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Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each week.Additional Tax Information includes:FICA tax -OASDI 6.2% on first 113,700FICA tax - HI 1.45% total payFIT - 232 per paySIT -22% of federal income tax withholdingFUTA - 0.6% on first 7,000SUTA - 0.05% on first $14,000
Additional payroll deductions include:401(k) - 3% per payChild Sup. Garnish - 100 per payHealth Insurance Prem. - 95 per pay
Record the payroll entry and payroll tax entry for the pay of the week ended June 6 (his year-to-date pay is $31,500).
1 ethyl owns an undeveloped parcel of investment parcel of investment real estate blackacre with a value of 100000 and
Your managing director asks if you can participate in a seminar that the firm is doing on Tax Efficient Financial Planning. He would like you to send him the various methods clients often use to reduce taxes.
The genius financial advisor had taxes withheld on the transfer of annuity in the amount of $22,000.
aviss taxable income for the year is 300000 and bests taxable income for the year is 425000. for each of the scenarios
1. salem corporation uses the calendar year as its tax and financial annual accounting period. management because of
What are the tax concepts involved in completing the Schedules C and SE? Explain in detail and what are the tax planning considerations you took into account while completing the Schedules?
Evaluate the amount of foreign source income Eastwood will include in the US tax return in each of the 3 years and evaluate the amount of foreign tax credit Eastwood will be allowed to take in evaluate its US tax liabilty in each of the 3 years.
Identify three areas to support the above statement and discuss how these areas would benefit a country in trade and commerce.
total 2008 gift of life insurance policy is 72000. annual exclusions are 24000 2 domes at 1200. present taxable gifts
Blair, who is divorced, maintains a home in which she, her twin sons, and her baby daughter live all year. The children's father, Ross, provides over half their support. No special arrangements exist between Blair and Ross.
nancy gave her grandson sean twenty acres of land. her tax basis in the land was 25000. nancys marginal tax rate for
question 1show the tests developed by court cases to differentiate between losses and outgoings on revenue account and
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