Accounting question and answers for January 30, 2024
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024) Peter had $50,000 in student loans that were discharged when he became permanently disabled. How should he treat the discharge on his tax return?...
- Q Special tax rules apply to those who make more than 2/3 of their income from farming or fishing for tax purposes fishing is defined as earning an income from
- Q Mike Samson is a college football coach making a base salary of $644,400 a year ($53,700 per month). Employers are required to withhold a 6.2% Social Security tax up to...
- Q Question 85 ?of 100.Manno could not find his log book that proved his vehicle expenses for 2024, ?which would have resulted in him getting a larger refund. Mano later found...
- Q Which of the following would be considered a direct expense when using the actual expense method of figuring the deduction for a taxpayer’s business use of part of his or...
- Q Cash flows from investing do not include cash flows from:SownedMultiple ChoiceThe sale of equipment.LendingThe purchase of a building.Borrowing.
- Q Question 96 ?of 100.Paut has a package delivery service. Upon reviewing Paul's prior-year returns, the tax preparer realizes that Paul incorrectly deducted the cost of parking tickets for illegally parked...
- Q A company's lower ratio of cash to noncash assets most likely represents which char acteristic of manayementeStenoMultiple ChoiceGreater willingness to be compensated with company stock than cashGreater caution to ensure...
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024) In 2025, generally 2024 returns filed in 2025, failure to furnish a completed copy of a prepared tax return no later than the time...
- Q Question 97 ?of 100.Circular 230 ?addresses issues ofEarned Income Tax Credit (EITC) ?due diligence.Taxpayer civil penalties.Collection.Regulations governing practice before the IRS.Mark for follow up
- Q Which of the following is correct regarding sick pay that is paid to an employee by the employer and replaces regular work pay for a short-term illness?Select one:a. ?It is...
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024) Which taxpayer was eligible for the IRS Direct File Pilot Program during the 2024 filing season?
- Q Assume that your company owns a subsidiary operating in France. The subsidiary conducts most of its business activities in the European Economic Union and maintains its books in the Euro...
- Q The aging method for estimating uncollectible accounts considers that a higher percentage of "older accounts van natieccultask inTrue or FalseTrueFalse
- Q You have recently joined Orchid & Lily Ltd, a manufacturer of beauty industry equipment, such as manicure stations, hairdressing chairs and massage tables. You are the newly appointed financial controller...
- Q self-employment tax rate is 12.4%?
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024)Under what circumstances may a taxpayer claim a deduction for entertainment expenses? a. The entertainment expenses are directly related to the active conduct of the...
- Q Which of the following statements is false regarding the business use of a home?A.Expenses incurred for the use of a person’s home for business purposes are deductible only if strict...
- Q uli (55) is single and required to file a Virginia return. She was permanently and totally disabled as a result of an accident on her job. During the year, she...
- Q Poll Question #1When making an adjusting entry for a Prepaid (Deferred) ?Expense, what type of account is increased?AssetLiabilityEquity4 ?Revenue
- Q Which of the following statements about the state unemployment fund is TRUE?OPTIONSThe state unemployment fund is funded solely with employee contributions.The state unemployment fund is funded solely with employer contributions.The...
- Q what is the e-penalty for paying with check
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024)Â Jim makes cash contributions of less than $250 to a qualified charitable organization. What type of record must he maintain in order to deduct the...
- Q can a 47 year old taxpayer contribute 13,500 to their SIMPLE IRA during 2023 through payroll contributions
- Q In which situation would you be precluded from disclosing confidential client information
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024) Zelda has a full-time job as a lawyer but prepares tax returns for extra money during filing season. Zelda A. must include a PTIN...
- Q In the Notes to Accounts, what is the purpose of Note-1 ?Share Capital?Answer areaTo explain the various forms of investmentsTo present the company's revenue from equity investmentsTo provide details about...
- Q In which situation would you be precluded from disclosing confidential client information
- Q Which of the following describes basis? Basis is:The value used to determine the amounts for depreciation.The nef ofference between the acquision and sale price of the asset.The amourt of gain...
- Q Regarding gifts and taxes, which of the following is a false statement?Question 128Select one:a.The recipient of a gift that produces income will not be taxed on the income produced by...
- Q Generally, which of the following events will not be included in an individual's taxable income?Question 127Select one:a.Income from property an individual receives as a giftb.Interest income an individual receives as an...
- Q Which of the following is true regarding married couples who live in community property states?Community income is divided equally between the spouses for tax purposesA married-joint return may not be...
- Q taxpayer A purchases a new pizza oven from taxpayer B. Considered a like-kind exchange?
- Q A taxpayer must must include how much of rent payments in their gross income?Question 121Select one:a.100% of all rental incomeb.Rental income is reduced by expenses that were incurred to get...
- Q certain medical expenses paid out of a deceased taxpayer's estate may be claimed on their final return if expenses are itemized.
- Q Generally, a lower gross profit ratio reflects positively on a company's abiliy to manage tho fhemertyTrue or False? ?False
- Q Under the Tax Cuts and Jobs Act, the Alternative Depreciation System (ADS) requires residential property to be depreciated over a period of 30 years using a straight-line depreciation method.
- Q all insurance premiums can be deducted if you itemize, true or false
- Q John sold his term life insurance policy in a life settlement transaction for $40,000. If he paid $10,000 in total premiums for the coverage, how much of the settlement is...
- Q Aspen Ski Resorts has 150 employees, each working 40 hours per week and earning $13 an hour. Although the company does not pay any health or retirement benefits, one of...
- Q Anthony is a member of the engagement team performing an audit of XYZ. During the engagement, the president of XYZ offers him a position at the company. He is considering the...
- Q Test - Annual Federal Tax Refresher (AFTR) (2024) Mr. and Mrs. Granger both work full-time. They have three children, ages 16, 6, and 3. During the year, the Grangers paid $3,750 of qualifying expenses...
- Q What are the requirements for an IRS direct file?You can use Direct File if you have one or more of these types of income in 2024:Income from an employer. (Form...
- Q taxpayer's maximum allowable SEP-IRA deduction is calculated to be $58,000
- Q A self-employed taxpayer may deduct daily transportation expenses incurred in going between his or her residence and another work location in the same trade or business, regardless of the distance...
- Q True or false - taxpayer is concerned about their adjusted gross income being too hight to qualify for certain tax benefits. only source of income is as a sole proprietorship...
- Q Which of the following is a factor taken into consideration when determining whether a lax retarn preparer sactions aere ailfula reckless or the restait of grose incompetence?Whether the preparet has...
- Q A business employs other individuals, which of the following, paid out of its own funds as an employer, can be deducted as expenses?Question 9Select one:a.Social Security (FICA)b.Medicarec.Federal Unemployment (FUTA)d.All of...
- Q Which of the following statements is true concerning the tax filing requirements if an individual owes Alternative Minimum Tax (AMT)?Question 13Select one:a.They can calculate their AMT directly on their personal...
- Q With the Tax Cuts and Jobs Act (TCJA), the net unearned income (which can include interest and dividend payments) of a child subject to the "Kiddie Tax" rules were taxed...
- Q Under what circumstances may an unenrolied tax return preparer represent a dient before the intornal heveniwe ServiceOnly fif the taiz return preparer signed the cient's tax return of oldim for...
- Q Kubin Company’s relevant range of production is 20,000 to 23,000 units. When it produces and sells 21,500 units, its average costs per unit are as follows: Average Cost per UnitDirect materials$...
- Q When requested tax records or information are not in the possession of, or subject to the control of, the practitioner or the practitioner’s client, the practitioner must promptly notify the...
- Q Taxpayer invested $25,000 in a business in 2023. Their share of the losses for that tax year are $15,000. At-risk loss limitation?
- Q Question 7 ?of 15.The following taxpayers are covered by an employer-sponsored retirement plan. Which one may FULLY DEDUCT their traditional IRA contribution?Kellifiles single. Her modified AGI is $73,000.Mark files head...
- Q A taxpayer can claim CCA:Select one:To increase the rental loss because loss would offset employment income.For Washer/dryer, ?Furniture and Building and increase the rental loss.Up to net rental income.None of...
- Q True or false - if a taxpayer's daughter, an undergraduate college student, received a scholarship that exceeded the qualified educational expenses by $25,000, this amount will be reported as wages...
- Q True or false - if a taxpayer inherited an IRA from their father and cashed it out immediately upon receiving it, this amount does not need to be reported on...
- Q Bigbucks Brokerage provided the taxpayer $2,400 in bicycle commuting reimbursement in 2024. How much of that reimbursement, if any, must be included in the taxpayer's income? A)$0. B)$600. C)$1,800. D)$2,400....
- Q True or false - special depreciation is taken before a Section 179 expense deduction.
- Q Rick, a philanthropist, donated significant resources as a charitable gift to a qualified charitable organization. The written acknowledgment of the charitable gift is considered "contemporaneous" when which of the following...
- Q The Employee Retention Credit (ERC), has different requirements depending on the time period for which an individual claims the credit. The credit is available to eligible employers that paid qualified wages...
- Q For purposes of the child and dependent care credit a qualifying individual includesAny dependent of the taxpayerOnly a dependent ungigy the age of 18Any dependent who resides with the taxpayer...
- Q Premier Partners, a property management business incu be reported as a trade or business activity deduction onCharitable contributions made to a qualifying nonprofit.Contributions made to a partner's retirement plan.Guaranteed payments...
- Q True or false - taxpayer owns and operates a small business. taxpayer has placed a sign for the business on the door for the vehicle used to drop off client...
- Q True or false - taxpayer owns and operates a small business. taxpayer has placed a sign for the business on the door for the vehicle used to drop off client...
- Q Jerrell and Ty are equal partners in J and T's Outdoor Goods, a specialty store that seils outdoor clothing, used tents, and backpacks. When they formed the partnership, Jerrell contributed...
- Q Legal fees associated with buying the property is:Select one:Current expense and should be deducted from rental income.Not deductible as current expense but must be added to purchase price of the...
- Q True or false - taxpayer lived with their spouse all year and they plan to file separately for the current tax year. taxpayer is not covered by an employer plan...
- Q Question 10 ?of 15.Which taxpayer meets the requirements to deduct moving expenses?Sergeant Billoney decides to move to a town that is more family friendly. His workplace is half a mile...
- Q Terminal loss:Select one:Can be used against capital gain.Can be carried forward for five years only.Can be claimed in the same year & can be set off against all types of...
- Q which statement is true about claiming the section 199A deduction on a tax return? 1) ?an individual takes the 199a deduction as a deduction from adjusted gross inclome 2 ) ?an...
- Q As a single taxpayer, Jennifer's AMTI exemption would be $85,700 if her AMTI did not exceed $609,350. Because her AMTI was $709,350, what is her AMTI exemption? A)$0. B)$23,600. C)$60,700....
- Q which statement is true about claiming the section 199A deduction on a tax return? 1) ?an individual takes the 199a deduction as a deduction from adjusted gross income 2) ?an...
- Q Which of the following sources of income will be filed on the body of Form 1040 and not on any of the Schedules 1 through 3Question 2Select one:a.Wagesb.Pensionsc.Social Security Benefitsd.All...
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