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The following items caused the only differences between pretax financial income and taxable income.• In 2013, the company collected $90,000 of rent; of this amount, $30,000 was earned in 2013; the other $60,000 will be earned equally over the 2014-2015 period. The full $90,000 was included in taxable income in 2013.• The company pays $5,000 a year for life insurance on officers.• In 2014, the company terminated a top executive and agreed to $60,000 of severance pay. The amount will be paid $20,000 per year for 2014-2016. The 2014 payment was made. The $60,000 was expensed in 2014. For tax purposes, the severance pay is deductible as it is paid.• The enacted tax rates existing at December 31, 2013 are 35% for 2013 and 40% for 2014 and beyond.
REQUIRED:(a) Determine taxable income for 2013 and 2014.(b) Compute the total deferred tax asset / (liability) at the end of 2013 and 2014.(c) Prepare the journal entry to record income taxes for 2013 and 2014.(d) Compute net income for 2013 and 2014.(e) Compute the effective income tax rate for 2013 and 2014.
Investment T ax Credit A reduction in corporate income taxes is equal to a percent of the cost of a new asset in the year that the new asset is placed in the servic
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Dan and Cheryl are married, file a joint return, and have no children. Dan is a pharmaceutical salesman and Cheryl is a nurse at a local hospital. Dan%u2019s SSN is 400-20-1000 and
"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''s Social Security number is 111-11-1111.
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Loren z Limited is a lorry manufacturer. On 1 January 2011, the company entered into an operating lease (as a lessee) over a company systems. Details of the annual lease rentals,
Individual Retirement Account (IRA) - An IRA is a personal savings plan which allows an individual to make cash contributions per year dependent on individual's adjusted gross inco
Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Stewie's deduction for the bad debt for this year? (Assu
28) Explain how Treasury Department Circular 230 differs from the AICPA’s Statements on Standards for Tax Services.
what are tax free employment benefits ?
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