Last year, Aleshia identified $2,200 as a nonbusiness bad debt. In that tax year before considering the tax implications of the nonbusiness bad debt, Aleshia had $4,400 of taxable income, of which $1,540 consisted of short-term capital gains. This year, Aleshia collected $1,848 of the amount she had previously identified as a bad debt. Determine Aleshia's tax treatment of the $1,848 received in the current tax year. Aleshia includes of the collection as
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- Monty loaned his friend Ned 20,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remaining balance was 11,000, Ned filed for bankruptcy and notified Monty that he would be unable to pay the balance on the loan. Monty treated the 11,000 as a nonbusiness bad debt last year, before considering the tax implications of the nonbusiness bad debt, Monty had capital gains of 9,000 and taxable income of 45,000. During the current year, Ned paid Monty 10,000 in satisfaction of the debt. Determine Montys tax treatment for the 10,000 received in the current year.Required information Problem 8-77 (LO 8-5) (Algo) [The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,250. Last year, his total tax liability was $16,500. He estimates that his tax withholding from his employer will be $9,225. Problem 8-77 Part b (Algo) b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Dates April 15th June 15th September 15th January 15th Total Actual Withholding Required Withholding Over (Under) Withheld Penalty Per Quarter $ 0.00Exercise 7-19 (Algorithmic) (LO. 1) Last year, Aleshia identified $5,400 as a nonbusiness bad debt. In that tax year before considering the tax implications of the nonbusiness bad debt, Aleshia had $10,800 of taxable income, of which $3,780 consisted of short-term capital gains. This year, Aleshia collected $4,536 of the amount she had previously identified as a bad debt. Determine Aleshia's tax treatment of the $4,536 received in the current tax year. Aleshia includes $fill in the blank 1 of the collection as ordinary income .
- 21. Aliza had a tax liability of $6,228 last year. She was entitled to tax credits of $758 and withholding amounted to $540 per month. Aliza owed other taxes of $616. Calculate the amount of the refund or the amount of taxes due (as the case may be). a.$394 refund b.$1,010 refund c.$1,626 refund d.$4,930 dueProblem 8-77 (LO 8-5) (Algo) This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,350. Last year, his total tax liability was $15,900. He estimates that his tax withholding from his employer will be $8,655. Required: a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? 4 b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places.Required information Skip to question [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,200. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,450. Louis’s itemized deductions included state income taxes paid of $1,750 and no other state or local taxes.
- Problem 17-32 (Algorithmic) (LO. 6) Wan's AGI last year was $274,000. Her Federal income tax came to $82,200, paid through both withholding and estimated payments. This year, her AGI will be $411,000, with a projected tax liability of $61,650, all to be paid through estimates. Wan wants to pay the least amount of tax during the year that does not incur a penalty. If required, round intermediate calculations to two decimal place and your final answer to the nearest dollar. a. Compute Wan's total estimated tax payments for this year. Under the current-year method: $ Under the prior-year method: b. Assume instead that Wan's AGI last year was $92,000 and resulted in a Federal income tax of $18,400. Determine her total estimated tax payments for this year. Under the current-year method: $ Under the prior-year method: $Exercise 12-24 (LO. 6) In 2023, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s X and she has a s X deduction for AGI.Problem 8-64 (LO 8-3) (Algo) Brooke, a single taxpayer, works for Company A for all of 2022, earning a salary of $53,000. Note: Round your intermediate and final answers to the nearest whole dollar amount. Required: a. What is her FICA tax obligation for the year? b. Assume Brooke works for Company A for half of 2022, earning $53,000 in salary, and she works for Company B for the second hal- of 2022, earning $103,000 in salary. What is Brooke's FICA tax obligation for the year?
- Exercise 12-24 (LO. 6) In 2022, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is X and she has a $ X deduction for AGI. Feedback ✓ Check My Work The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance and hospital insurance) for self-employed individuals.Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $1,400 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,000. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,059. Louis’s itemized deductions included state income taxes paid of $2,530 and no other state or local taxes.Required Information Problem 9-60 (LO 9-4) (Static) [The following Information applies to the questions displayed below.] Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year. Indicate the extent to which these payments are taxable Income to Jeremy this year if Jeremy is 1. a cash-method taxpayer and 2. an accrual-method taxpayer. Note: Leave no answers blank. Enter zero If applicable. Problem 9-60 Part-b (Static) b. $800 from the Ladies' Club for leasing the trailer from December of this year through March of next year ($200 per month). Answer is complete and correct. Income under cash method Income under accrual method 800 $ 800