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Margaret's gross salary for the year was $35,000. Describe the circumstances under which Henry's parents can claim him as a dependent.
She claims one personal exemption and two dependents on her tax return. Compute Isabel's exemption deduction if her AGI is $194,885.
Compute their 2014 taxable income if the Kerrs use the standard deduction and their AGI is $357,040.
Married; maintains a household for more than six months of the year for self and an adopted 4-year-old child who qualifies as a dependent.
Andy, age 17, is claimed as a dependent on his parents' tax return. He earned $3,190 from his paper route and other after-school jobs.
Most individual taxpayers use the calendar year for reporting their taxable income. However, a few use the fiscal year. What is a fiscal year?
Steve is 36 years old. His filing status is single and he has 20/20 vision.
Wendy engages a local tax professional to prepare her tax return each year. She sees no reason to learn more about the tax laws.
Identify three tax-planning principles that will help a taxpayer achieve a tax-planning objective.
When computing tax liability, taxpayers use the tax table or the tax rate schedule, depending on which produces the least amount of tax.
If a taxpayer with a marginal tax rate of 15% has a $1,000 deduction, how much tax will she save?
A taxpayer, age 40, is married but files a separate return from his spouse. The taxpayer is the noncustodial parent of his 8-year-old child.
Todd and Jo Mendin pay their 17-year-old daughter, Erin, $5,000 to look after their 10-year-old son, TJ.
90% of Plum's sales are for credit. 80% of all credit sales are paid the following month and the remainder are paid two months after the sale.
How has Sears fared since 1995 in terms of revenues and profits?
Calculate the net amount to record the invoice, less the 10% trade discount.
Will this $25 million loan cause American Apparel's current ratio to increase, decrease or remain the same? Explain.
How does each method affect the firm's profitability? Please explain this as clearly as possible.
Assuming that the net income had been $50,000 instead of 120,000, present the income division section of the income statement for the current year.
The movement toward the use of fair value for investments has been given the label "mark to market".
Have you ever been involved in the budget process at your organization? If so, describe your role and responsibilities.
The key to a project financing is to finance a project with as little recourse to the sponsor as possible. Explain why.
For most large projects there are different lenders or groups of lenders during different risk phases. Explain why.
What are some of the ways that a project financing can be used to improve the return on the capital invested in a project?
Enron is a perfect example of why project financing and special purpose vehicles should not be used by reputable firms.