Multiple choice accounting question #1?
Question:
42)On 1/1/06, 2 individuals invested $500000 each to form Jordan Co. Jordan have total revs of $200000 during '06 and $250000 during '07. Total expenses for the same period were $120000 and $140000 respectively. Cash dividends remunerated out to stockholders totaled $20000 in '06 and $25000 surrounded by '07. What was Jordan's total stockholders' equity at the call a halt of '06 and '07?
a)$1m and $1065000 respectively, b)$1060000 and $1145000, c) $1100000 and $1170000, d)$1210000 and $1410000
43)All business's assets are
a)equal to liabilities+shareholders equity, b)the economic resource of the business, c)reported at historical cost, d)reported on the symmetry sheet, e)all of the above
52)All liabilites appear on the
a)balance sheet, b)income statement, c)statement of stockholders equity, d)statement of cash flows, e)none of the above
55)Which of the following liability accounts is usually NOT statisfied by reimbursement of cash
a)accounts payable, b)unearned revs, c)taxes payable, d)all of the above
Answers:
B-A-E(?)-B
42 1 million plus 200k minus 120k minus 20k = 1,060,000
and 1,060,000 plus 250k minus 140k minus 25k = 1,145,000
43 Foundation of adjectives accounting is equation assets equal liabilites plus owner's equity, assets are the economic resources of a business, the majority of assets are reported at historical cost (hence the source for the question indicate - securities held for sale are dotted to market cost) and assets are reported on the stability sheet.
52 Liabilities are reported on the balance sheet (along next to assets and owner's equity
55 Unearned Revenue is saisfied by recognizing revenue NOT by payoff of cash.
Hope this help - Also hope that this accounting is a requirement for another major becasue if you don't cram these you won't ever be an accounting major beside any success.
What are the excise ramification due to 401(k) withdrawal.?
Question:
I understand that withdrawal are penalized and that taxes are also deduct at the time of the withdrawal. What I'm not sure in the region of is if I still have to include the network portion of the withdrawal on my income taxes. If they own to be included, isn't the same money getting tax two times? Can someone give me some advice/explanations?
Answers:
Let's utter you contributed $5000 to the 401K. Because that came rotten of your income pre-tax, no income tax have been compensated on that money. That's the gov't's incentive to save for retirement.
As long as that money is beneath the umbrella of a 401k or IRA, it grows tax-free. Tax is only due on an amount distributed contained by the year distributed. Also, as a disincentive to taking money out prior to age 59.5, there is a Fed cost of 10%, & possibly a state penalty, on the distribution.
Now, let's read out you take adjectives $5k out in 2007. Tax is due on $5000 because it be never taxed. The imperative requires 20% to be withheld for Fed Tax, so they will hold $1k and send it to IRS. Part of your confusion is contained by thinking that withholding is tax. It is not TAX. It is money sent to IRS contained by anticipation of tax. It is within an account at IRS beside your SSN on it. Really not tyhat much different tha an account at a mound except that you can't access the money.
Now here's the trap in this intact thing. Everyonr think that the 20% w/holding covers all the toll on the distribution. IT DOES NOT.If you are in the 15% tariff bracket and the 10% penalty applies, tariff will total 25% but only 20% be withheld. Some states do not require w/holding on distribs of this type so the ambush is even more painful. If you are contained by a bracket higher than 15%, the hurt is worse still.
You do not include the network on your tax return, you include the gross.
For example, if you change out a $5000 401k you would only receive $4000 after 20% is withheld. On your return subsequent year, you would report $5000 in income. The $1000 withheld would be credited on page two of the return along near any withholding reported W2s and/or estimated payments.
No, it is not double taxation.
depends if you just borrowed it against yourself adjectives you really do is repay yourself with no cost however if you didnt it can be a percentage of the amount you borrowed against it
How should you write a communiqu¨¦ to the IRS asking for an extension for the following? Template?
Question:
Sample letter, or your best guess?
An extension to speak about them you need time to do your taxes to prove that you do not owe. If they did not agree to you do your taxes, prior to receiving a proposed assessment. Like to prepare an informational excise return, with a duty pro if you had no income.
Answers:
You would hold had to record an extension by the filing deadline for it to be valid. There are extenuating circumstances within which the extension deadline can be extended (you were surrounded by a coma, you were onboard Apollo 13 and forgot to report by 4/15). If you had no income what would here be for the IRS to tax? Your best bet is to return with your taxes prepared and sent in ASAP. Now would be a apposite time for a tax pro to prepare your charge return, since it is now slow time for a CPA/Tax Preparer.
Just to agree to you know, you have 3 years from the innovative due date, or 3 years from an extended due date to file a return for which you are owed a compensation. If you file after the 3 years enjoy gone by you are out of luck. Tax returns for 2003 and earlier are former the statute of limitations for getting a refund. On the other appendage, if you owe, the statute of limitations is forever.
I've also attached irs instructions regarding the extension form.
If they've already sent you an assessed amount for income export tax, you are way olden filing an extension. The IRS have a pre-printed extension request form that should be filed previously the tax deadline. If you're an individual, this is form 4868, which can be found at www.irs.gov . If you fall through to file anything, they will unanimously send three parcels requesting you to file since assessing an amount. If you have received an assessed amount, adjectives you can do is call them without beating about the bush, explain your situation, and work out a plan with them. That's truely your just option if you didn't report the extension before the excise deadline and didn't respond to their previous requests. They usually will work with you- not a soul is expected to pay more charge than they legally owe. You may a short time ago have to reward a late file penalty, but no import tax. Call them as soon as you can, and don't be too worried about it- as long as you're polite and explain yourself, they should be really helpful and want to find this resolved as much as you do.
Help for satisfying ITR 2 I am giving actual info?
Question:
My total Income-331728 (Accordng form 16)
HRA rebate under sec 10 30844
Net chargable Income 300884
Rebate lower than sec 80c-100000
Net tax payable 15176+304 =15480
TDS-17000 Refund 1520
Intrst on Housing loan 87000 (not shown within form 16
Expct a refund R +1520
What is to chock-full in relevant col of Part BT1 TT1 agenda s Scdlo CYLA Schd BFLA SChdl VIA(how to take comfort of Loan int in TDS1
Answers:
Better to stop some good consultant that would not single help you to total your return but also would help you to directory it.
Go to website: www.incometaxindia.gov.in
economically i can get it done for rs 100.
wld convey u yor return in pdf print and submit it!
if u agree e-mail me
You need not to database ITR2 as you dont have any other income except pay. You should go for ITR1.
If you stipulation my help I afford you all the details (absolutely free).
You should use ITR1. ITR2 is for the those having income from possessions gain too in rider to salary income.
The best likelihood is visit http://www.trpscheme.com they are be certify by Income Tax Departmet to fill the form, they charge Rs. 250/- merely.
Australian Tax Rebate?
Question:
Tax time is here and id really resembling to know if i can claim my course fee fund...
I am a job hunter who saved up $5000 and remunerated this up-front for my fitness course, now the course have finished can i claim this back..
Answers:
You can individual claim a tax supposition for self education expenses which are incurred to increase or say the skills and knowledge required for your current income earn activity or profession. So if you weren't already earn income in a fitness related living when you signed up for this course then the expense for the course fees be not "incurred in the course of earn your income", which is the principle of tax deductibility of expenses. There is no rebate and near is no claiming back a reimbursement from the senate for your course fee any.
It depends on the sort of course and what income your earn throughout the year.
If you are a job huntsman and did not earn any income then here is no taxable income to offset the expense against after the answer is no.
It depends on its relationship to your work.
If you need further info contact taxaccounts@gmail.com
What is the tariff exempted interest income for the assessment year 2007-08 contained by India lower than Income Tax Act?
Question:
As per new ITR-1, within column No. 2 (b) interest is required to be shown under commander Income from other sources, whereas there is excise exempted interest income to shown in column NO. 25. What is the difference between the two. Kindly clarify.
Answers:
Tax exempted interest income routine Interest on securities and bonds as notified by Central Government , Interest on the unusual Capital Investment Bonds, Interest income from notified Relief Bonds etc.
levy exemption slab for individual
upto 1,00,000 - nil
1,00,000-150001 -10%
150000-250001 -20%+5000
above 250000 -30%+5000+20000
plus 2%education cess
less 10%surcharge ,if income >10,00,000
export tax liability= net income-long residence capital gain-income from lottery-short permanent status capitl gain
as above three are charged on 3 different flat rates
STCG-10%
LTCG-20%
lottery income-30%
How much income can a retired personage product past have to wallet income rates?
Question:
Answers:
Retirement is not a factor. For most people, the amounts are: single $8,450, married innards jointly $16,900. Be aware that, even though you don't hold to file, by file you might get a reimbursement for taxes withheld. You should at least do the daily work and keep a copy of it within case they would they ever interrogate why you didn't file.
it adjectives depends on the type of pension and if you enjoy any dividends for the year or any stocks you may have purchased so really to be risk-free you need to record a tax form every year and tolerate the irs determine if it is taxable income or not. hope this helps
Assuming you are age 65 or over:
Single: $9,700
Married: $17,900
If you or your spouse are below age 65 the above amounts are slightly less. The amounts include allowance and retirement distributions, wages, dividends, interest, capital gain, rental income, etc., but do not include Social Security.
After file for s.s retirement you become disable can you profile for ss retirement?
Question:
Answers:
If you are qualified for Social Security Retirement, you would not qualify for the SS disability, in place of or contained by addition to your retirement.
If a entity is collecting SS disability and reaches retirement age, the benefits for the disability stop and retirement benefits see in.
www.ssa,gov
Even if you are disabled, you can still apply for Social Security retirement benefits. If you are disabled and ripened enough to receive retirement benefits, you could apply for disability payments instead. There is a long-drawn-out process for application and you have to dawdle six months to get any benefits, but you can do it. The payments are probably going to be alike as regular retirement benefits.
If you are under 65 and are reception Social Security disability payments, you may qualify for Medicare, usually after two years. If you retire and collect regular Social Security, you cannot qualify for Medicare until age 65.
So depending on your age, and need for robustness care coverage, nearby may be differences to you in collecting disability payments versus regular retirement payments.
Tds speculation multiply on professional levy simply or professional excise + sevice due (i.e bill amount)?
Question:
Answers:
TDS deduction calculation to be done on Professional Fee only short taking into account the Service Tax / Education Cess.
singular professional fee!
For other payments , every creature except Individuals and HUF whose sales / gross receipts contained by business is less than Rs 40 lacs or professional receipts is smaller quantity than Rs 10 lacs have to reduce by tax
http://incometaxindia.gov.in/general/tds...
Though it is to be made on professional fees one and only, it does not make 'much' difference if on full amount tds is made. It is because the deductee will be getting credit of it in full. (as per ticket issued to him.
Your query is not too clear as to whether you want to subtract TDS or are one receiveing Professional Fees, however TDS is to be deducted on the Gross Bill Amount inclusive of Service Tax, this is base on the analogy of Circular No 730, of 1995
I enjoy lost my jar card and container no.?how i will attain my vessel no.?
Question:
Answers:
visit the site
http://incometaxindiaefiling.gov.in/know...
here you own to fill your details..and you will attain your PAN number..once you get the number you can claim for the duplicate PAN Card...
Hope that help you
As an american living & working surrounded by denmark, can I widen an IRA contained by the states?
Question:
My income is derived in Denmark and I discharge Danish taxes.
Does that mean that US income boundaries to IRAs don't apply?
Answers:
If your income is excluded from tax by channel of the foreign earned income exclusion, you are prohibited to contribute to an IRA.
If you earn more than the exclusion amount, you will be able to contribute to an IRA.
The amount of the foreign earn income exclusion for 2007 is $85,700.
Yes you can!
Hey.you would have to own still maintained a US address and a Driver's License from a state. It's almost resembling the military. When living overseas, you're unable to unfurl a checking account while living overseas using an address final home. You need to depart the account put money on in the states beside a US address, then once it's amenable, change it to your Denmark address. However their will be a problem since you are not paying US taxes. I hope I answered your press and good luck.
OK who doesnt repay sale taxes??
Question:
I want to know which states dont have sale tax.
anybody thinking to help me??
Answers:
Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon.
Delaware, New Hampshire and Oregon are totally toll free. Only the tourist areas of Montana charge. Anchorage and Fairbanks dont charge, but the rest of alaska does. Hawaii has an Excise levy which is like a sale tax.
foreigners :P
New Hampshire
Yeah I focus one is Oregon. If you order online you usually don't enjoy to pay tariff if the site is based within another state.
If your clergy you can skip out in adjectives the States I believe - so become a nun or a minister.
OREGON. I live here and love it and couldn't go anywhere else because I HATE sale tax! (well, among heaps other reasons)
Oregon
How should you write a memo to the IRS asking for an extension for the following?
Question:
An extension to tell them you requirement time to do your taxes to prove that you do not owe.
Answers:
There is a standard form, form 4868 that you can file to take a 6 month extension. The only problem is that it desires to be filed by the regular filing deadline, which for 2006 taxes be April 18, 2007. There can be extenuating circumstances in which you can seize an extension without have filed the form (you be in a coma, you be onboard Apollo 13) but these are rare.
Just to tolerate you know, you have 3 years to directory a return in which you are owed a repayment, after that time period you're out of luck. If you owe the irs, the time hamper if forever.
I've attached a link to the irs form 4868 for you.
Canadian Tax?
Question:
Whats the tax % contained by canada when buying a laptop?
Answers:
Federal GST rate - 6% (if the province does not use a harmonized rate of PST and GST)
Provinicial Rate - 7% (in BC)
Hope this helps
in good health i live in quebec,montreal...duty is 15%.....we pay lots of taxes so it depends
I own a 401k plan pretax or after toll oblige me pick the best plan?
Question:
Answers:
Your choice depends on your age and your income tax bracket immediately, as well as your anticipated income import tax bracket in retirement.
If you are immature and a saver, and you gather enough contained by your pretax 401k to have a significant income within retirement, you are going to pay abundantly of tax on the distributions. The taxable distributions will explanation your Social Security benefits to be taxed. Many retirees are presently bemoaning this fact.
The untried Roth 401k allows taxpayers to accumulate their contributions next to after-tax dollars, but all of the distributions are tax-free. In add-on, the tax-free distributions do not cause Social Security to be tax.
Over a working life of utter 35 years, most of your accumulation is going to be profits on your contribution. You can avoid tax on adjectives of that if you designate your contribution as a Roth 401k.
If I were infantile and working, and not in the 25% bracket or better, I would designate my contributions as Roth 401k. If I were a glorious income earner, I might still due the old pretax 401k.
As mentioned contained by another answer, any employer contribution is a regular 401k and those contributions and earnings are going to be tax when you take them out.
I'm not sure which one really is the best but I know that mine is done pretax...
The choice is really yours, merely keep contained by mind that with the Roth 401K any complementary contributions made by your employer are put into a reg 401k and you will be responsible for the taxes on distributions from that when you take them,
your Roth 401K distibutions will be excise free when you take them as they are tax dollars going into the plan.