Gross income threshold - Study guides, Class notes & Summaries

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...

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

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...

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...

Payroll Fundamentals 1 Midterm 94 Questions with Verified Answers Commencement package (Ch.1) - CORRECT ANSWER -Organization specific forms (personal information forms) -Government forms (federal and provincial personal tax credits return) -Benefit forms (insurance enrollment forms) Hiring form (ch.1) - CORRECT ANSWER May include information on their position such as department, manager, start date, salary/hourly wage, and benefit entitlement Information that must be provided to empl...

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...

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...

CSLB Law B Exam Practice Questions and Answers Latest Graded A+. A contractor hires a subcontractor to demolish a concrete wall. Who is responsible for supplying safety goggles? subcontractor Sometimes contracts prove to be too vague to interpret without disagreement between owner and contractor. Which of the following steps would best prevent such problems? Review the plans and specifications with the owner. A contractor is looking for an insurance policy to cover a high degree of exposur...

Loan Inquiry and Application Process Requirements - ANSWER-Getting pre-qualified is often the first step of someone looking to purchase a new home. It is where the borrower supplies the lender with their overall financial picture, including debt, income, and assets. The lender evaluates the information and lets the borrower know for how much they would likely qualify. An initial evaluation of the credit worthiness of a potential borrower that is used to determine the estimated amount that the pe...