Quanto Co.Taxation Assingment Help With Solution
1. (9 Points)Quanto Company employs Jane A. Rice (SSN 894-93-8193) as a research chemist. Rice’s recent promotionto senior research chemist in July required a move from Dallas, Texas, to St. Louis, Missouri, a distanceof 721 miles. After moving to St. Louis in November, Rice filed a moving expense reimbursement requestwith Quanto for $3,225. Under a company-wide policy, Quanto pays a set amount for different types ofmoving expenses. Quanto paid Rice $3,100 for moving expenses ($2,900 for moving household goods andpersonal effects and $200 for travel and lodging).Rice spent $3,493 formoving expenses ($3,105 for moving household goods and personal effects, $75 for gas, $150 for lodgingfor the family, and $163 for meals). What is Jane’s moving expense deduction on his 2014 federal income tax return?
2. (5 Points) In 2014, Uriah Stone received the following payments:
Interest on refund of federal income tax for 2013 $ 400
Interest on award for personal injuries in 2010 automobile accident 300
Interest on municipal bonds 1,500
United States savings bonds interest (Series H) 1,000
What amount, if any, should Mr. Stone report as interest income on his 2014 tax return?
3.(10 Points) Manny and Mavis are both 67 years of age. Manny still works and earned $38,000 last year. Manny and Mavis also have the following income: Interest, $3,000; and Social Security, $10,000. Determine their taxable income.
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4. (10 Points)Dirk and Diane Davis are both employed solely by XYZ Corporation and each earned $15,000 in wages for2014. With respect to the following items, what amount should be reported as income in addition to their wages?
Advance commission for services to be performed in the future $1,500
Payments by XYZ under a qualified plan for dependent care 2,000
Sick pay due to illness paid by insurance company (premiums were paid for by XYZ) 3,000
Cash allowance to pay for meals during working hours 300
Payments by XYZ to a qualified pension plan 1,000
Group-term life insurance paid by XYZ on insurance coverage of $50,000 200
5. (5 Points) Dan’s taxable income falls in the 15% tax bracket. Included in his taxable income is $5,000 of ordinarydividends, of which $2,000 are qualified dividends. The amount of tax Dan will pay on his qualifieddividends is.
6. (10 Points) John (SSN 889-85-7644) and May (SSN 846-81-4866) Drake, married with two dependent children, file ajoint return. They provide you with the following information:
Medical and dental expenses (not reimbursed) $3,650
State income taxes 3,950
Real estate taxes 4,710
Personal property taxes (ad valorum) 325
Interest on home mortgage 17,800
Form 4952 shows deductible investment interest 800
Charitable contributions (made by cash or check) 2,000
Form 4684 shows a casualty loss deduction 600
Using this information determine the amount of their taxable income.
7. (8 Points) In the current year, Rene Rogers, 45, has adjusted gross income of $40,000. She has medical expenses of $5,000and $3,000 of miscellaneous itemized deductions subject to the two-percent-of-AGI limit. In addition, she hasa casualty loss of $6,000 and state income taxes of $1,500. Compute the deductible amounts of these items forregular tax purposes.
8. (4 Points) The following taxes were paid by the Allens in 2014: real estate taxes on their home, $1,800; state income taxes,$750; city sales tax, $350; and state gasoline tax (personal use of automobile), $30. In itemizing their deductions,what is the maximum amount that the Allens may claim as a deduction for taxes?
9. (10 Points) TadTrumbell is married and attending State University. Tad and Mary have one child. Mary worked to help putTad through school. The child, who is four years old, is kept at a day care school. Tad paid the school $3,500this year to keep the child. Tad and Mary had income of $14,000 this year, all of which was earned by Mary.Assuming Tad attends school for 12 months, what amount may Tad and Mary claim as a child care credit (Ignorethe income tax limitation.)?
10. (14 Points) Richard (SSN 158-75-9466) and Jane Lamont, married with two dependent children, file a joint return.Richard is employed as a sales representative. Jane works as a consultant. The Lamonts have an AGI of$134,000 and provide you with the following additional information.The Lamonts paid the following items:
Safe-deposit box $ 30
Tax return preparation 175
Investments publications 36
Richard’s unreimbursed business expenses:
Meals and entertainment 500
Parking and tolls 48
Travel while away on two-day trip 225
Other business expenses 50
Richard’s automobile information:
Total miles driven during the year 30,000
Total miles driven for business 17,750
Daily commuting mileage 5
Total commuting mileage 1,250
Placed in service 05/01/11
The Lamonts elect to use the standard mileage rate to deduct their automobile expenses. They have writtendocumentation to support the deduction for the business use of the automobile. The Lamonts do not have anemployer-provided automobile. Jane has her own automobile that she uses for personal purposes. Determine the amount of the Lamont’s itemized deductions for the year.
11.(10 Points) During2014, Milton was granted a divorce from his wife. The divorce decree stipulated that he was to pay both alimony and child support for a specified period of time. In examining his records for 2014 the following information is available: salary, $50,000; interest received on savings account, $2,000; interest received on municipal obligations, $1,000; alimony paid, $3,600; and child support paid, $4,800. What is Milton’s adjusted gross income for 2014?
12. (5 Points) Determine the amount of taxable income of Mike in 2014. He is single and has $400 of wages and $2,500 of interest income for the year. He is claimed as a dependent by his parents.
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