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Ch. 5 Federal Taxation Answers Essay

532 words - 3 pages

Chapter 5 Assignment
1. An exemption reduces your taxable income. Exemptions apply to people and your relationship to them. A tax deduction meanwhile, applies to bills that you pay during the tax year whether standard or itemized.
3. The interest on tax exempt bonds have made people that receive social security be taxed on the benefits lesser of one half of the benefits or one half of the excess of the taxpayer’s provisional income over the base. Also after 1993 any taxpayer with provisional income exceeding the second threshold will be taxed up to 85% of their Social Security benefits.
5. Cash basis taxpayers have the choice of reporting interest income on a yearly basis or reporting all interest income when bonds are finally ...view middle of the document...

The amount of income depends upon the premium paid, the life expectancy of the annuitant, and the number of years payments are to be received.
11. Cafeteria plans are employer-sponsored benefit packages that offer employees a choice between taking cash and qualified benefits such as accident or health insurance. A qualified benefit is any benefit that is not included in gross income however cash is a taxable benefit. The employer is allowed a tax deduction for providing the benefits while the employees recognize no income if they choose the nontaxable benefits.
12. A joint and survivor annuity have two individuals that receive periodic payments for life as single life annuities are for one individual. The computation of the exclusion is different for the joint annuity because after one of the individuals die and there is only one individual left the amount of the payment usually adjusts after the first death.
14. A) excluded B) included C) included D) included E) excluded F) included G) included H) included I) excluded J) excluded K) excluded L) included M) excluded
15. Employees may exclude the value of meals furnished by the employer if the meals are furnished on the business premises of the employer and they are furnished for the convenience of the employer.
16. Mindy must include $1,750 in her gross income.
17. No
18. No
19. The money earned from a property after it has been giving as a gift is included in gross income.
20. $24,000 included in gross income.
21. He would be taxed on the reimbursement of $10,000.
24. Charles income was only $24,000 before SS benefits so he would not have to include 50 % of his SS benefits.
41. None
42. D
43. D
44. C
45. A

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