Determining gross earnings and tax returns

Assignment Help Accounting Basics
Reference no: EM1363437

Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return. What do you think were the possible reasons for the difference in the results? Explain.

Reference no: EM1363437

Questions Cloud

Deterministic finite and non-deterministic finite automata : Describe the difference between a Deterministic Finite Automata and Non-Deterministic Finite Automata. In general, which one is expected to have less number of states ?
Sharing health information with health care professionals : How can health care professionals protect patient privacy when sharing health information with other health care professionals?
Calculate the realized rate of return for investors : Calculate the realized rate of return for investors who purchased the bonds when they were issued and who surrender them today in exchange for the call price
Explain this budget constraint about the mrs at this point : Explain why this budget constraint but you cannot tell anything about the MRS at this point.
Determining gross earnings and tax returns : Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return.
Tax memo to the irs : Write a 2- to 3-page memo to the file, evaluating the merits of the position taken by the IRS. Use the IRAC Tax memo format: Issue, Ruling, Analysis, and Conclusion.
Explain a market researcher plans to sample sales receipts : Explain A market researcher plans to sample sales receipts at a natural food store to estimate the average size
Self-referrals and costs of care : Do you believe patients should be able to self refer themselves without having to go to their primary care physician? Do you believe this will increase or reduce the cost of care? Please justify your answer.
Find out the difference in potential between the birds feet : Find out the difference in potential between the birds feet.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Cumulative effect of accounting change

Suppose a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is

  Amounts of components of pension expense

Desiree Griseta Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2004 in which no benefits were paid. Determine the amounts of the components of pension expense t..

  Accumulated retained earnings impact book value

Explain how accumulated retained earnings impact the book value of a firm's stock. Give two reasons why the market book share prices might be different. Be specific.

  Writing the page memorandum

Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is

  Preparing correcting entries for springer company

Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:

  Bond journal entries

Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1. Prepare journal entries to record the last of the following events:

  Journal entries to record payment

At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.

  What is after-tax return of auto abs is for client

As a financial adviser to individual investors, your boss has asked you to write a memo to him analyzing a choice of two bonds for a client seeking to invest $350,000.

  Global business management-how to write business plan

What are the critical components of a business plan? Consider any changes which would be required if the plan were to be used in the foreign country.

  Percentage of the total joint costs

If the selling prices of finished products Y and Z remain constant, the percentage of the total joint costs allocated to product Y and product Z would

  Classifying items into financing

For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:

  Accounting cycle of organization

Explain the overall accounting cycle of an organization. Include a description of the people, processes, and systems that are integral to the cycle.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd