Lousie income from salary is $ 150000 in the year 2018 - 2019 Short term capital gains is $ 320000 Exemption amount cannot exceed $ 190000 Tax rate @ 15 % show taxable income, Tax liability.
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- How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.Quince Corporation has taxable income of $485,000 for its calendar tax year. Calculate the corporation's income tax liability for 2019 before tax credits. $________________Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues. Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $116 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. Answer is complete but not entirely correct. Deferred tax amounts ($ in millions) Classification Net noncurrent deferred tax asset ✔ $ Net noncurrent deferred tax liability X $ 2025 $980 800 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million,…
- Then, calculate the Taxable Income for 2021. (Round your answers to the nearest dollar.) Employment income ABIL Taxable capital gain Allowable capital loss (disallowed ABIL) Net taxable capital gains 2021 Net income Capital gains deduction 2016 Net capital loss deducted 2021 Taxable incomeArndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $ 116 2025 $ 980 800 $ 180 $ 200 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million, respectively. (Hint: View this as two temporary differences-one reversing in 2024; one originating in 2024.) d. 2024 expenses included a $14 million unrealized loss from…Your adjusted gross income (line 11 of the form 1040) is $150,000. Your filing status is Single. Your standard deduction (Line 12) is $12,400. Using the 2020 Income Tax Rate Schedule, please calculate the amount of income taxes you will owe for the year. A. $12,864.00 B. $27,104.50 C. $36,000.00 OD. $30,174.50
- Blossom Inc reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes Accounting Income Year (Loss) Tax Rate i 2021 $124,000 2022 91,000 2023 (287,000) 2024 218,000 The tax rates lated were all enacted by the beginning of 2021. Blossom reports under the ASPE future Income tavas method. Prepare the journal entries for each of the years 2021 to 2024 to record Income tax. Assume the texclosa la first carried back and that at the end of 2023, the loss carry forward benefits are judged more likely than not to be realized in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation (To record benefit from losa canryback) (To record deferred benefit from loss…Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): 2025 $ 1,020 840 $180 $ 214 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $928 784 $144 $ 116 a. Expenses each year include $46 million from a two-year casualty insurance policy purchased in 2024 for $92 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $47 million and $63 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $41 million ($24 million collected in 2023 but not recognized as revenue until 2024) and $47 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $30 million unrealized loss from…S Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): 2024 $932 788 $ 144 $ 112 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2025 $ 1,024 844 $ 180 $ 214 a. Expenses each year include $50 million from a two-year casualty insurance policy purchased in 2024 for $100 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $51 million and $67 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $45 million ($28 million collected in 2023 but not recognized as revenue until 2024) and $51 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $34 million unrealized loss…
- Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): 2025 $ 1,024 844 $180 $ 214 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $932 788 a. Expenses each year include $50 million from a two-year casualty insurance policy purchased in 2024 for $100 million. The cost is tax deductible in 2024. $144 $ 112 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $51 million and $67 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $45 million ($28 million collected in 2023 but not recognized as revenue until 2024) and $51 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $34 million unrealized loss from…Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $ 940 796 $ 144 $ 104 2025 $ 1,032 852 a. Expenses each year include $58 million from a two-year casualty insurance policy purchased in 2024 for $116 million. The cost is tax deductible in 2024. $ 180 $ 214 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $59 million and $75 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $53 million ($36 million collected in 2023 but not recognized as revenue until 2024) and $59 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $42 million unrealized loss from…Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? Taxable Income Tax Rate 0–$47,630 15% $47,630–$95,259 20.5% $95,259–$147,667 26% $147,667–$210,371 29% Net income(line 23600) $ 50,650 Deductions to determine net income $ 11,840 Federal income tax withheld $ 6,964 Total non-refundable tax credit amounts,excluding medical expenses $ 10,319 Medical expenses $ 2,700
