ACCT 224 Introduction to Individual Income Taxation Week 1-7

ACCT 224 Introduction to Individual Income Taxation Week 1-7

Author: david walker

ACCT 224 Introduction to Individual Income Taxation Week 1-7


ACCT 224 Week 1 You Decide Assignment

ACCT 224 Week 2 You Decide Assignment

Prepare a 2-3 page paper (approximately 350 words per page) explaining the following to the Erbs:

•Why can’t you give them a refund?

•How was their refund/taxes due calculated?

•Why are they or why are they not subject to the AMT?

Grading Rubric

Category Description

Comprehension Demonstrate a strong grasp of the problem at hand. Demonstrate an understanding of how the course concepts apply to the problem.

Analysis Apply original thought to solving the business problem. Correctly apply concepts from the course material toward solving the business problem.

Execution Write your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly.

TotalA quality paper will meet or exceed all of the above requirements.

ACCT 224 Week 3 Assignment

Compare and contrast being an employee and an independent contractor. Which one would you rather have as a business owner? Which one would you rather be as a worker? Why?

·  What is the passive activity loss limitation? Are rental actives passive activities? Why or why not?

ACCT 224 Week 3 Homework Assignment

Please complete the below problems and submit your answers in the Week 3 Drop Box. See “Syllabus/Due Dates for Assignments & Exams” for due date information.

1.Compare and contrast being an employee and an independent contractor. Which one would you rather have as a business owner? Which one would you rather be as a worker? Why?

2.What is the passive activity loss limitation? Are rental activities passive activities? Why or why not?

ACCT 224 Week 4 Homework Assignment

1. Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was $25,000. Nancy’s marginal tax rate for the current year is 45%;

her grandson’s is 25%.Its fair market value was $575,000 at the date of the transfer. If the gift tax rate is 40% and she has never made a gift in excess of $10,000

before this, what amount of gift tax will she pay? What is their net tax savings percentage as a family unit if Sean sells the land?

Question two:

1. Tom and Judy Bell, who file jointly, collected $6,000 of Social Security benefits, $18,000 in fully taxable pension payments and $10,000 of tax-exempt interest.

How much of their Social Security is included in gross income? How would this change if they had received $20,000 in tax-exempt interest?......................

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