Joe can claim on his tax return for 2021? - Head of Household Joe can claim a higher standard deduction because he is blind. - True Chris and Marcie cannot claim the Earned Income Tax Credit (EITC) because they are too young and have no qualifying children. - false Chris and Marcie must claim the EIP3 of $2,800 as taxable income on their 2021 tax return. - false Which of the Reynolds children qualifies for the child tax credit (CT...