364 jeopardy exam 2 review
Post on 03-May-2017
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Compensation Investments Personal Activities
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50 Points
10 Point 10 Point 10 Point 10 Point
20 Points 20 Points 20 Points 20 Points
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50 Points 50 Points 50 Points
Retirement Planning
Individual TaxFormula
The filing status and number of personal and dependent exemptions claimed by Sally.
Sally is divorced and provides a home for her 2-year old daughter, Emma, and her 26-year old sister, Janet.
Emma’s Dad pays child support of approximately 30% of Emma’s support. Janet works full time as a teacher,
earning $35,000 and is not married.
What is HOH and 2 exemptions
Three individual tax deductions that are
Above-The-Line-Deductions
Moving Expenses
½ of Self-Employment income
Self-employed health insurance deductions
Alimony paid
IRA Deduction
Student loan interest
Educator Expenses
Domestic Production Activities Deduction
AGI of a single individual with no dependents and:
Salary $50,000
Interest income $1,000
Charitable contributions $2,000
Mortgage interest expense $3,000
Moving expense $5,000
What is $46,000
Taxable Income of a married couple, filing joint, with 2 dependent children and:
Wages $200,000
Dividend income $2,200
Short-term capital gain $3,000
Long-term capital loss ($8,000)
Mortgage interest expense $15,000
Medical expenses $2,000
Real estate taxes $3,200
What is $165,400
The tax due or (refund) for a single individual, no dependents, with:
Salary $100,000
Charitable contributions $5,000
Investment expenses $3,000
Tax withheld $20,000
What is a refund of $1,506.75
Amount of deductible compensation paid to CEO of XYZ public company if CEO receives:
$900,000 cash compensation
50% bonus (or $450,000) if profit targets met
What is $1,350,000
One reason why a worker would want to be an employee, versus an independent contractor.
What is:
Health insurance paid by employer
Participate in retirement plan
Only pay ½ Social Security and Medicare
Business expenses reimbursed
More security of regular income
Unemployment benefits if terminated
Taxable wages in 2013 of Jim, who receives:
Cash compensation $70,000
NQ stock options for 1,000 shares stock, strike $3, when stock selling at $10. Granted 12/15/13
Health insurance premiums paid $16,000
Participates in 401K, employee deferral $10,000
Reimbursed for employee travel $4,000
What is $60,000
Bob is 100% owner and CEO of his private C Corporation. The corporation has $5 million net income, before payments to
Bob. Bob pays himself a salary of $4,900,000.
The IRS may re-characterize some of Bob’s salary as _____________.
What is Dividend?
John’s deductible miscellaneous itemized deductions in 2013 if he:
Spends $750 in job hunting expenses to find a new job
Drives 5,000 miles for employee business, with no reimbursement
Pays $500 for professional dues related to his job
Buys employee supplies of $400, reimbursed for all
Has AGI of $60,000.
What is $2,875?
A type of qualified defined-contribution plan where employee elects to contribute some of his salary, and the employer may “match” all or a
portion of that contribution.
What is a 401K Plan?
Jill’s maximum contribution to her self-employed Keogh Plan if her net income from Schedule C is $220,000 and
Interest income is $20,000.
What is $44,000?
Taxable amount of Regular IRA distribution if received $12,000 during the year, age 63, and all contributions in the
past have been tax-deductible.
What is $12,000?
The taxable income recognized by John, who exercises 200 Non-Qualified stock options, with a
strike price of $10, when the stock is trading at $22.
What is $2,400?
The capital gain recognized by Emily when she sells 400 shares of employer stock at $40
per share, that she received when she exercised 400 NQ stock options, with a strike
of $20, when the stock was trading at $35.
What is $2,000?
John’s federal taxable investment income if he receives:
Interest from municipal bond $900
Interest from money-market $500
Interest from US Treasury bond $4,000
Interest from GE corporate bond $6,000
ATT dividends(qualified) $3,000
Hoya Foreign dividends(nonqualified) $3,500
What is $17,000?
Ed’s total stock basis in GM stock if he:
Purchased for $30,000
Received cash dividends of $1,000
Reinvested stock dividends of $2,500
What is $32,500?
The amount and character of Sue’s gain or loss in 2013 if she:
Bought 2,000 shares of NeverFail Inc. in 2000 at $50 per share
NeverFail is delisted from stock exchange in 2012
NeverFail files bankruptcy in 2013
What is $100,000 long-term capital loss?
Tax consequence to Ray if he:
Is 100% owner and founder of a start-up corporation called App-Me, Inc., in which he invested $1,000,000 of his own
money in the stock.
Three years later, sells his company and receives:
20,000 shares of Google, Inc., worth $12 million
What is $11 million realized gain,
but zero gain for tax purposes?
Roy’s AGI if he has the following income and losses:
Wages $100,000
Interest income $10,000
Long-term capital loss ($8,000)
Net income from rental house $2,000
Net loss from restaurant that he spends no time in ($12,000)
What is $107,000?
Gregg’s 2013 taxable gifts (before lifetime exemption) if he:
Gave $20,000 to his alma mater University
Transferred $50,000 cash to his ex-wife in divorce settlement
Gave $10,000 to Wendy Davis campaign
Paid his niece’s UT tuition, of $30,000 directly to UT
Gave his mother a new car valued at $63,000
Gave his brother, Sam, $10,000 when he lost his job
Gave his brother, Sam, his fishing boat, valued at $5,000
What is $50,000?
Mrs. Wynn’s taxable estate if she died in 2013, with total assets of $25 million (had never given lifetime
gifts) and:
Left $5,000,000 in a trust for her nephew
Left $2,000,000 to her favorite charity
Left a house, valued at $10,000,000 to her sister
And left the remaining assets to her husband
What is $9,750,000?
Your advice to Alice (in 25% tax bracket) is to collect from her ex-husband:
$1,500 alimony per month for 5 years
$1,200 child support per month for 5 years
What is the child support of $1,200 per month?
The taxes from below that will be deducted on Schedule A as an itemized deduction:
Real estate taxes on rental house $3,000
Sales taxes paid $1,200
½ self-employment taxes $17,000
State income taxes paid $4,500
Real estate taxes paid on primary residence $6,000
Personal property taxes on personal use boat $1,000
What is $11,500?
Tax loss for Janet (whose AGI is $200,000) when:
Jewelry originally purchased and valued at $50,000 was stolen
Insurance paid her $20,000
What is $9,900?
Make your wager
Jeff (single) has $246,000 AGI, comprised of
Salary $180,000
Interest income $12,000
Capital gains $30,000
Net income from Passive Activity $24,000
Jeff’s Net Investment Income Tax (healthcare tax on unearned income) is __________________
What is $1,748?
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