In 2013, Joshua gave $14,000 worth of XYZ stock to his son. In 2014, the XYZ shares are worth $25,000. What will be the gift tax in 2014? (Leave no cells blank - be certain to enter "0" wherever required.) Gift tax LA
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- On June 30, 2019, Kelly sold property for 240,000 cash and a 960,000 note due on September 30, 2020. The note will also pay 6% interest, which is slightly higher than the Federal rate. Kellys cost of the property was 400,000. She is concerned that Congress may increase the tax rate that will apply when the note is collected. Kellys after-tax rate of return on investments is 6%. a. What can Kelly do to avoid the expected higher tax rate? b. Assuming that Kellys marginal combined Federal and state tax rate is 25% in 2019, how much would the tax rates need to increase to make the option identified in part (a) advisable?Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2019 gross income: a. On September 30, 2019, she cashed in Series EE bonds for 10,000. She purchased the bonds in 2009 for 7,090. The yield to maturity on the bonds was 3.5%. b. On July 1, 2018, she purchased a CD for 10,000. The CD matures on June 30, 2020, and will pay 10,816, thus yielding a 4% annual return. c. On July 1, 2019, she purchased a CD for 10,000. The maturity date on the CD was June 30, 2020, when Marlene would receive 10,300.In 2019, Joshua gave $12,500 worth of Microsoft stock to his son. In 2020, the Microsoft shares were worth $22,500. What was the gift tax in 2019? The gift tax exemption in 2019 was the same as in 2020. Gift tax
- Problem 14-9 (LO14.4) In 2019, Joshua gave $15,000 worth of Microsoft stock to his son. In 2020, the Microsoft shares were worth $23,000. What was the gift tax in 2019? The gift tax exemption in 2019 was the same as in 2020. Gift taxT1. Account For 2018 taxes (only answer if you know current tax law and exclusions for filing in 2019) Mel, a single taxpayer, received the following items in 2018. Dividends of $450, wages of $32,000, child support from his ex-spouse of $400 per month, a new telelvision worth $1200 from a door prize at a professional conference he attended., a gift of $3,000 from his parents, and $200 of interest on bonds issued by the State of Arizona. Mel put $4,000 of his wages into his employer's dependent care flexible spending account (the $4,000 has not been deducted from his $32,000 in wages listed previously). He also receives a reimbursement of $270 per month to pay for public transportation passes each month (the monthly reimbursement of $270 has not been deducted from the $32,000 in wages). Based on the above, what is Me's gross income for 2018? Show supporting answers below.An investor earns $138639 in the 2021/22 tax year. She purchases shares worth $4251 on 15 April 2021 and sold them for $10956 on 10 March 2022. What is her income tax payable, including capital gains tax, but excluding the 2% Medicare surcharge? a. $37604 b. $37844 c. $38844 d. $36604
- Steven has an RRSP contribution limit of $17,120 in 2022. In February he contributes $10,000 and another $10,000 in April (30th). How much tax liability will he be subject to as a result of this over-contribution? Assume Steven has never over- contributed before. $230.40 $70.40 There would be no tax liability $88Clayton received a $140,000 distribution from his 401(k) account this year. Assuming Clayton's marginal tax rate is 25 percent, what is the total amount of tax and penalty Shauna will be required to pay if she receives the distribution on her 62nd birthday and she has not yet retired? Group of answer choices $0 $14,000 $35,000 $49,000 None of the choices is correct.Fred decides to gift 25 shares of ABC to his favorite charity. He had purchased the shares in 2015 at $20/share. The current market value of XYZ shares is $35. His average tax rate is 20% and his marginal tax rate is 32%. Select each of the correct answers A. The value of his gift is $875 B. The tax savings for this gift is $175 C. The value of his gift is $500 D. The tax savings for this gift is $280 E. The capital gains tax on this gift will be $56.25
- In July 2020, Harriet sells a stamp from her stamp collection at a gain of $500. Harriet purchased the stamp collection in 2010. If Harriet is in the 35% marginal tax rate bracket and has no other capital asset sales in 2020, what is her tax on the sale of the stamp? Oa. $50 Ob. $125 Oc. $175 Od. $140 Oe. $75 Previous NextMa4. Are these actions taxable? If yes, where would it go on tax return? (2020) Child Support Payment from Kevin Hamblin $12,000 Alimony Payment from Kevin Hamblin $16,000 Gift from her father to help with legal bills $8,500 Interest income on U.S. Treasury Bond $400 Interest income of Madison City Bond (municipal bond) $250 Interest income from First Bank of Madison $165 Life insurance proceeds on the death of her mother $45,000Check my work Blue is the owner of all of the shares of Blue Bell, an S corporation. Blue is considering receiving a salary of $110,000 from the business. She will pay the 7.65% FICA taxes on the salary, and the S corporation will pay the same amount of FICA tax. If Blue reduces her salary to $50,000 and takes an additional $60,000 as a cash distribution from AAA, how will her Federal income tax liabilities change? Blue Salary 110000 W-2 7.65% 8415 CO 7.65% 8415 Total FICA 16830 If Blue's salary is reduced 50000 W-2 7.65% 3825 CO 7.65% 3825 Total FICA 7650 FICA Savings from salary reduction 9180 Blue should make sure she documents that the salary reduction is appropriate for the compensation associated with her business or the IRS may recharacterize the reduced portion as wages.