Acct 553 Week 2 Homework Essay

521 words - 3 pages

Question : | (TCO G) Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction? |
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  | Student Answer: |   | No, this is not taxable income for my brother. If I pay his rent it would be considered a gift not compensation as I don’t expect my brother to do any work for me and just gave him the money out of a generosity. I will not get a deduction either. I would have to pay a gift tax if the rent was over $13,000 |
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Question 2. | Question : | (TCO G) Which of the following items would be excluded from income? (a) $100 bill found under the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother ...view middle of the document...

| Question : | (TCO G) Shaun and Kayla earned the following in 2013: Interest on a savings account of $36, interest on a U.S. Series EE savings bond of $25 (no special election made), interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return? |
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  | Student Answer: |   | On their 2013 tax return,they have to report interest on savings account and CD –total of $56($36+$20). They also have to report EE Savings Bond of $25 if the bond matured. |
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Question 4. | Question : | (TCO G) Explain what a cafeteria plan is (hint: it has nothing to do with what you eat between classes). |
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  | Student Answer: |   | Cafeteria plan is a benefit plan that is sponsored by employee. This plan allows employee to choose his benefits from a benefit package and pay for them on a pre-tax basis which reduces their taxable income: health, dental and vision insurance, accidental death insurance, legal. The name “cafeteria plan” comes from a comparison of an employee to the customer that comes to cafeteria. The same way as cafeteria client chooses from the menu the employee chooses benefits from the package offered by the employer. |
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Question 5. | Question : | (TCO G) Explain the limitations placed on the deductibility of business gifts. What code section dictates this treatment? |
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  | Student Answer: |   | There is no limitation to the number of people or how much will be spend on that gift but for a deduction the limit is $25 per person. It is code 274(b) that limits deductibility of a business gifts to $25 per person per year |
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