Whittenburg Gerald E., Altus-Buller Martha. Income Tax Fundamentals
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x
x
2,300
2,300
2,300
2,300
2,300
56,700
34,000
34,000
34,000
- 0 -
- 0 -
- 0 -
59,000
345
10,363
10,708
10,708
10,938
Solutions to Self-Study Problems S-43
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S-44 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Gary Farmer
Real estate
Computer
12/03/02
04/05/04
01/05/10
05/02/10
37,000
14,000
24,500
20,700
12,500
(6,700)
5,800
5,800
0
Solutions to Self-Study Problems S-45
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
S-46 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Self-Study Problem 8.10
Calculation of gain recognized:
Fair market value of new truck $ 22,000
Add: liability assumed by the buyer
8,000
Total amount realized 30,000
Less: the adjusted basis of the property
given-up
(18,000)
Gain realized
$ 12,000
Boot received (liability assumed by the buyer)
$ 8,000
Gain recognized (the lesser of the gain realized
or the boot received)
$ 8,000
Basis of the property received:
Basis of property given-up $ 18,000
Less: boot received (8,000)
Add: the gain recognized
8,000
Basis of the property received
$ 18,000
Self-Study Problem 8.11
1. Insurance proceeds $150,000
Less: the adjusted basis of the property
(70,000)
Gain realized
$ 80,000
Insurance proceeds $ 150,000
Less: the cost of the replacement store
(135,000)
Proceeds not reinvested
$ 15,000
Gain recognized (the lesser of t he gain realized
or the proceeds not reinvested)
$ 15,000
2. Cost of the new store $135,000
Less: the gain deferred ($80,000 $15,000)
(65,000)
Basis of the new store
$ 70,000
Self-Study Problem 8.12
a. Sales price $350,000
Basis
30,000
Gain $320,000
Exclusion
250,000
Total gain
$ 70,000
b. $0. The $500,000 exclusion for joint filers exceeds the
$320,000 gain.
c. $25,000 ¼ ($350,000 $200,000) (½ $250,000)
Solutions to Self-Study Problems S-47
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Chapter 9 Withholding, Estimated Payments,
and Payroll Taxes
................................... .................................................
Self-Study Problem 9.1
1. Monthly salary $ 3,000.00
Less: exemptions ($304.17 5)
(1,520.85)
Income subject to withholding
$ 1,479.15
Withholding:
$36.50 þ [($1,479.15 $869.00) 15%]
$ 128.02
2. From Appendix C, withholding ¼ $131.00
Self-Study Problem 9.2
Self-Study Problem 9.3
Debbie: Soc. Sec. 6.2% $106,800 $ 6,622.00
Medicare 1.45% $120,000
1,740.00
Total employee FICA tax
$ 8,362.00
Debbie’s employer: Soc. Sec. 6.2% $106,800 $ 6,622.00
Medicare 1.45% $120,000
1,740.00
Total employer FICA tax
$ 8,362.00
Total FICA tax
$16,724.00
Self-Study Problem 9.4
See Form 941 on page S-49.
Ray
Adams 466-47-1131
1,380
S-48 Solutions to Self-Study Problems
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Rita O’Miya
x
9,600
995
1,468
2,463
2,463
0
2,463
2,467
4
x
2,467
2
9,600
9,600
1,190
278
Solutions to Self-Study Problems S-49
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Self-Study Problem 9.5
Self-Study Problem 9.6
See Schedule SE on pages S-51 and S-52.
Self-Study Problem 9.7
See Form 940 on pages S-53 and S-54.
Self-Study Problem 9.8
See Schedule H on pages S-55 and S-56.
95-1234567
Big Bank
P.O. Box 12344
San Diego, CA 92101
464-74-1132
Mary Jones
6431 Gary Street
San Diego, CA 92115
16,150.00 2,422.00
16,150.00 1,001.30
16,150.00 234.18
969.00
16,150.00
800 4039250 092
CA
Big Bank
P.O. Box 12344
San Diego, CA 92101
95-1234567 464-74-1132
Mary Jones
6431 Gary Street
San Diego, CA 92115
461.00
S-50 Solutions to Self-Study Problems
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Robert Boyd
27,450
27,450
25,350
3,879
1,939
Solutions to Self-Study Problems S-51
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
4,200 00
106,800 00
S-52 Solutions to Self-Study Problems
Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.