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Income Tax - Accounting. Help Me Please

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accounting
Ayres Services acquired an asset for $80 million in 2011. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts for...

Accounting
The income tax rate is 30% on current and is payable in the first quarter of 2014. The pretax income before the preceding adjusting entries is $6,800. The accounts are; Income tax expense Income tax payable. I do not understand this question and what it is asking for. Can you ...

Income Tax - Accounting. Help Me Please.
Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME $100,000 DEDUCTIONS: Business Expenses $ 9,500 ...

accounting-income tax
During the current year, Deborah Baronne, a single individual, paid the following amounts: Federal income tax $10,000 State income tax $4,000 Real estate taxes on land $1,400 State sales tax $2,000

math 3
The gross income of Ginger Hughes is $215 per week. Her deductions are: $15.16, FICA tax; $29.33, income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income? Please explain to me

Accounting
If Tom, an accountant, agrees to provide accounting services to Carl, a friend, in exchange for Carl fixing Tom's office floor, then: (Points : 1) Tom must report income on his tax return. Carl must report income on his tax return. Neither Tom nor Carl must report income on ...

accounting
Complete the work sheet. In completing the worksheet, compute State of Illinois corporate income taxes at 41/2% of pretax income. The state income tax is deductible on the federal tax return, and the federal tax is not deductible on the Illinois return. Assume federal ...

Finance Accounting
One of the advantages of borrowing is that interest is deductible for income tax purposes. a. If a company pays 8 percent interest to borrow $500,000, but is in an income tax bracket that requires it to pay 40 percent income tax, what is the actual net-of-tax interest cost ...

englewood
The gross income of Ginger Hughes is $215 per week. Her deductions are: $15.16, FICA tax; $29.33, income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income?

Tax
Anyone knows what's the tax rate in Minnesota? I don't know the name of the tax, but I meant the tax you got taken away from your check when you work. Income tax? I web site with various tax rates corresponding to different level of income earned would be nice. Thanks ahead!

Public Finance
Suppose the corporate income tax were eliminated and corporate income allocated to shareholders on a pro rata basis according to their proportion of outstanding stock. How would such a change in tax policy affect the excess burden and incidence of the tax, assuming that all ...

Accounting
which of the following situations will not cause a deferred income tax amount to be recorded ? a - expense that is recognized in 20A for income tax purposes and in 20 B for financial statement purposes b - expense that is recognized in 20A for financial statement purposes but ...

Accounting
which of the following situations will not cause a deferred income tax amount to be recorded ? a - expense that is recognized in 20A for income tax purposes and in 20 B for financial statement purposes b - expense that is recognized in 20A for financial statement purposes but ...

Macroeconomic
1. An example of an automatic stabilizer is A. a temporary tax rebate. B. the progressive income tax.Student Response C. cost of living adjustments to social security payments. 2. Which of the following represent expansionary fiscal policy? A. an increase in average individual...

math
3. The gross income of David Vaughn is $785 per week. His deductions are $42.25, FICA tax; $90.33, income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income for one week? A. $675.32 B. $628.77 [C. $605.32] D. $749.77

Consumer math
1. The gross income of David Vaughn is $785 per week. His deductions are $42.25, FICA tax; $90.33, income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income for one week? A. $605.32 B. $749.77 C. $675.32 D. $628.77 A?

accounting
Olympic Sports Wear estimates its Annual Federal Income tax as $10,000. It has paid the tax in four installments of $2,500 each. However, at the end of the year, the actual tax amount is $11,200. Therefore, the company needs to pay $1,200 to the government. Instruction: ...

tax accounting
purchased a bond on August 15, 2012 for $2,100. $200 of the purchase price represented accrued interest. She received $210 in interest income on the bond on December 1, 2012. What is the proper treatment of the $210 interest income for federal income tax purposes?

government(taxes)
I am looking for a list of California state taxes. So far this all I have: 1) Sales Tax 2) Trash tax 3) Electricity tax 4) State income tax 5) Gasoline tax 6) Property tax 7) Federal telephone excise tax 8) Excise tax 9) social security tax 10) environmental tax 11) gift tax ...

Economics
The marginal tax rate is defined as the extra taxes paid on additional income divided by the increase in income. Calculate the marginal tax rate for the proportional tax system as income rises from $50,000 to $100,000. Calculate the marginal tax rate as income rises from $100,...

economics
what are the arguments of high income, middle income, low income and corporate tax payers who are critical o the Canadian government's income tax policy.

Intermediate Accounting
Pan Erickson Construction Company changed from the completed-contract to the percentage-of-compleltion method of accounting for long-term construction contracts during 2008. For tax purposes, the company employs the completed-contract method and will continue this approach i ...

accounting
Jerry is considering whether to open a new business in Florida or Costa Rica. The ultimate location of the business could impact the a. amount of business income that is taxable b. tax rates applied to the business income c. both the amount of business income taxed and tax ...

consumer math
The Mannings file a tax return showing $125000 in earned income, $3288 from interest income, and they have a tax credit of 1% of their earned income. They claim 5 exemptions of $2500 each, one head of household exemption of $10500, pre-tax medical deductions of $125 weekly, ...

ACC 233-INCOME TAX
Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME $100,000 DEDUCTIONS: Business Expenses $ 9,500 ...

Air pollution analysis
What are the effect of the following on demand for gas/oil/highways/airpollution? 1. a 900 annual tax on vehicle that gets less than 20 mil/gallon 2. 2000 annual income tax credit for owners of hybrids 3. income tax surcharge that lowers disposabl income to reduce demand for ...

Public Finance
A worker lives in a state that has its own income tax. The worker is in the 31 percent federal tax bracket. In addition, he is subject to a 9 percent MTR for his state income tax. Assume that mortgage interest is deductible both on his federal and state income tax, and that ...

public finance
A worker lives in a state that has its own income tax. The worker is in the 31 percent federal tax bracket. In addition, he is subject to a 9 percent MTR for his state income tax. Assume that mortgage interest is deductible both on his federal and state income tax, and that ...

tax income
When filing their tax returns, almost all individuals use the __________ method. A. accrual B. cash receipts and disbursements C. recognition D. accounting is it B

intermediate 111
Wilson Corporation began operations in January 2008, and purchased a machine for $20,000. Wilson uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2008, 30% in 2009, and 20% in 2010. ...

Tax
A corp has domestic taxable income of $400,000 and foreign-source taxable income of $200,000. Their U.S. tax on worldwide income is $204,000. The corp paid foreign income taxes of $75,000. What is their foreign tax credit on their US income tax return?

Tax
The corp has domestic taxable income of $400,000 and foreign-source taxable income of $200,000. Their U.S. tax on worldwide income is $204,000. The corp paid foreign income taxes of $65,000. What is their foreign tax credit on their US income tax return?

Income tax / Accounting
Computation of taxable income: The following information for 2009 relates to Tom, a single taxpayer, age 18. Salary $1,800 Intrest income $1,600 Itemized deductions $ 600 A. Compute Tom's taxable income assuming he is self-supporting B. Compute Toms's taxable income assuming ...

Economics
Suppose that the Government runs a pension fund to which all workers must contribute. The employee contribution rate is 6.2 percent on the first $84,900 of income. All income in excess of $84,900 is not taxed for pension purposes. What was the effective pension tax rate for a ...

Economics
The marginal tax rate is defined as the extra taxes paid on additional income divided by the increase in income. Calculate the marginal tax rate for the proportional tax system as income rises from $50,000 to $100,000. Calculate the marginal tax rate as income rises from $100,...

Economics
Which of the following is usually the most regressive tax? A. Inheritance tax B. Income tax C. Property tax D. General sales tax E. Luxury tax

Calculus
New York state income tax is based on taxable income which is part of a person's total income. The tax owed to the state is calculated using taxable income (not total income). In 2005, for a single person with a taxable income between $20,000 and $100,000, the tax owed was $...

tax accounting
bruce wilson won 2 million in the state lottery. the lottery pays out the prize money in 20 annual installments of 100,000 each. After receiving three 100,000 installments, bruce sold the remaining 1.7 million of payments for 1 million. He wants to report the 1 million as long...

math
I really need help please Your primary job’s gross income is $3,500.00/month, and your second job’s realized income is $368.49/month. Deductions are FICA (7.65%), federal tax withholding (10.75%), and state tax withholding (8.35%). How much is the income on your monthly ...

finance
Mary Watson is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $45,000 as a sales assistant for Focused Business Analytics: $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. ...

consumer math
I really need help please Your primary job’s gross income is $3,500.00/month, and your second job’s realized income is $368.49/month. Deductions are FICA (7.65%), federal tax withholding (10.75%), and state tax withholding (8.35%). How much is the income on your monthly ...

CIVICS!!!
Brie's dad said that a state income tax would help the financial crisis by balancing the budget. Which would be the most effective way for Brie's dad to contribute his ideas to a plan for balancing the state budget? A. He should send a letter to each county’s board of ...

Civics
Brie's dad said that a state income tax would help the financial crisis by balancing the budget. Which would be the most effective way for Brie's dad to contribute his ideas to a plan for balancing the state budget? He should send a letter to each country's board f ...

accounting
Your client is a nongovernmental not-for-profit museum that operates a gift shop. Explain the unrelated business income tax to your client and suggest ways to avoid this tax.

accounting
In 2007, Paul who is single has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2007 income tax return until November 30, 2008 (due date was April 15...

Economics
Mallory's total income last year was $24,000, but she could deduct $12,000 for various reasons. Her taxable income equals the amount left over after deductions. If she had to pay 15 percent of her taxable income in federal income tax, which you can calculate by multiplying her...

ECONOMICS
Suppose you are a typical person in the U.S. economy. You pay 4 percent of your income in state income tax and 15.3 percent of your labor earnings in federal payroll taxes (employer and employee shares combined). You also pay federal income taxes as in Table 3. How much tax of...

ACCOUNTING
Laurie is self-employed and expects to make $96,000 in 2007. Her social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and her estimated federal income tax rate is 25%. What is Laurie’s expected tax payment for the fourth quarter? A. $6,000.00 C. $8,667.60...

Economics
1) In which of the following situations would someone have to pay a gift tax? A. A relative dies and leaves you $13,000 in the will. B. Your cousin gives you a car worth $1,700. C. Your grandmother gives you $13,000 toward college. <<--- 2)Which of the following has ...

income tax
can someone please help me with this assignment? I don't know what to do Jeanette owns a rental property that she used for 20 days and rented for 80 days. The rental income was $10,000 and expenses included the following; mortgage interest $2,500; property tax $1,500; ...

math
a income of 63000.00 his social security tax is 12.4%, medicare is 2.9% and his estimated federal income tax rate is 22%. how much quarterly estimated tax must his send to the irs for the quarter

college accounting
For its fiscal year ending October 31, 2010, Molini Corporation reports the following partial data. Income before income taxes $540,000 Income tax expense (30% $390,000) 117,000 Income before extraordinary items 423,000 Extraordinary loss from flood 150,000 Net income $273,000...

business
Most people pay federal income tax by: A. paying the total amount owed by April 15. B. filing quarterly tax payments. C. having amounts withheld from income. D. earning tax credits for various deductions. I chose d. But I am not sure

accounting please help
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes...

math
One of the advantages of borrowing is that interest is deductible for income tax purposes. a. If a company pays 8 percent interest to borrow $500,000, but is in an income tax bracket that requires it to pay 40 percent income tax, what is the actual net-of-tax interest cost ...

accounting
calculate taxable income for 2005: this is related informaton given for 2005: income statement: sales 41,100 cogs (23,725) GP 17375 SG&a (15,492) EBIT 1883 TAXES 25% Net income 1412 tax issues: all 2005 assets purchases were made on 9/27/05 no estimated tax payments have been ...

Global Economics
RedBall Productions is a new company based in Orem, Utah. RedBall supplies stock images of still photography. Utah's state corporate income tax consists of a flat tax rate of 5% on all corporate income. RedBall Production's taxable income in 2005 was $500,000. What amount of ...

fundamentals of accounting 1
journalizing payroll transactions, for Keller Systems;Inc, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social security tax,$634.88; and medicare tax,$148.48. paid cash for semimonthly payroll. total earnings, $5...

income tax
Hamad is an employee of Mountain Company. He properly completed his Form 1040EZ tax return and was required to pay the IRS $1,244 at the time of filing. He had income tax withholding during the year of $4,782. His tax liability for the year was: A. $1,244. B. $3,538. C. $4,782...

Accounting
pierce co has a june 30 fiscal year end. it estimated its annual property taxes to be 24000 based on last year's property tax bill and have accrued 2000 of property tax each month to marcher 31. its actual property tax assessment, received on april 30 is 25200 for the calendar...

Algebra 2
Income tax for some states is computed by taking 3% of the excess income over $3,000 plus 1% of the first $3,000. How much tax is charged on a income of $2,000?

accounting
how do you write a program for an accountant using java to calculate income tax?

Economics
What happens to the percentage of an income that is taxed when income rises and the tax is a proportional one? A. The percentage of tax falls. B. The percentage of tax rises. C. The percentage rises and then falls. D. The percentage of tax stays the same. I'm guessing the tax ...

Economics
Mallory's total income last year was $24,000, but she could deduct $12,000 for various reasons. If she had to pay 15 percent of her taxable income in federal income tax, what was her total tax payment?

accounting
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes...

income tax
The tax liability for a married couple with taxable income of $87,312 is: A. $18,068. B. $16,599. C. $14,081. D. $14,078.

Tax income
The tax liability for a married couple with taxable income of $87,312 is: A. $18,068. B. $16,599. C. $14,081. D. $14,078. is it D

Chemistry
Income tax for some states is computed by taking 3% of the excess income over $3,000 plus 1% of the first $3,000. How much tax is charged on a income of $12,000? 12,000 1 percent on first 3000 3 percent of (12,000 - 3000) I'm trying to figure the relationship between income ...

ACCOUNTING- 2
HELP HERE IS WHOLE PROBLEM.IT NEEDS TO BE JOURNALIZED PROPERLY. mAY 15-fILED THE FEDERAL INCOME TAX RETURN FOR 2009. THE TOTAL TAX FOR THE YEAR WAS 124,000. DURING 2009, QUARTERLY DEPOSITS OF ESTIMATED TAX TOTALING 122,700 ;HAD BEN MADE. THE ADDITIONAL TAX OF 1,300 WAS PAID ...

Income tax
Steve and Sue are married with three dependent children. Their 2015 joint income tax return shows $389,000 of AGI and $60,000 of itemized deductions made up of $30,000 of state income taxes and $30,000 of charitable contributions.

accounting 1
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social security tax,$634.88; and medicare tax,$148.48. may 15, paid cash ...

accounting 1
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; employee income tax,$532.00; social security tax,$634.88; and medicare tax,$148.48. may 15, paid cash ...

Macroeconomic
1)An example of an automatic stabilizer is A. a temporary tax rebate. B. the progressive income tax. C. cost of living adjustments to social security payments. 2)Which of the following represent expansionary fiscal policy? A. an increase in average individual income tax rates ...

economics
income total spending $10,000 $10,000 20,000 18,000 50,000 35,000 100,000 60,000 If a sales tax of ten percent is levied on all purchases, calculate A. amoust of sales tax paid at each income level and B. the fraction f income paid in taxes at each income level Let X be pre-...

accounting
18. Balance sheet and income statement data indicate the following: Bonds payable, 6% (issued 2000, due 2020) $1,200,000 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for ...

business math
How much tax must be sent to the IRS for the first quarter if the annual income is $63,000.00, Social Security is 12.4%, Medicare is 2.9% and federal income tax rate is 22%?

income tax
How much approximately would I pay in income tax in canada on $500,000.00 on stock profit in one year. I will have no other expenses to declare

math
if the taxable income is 3,000..what is the federal income tax according to this chart, if income is over 0 but not over 23,350 the tax is 15percent of the amount over 0 besides the answer can you show me how you got the answer

algebra - please help!
Liam is single. He has no children and an adjusted income of $26,700. Find his income tax. A. $1,735 B. $2,185 C. $2,732.50 D. $1,835 Please walk me through on how you got the answer..

TAX
Is the 2014 NC state income tax refund includible in their 2015 income? Why or why not??

Economics calculation help
Kelly total income last year was $24,000, but she could deduct $12,000 for various reasons. How can I calculate; If she had to pay 15% of her taxable income in federal income tax, what was her total tax payment? So I did 12,000 x .15 and got 1800, but I don't know if that's ...

College Accounting
Recording federal income tax transactions and cash dividend transactions. Selected transactions of Divad Corporation during 2013 follow. Record them in the general journal. Analyze: What annual per share dividend was paid to common stockholders in 2013? Mar. 15 Filed the ...

introduction to finance
mary watson is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $45,000 as a sales assistant for focused business analytics: $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. ...

accounting
Income Statement Data: This year Last year Revenue $150,000 $120,000 Cost of Goods Sold $90,000 $60,000 Operating Income $10,000 $5,000 Income Tax Expense $1,800 $500 Based on a horizontal analysis of the data, which statement correctly identifies the company's performance ...

tax
In which of the following situations would a taxpayer be better off to take the foreign taxes paid as an itemized deduction rather than as a foreign tax credit? A. The foreign tax paid was less than 10% of AGI B. The foreign tax paid was to a South American country C. The ...

accounting
Sherrod, Inc., reported pretax accounting income of $89 million for 2006. The following information relates to differences between pretax accounting income and taxable income: Income from installment sales of properties included in pretax accounting income in 2006 exceeded ...

Accounting
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this year but it is scheduled to decline significantly next year. In light of this information, the ...

Accounting
Can someone please help me with this? Compare and contrast the primary purpose of the generally accepted accounting principles (GAAP) with the accounting principles of the U.S. Department of Treasury. Is it important to understand the difference to tax planners? Why or why not?

accounting
Westchase Supplies reported sales of $5,000,000, cost of goods sold of $3,200,000, operating expenses of $1,400,000 and income tax expense of $160,000 for the year What was the company’s net income for the year?

Math
Kala made $20,000 in taxable income last year. Suppose the income tax rate is 15% for the first $8500 plus 19% for the amount over $8500 . How much must Kala pay in income tax for last year?

accounts
The differences between the book basis and tax basis of the assets and liabilities of Castle Corporation at the end of 2008 are presented below.  It is estimated that the litigation liability will be settled in 2009. The difference in accounts receivable will result in ...

Macroeconomic Help please
1)Which of the following represent expansionary fiscal policy? A. an increase in average individual income tax rates B. an increase in marginal individual income tax rates C. a cut in corporate income tax rates 2)The amount of time that it takes to identify a national economic...

Macroeconomic Help please
1)Which of the following represent expansionary fiscal policy? A. an increase in average individual income tax rates B. an increase in marginal individual income tax rates C. a cut in corporate income tax rates 2)The amount of time that it takes to identify a national economic...

mathematical app's
having problem with question47. Darrell owns a consulting business and has an estimated annual income of $63,000. his social security tax is 12.4%, medicare is 2.9%, and his estimated federal income tax rate is 22%. how much quarterly estimated tax must darrell send to the irs...

Accounting
Kelly B. Roach Single, 1 Allowance $415/week Deduction for 401(k) plan 50/week Annual Taxes Withheld 1,337.96 Social Security tax withheld 313.04 Medicare tax withheld 662.48 State Income tax withheld 928.20 Local Income tax withheld Ralph Volpe Married, 1 Allowance 485/week ...

tax intro
Jeanette owns a rental property that she used for 20 days and rented for 80 days. The rental income was $10,000 and expenses included the following; mortgage interest $2,500; property tax $1,500; insurance and repairs $1,000 and depreciation $2,000. Calculate net rental income...

Accounting
I have the following items listed on a balance sheet and income statement: Balance Sheet: Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Deprecation Accounts Payable Income Taxes Payable Dividends Payable Salaries Payable Interest Payable Notes ...

Math
For a class C corporation in Louisiana, the amount of state income tax S is deductible on the federal return and the amount of federal income tax F is deductible on the state return. With $200,000 taxable income and a 30% federal tax rate, the federal tax is 0.30(200,000 - S...

Accounting
During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $31. Assume that his earnings are subject to social security tax at a rate of 6.20 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $48 for federal ...

Math
John earns $21.60/hr and 40 hours a week (full time). Income tax is 7.05%. What is John's net income for 1 year (subtracted from tax)?

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