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ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38

ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55

ACC 401 Week 3 Assignment Chapter 6

ACC 401 Week 4 Assignment Chapter 9, Problem 42 problem 49

ACC 401 Week 5 Final Paper Assignment

ACC 401 Week 1 Quiz

ACC 401 Week 2 Quiz

ACC 401 Week 3 Quiz

ACC 401 Week 4 Quiz

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ACC 401 Week 1 Assignment Chapter 2 Problems 32, 33 & 38 (UOP)

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32) List the five types of filing status and briefly explain the requirements for the use of each one.

33) In which of the following cases may the taxpayer claim head of household filing status?

a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son.

b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother.

c. The taxpayer is married from January to October and lived with his spouse from January to May. From June 1 to December 31, the taxpayer maintained a household that was the principal place of abode of his married son and daughter-in-law whom the taxpayer can claim as dependents.

Same as (c) except the taxpayer lived with his ex-spouse until August and maintained the household for his married son and daughter-in-law from September 1 to the end of the year

38) Julio and Martina are engaged and are planning to travel to Las Vegas during the 2009 Christmas season and get married around the end of the year. In 2009, Julio expects to earn $45,000 and Martina expects to earn $15,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Julio nor Martina has any itemized deductions. They are trying to decide whether they should get married on December 31, 2009 or on January 1, 2010. What do you recommend? Explain your answer (disregard the making work pay credit).

Chapter 3: Problems 35, 36, & 42

35) Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2009 in each of the following independent cases.

A taxpayer completes $500 of accounting services in December 2009 for a client who pays for the accounting work in January 2010.

A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2009, she rents a computer for a $200 rental fee and receives a $500 deposit. The customer returns the computer and is refunded the deposit on December 20, 2009.

Same facts as (b) except that the computer is returned on January 5, 2010.

On December 18, 2009, a landlord rents an apartment for $700 per month and collects the first and last month’s rent up front. It is customary that tenants apply the deposit to their last month’s rent upon moving out.

An accountant agrees to perform $500 of tax services for an auto mechanic who has agreed to perform repairs on the car of the wife of the accountant. The mechanic repairs the car in December 2009 and the accountant starts and completes the tax work in March 2010.

36. A taxpayer who purchases a Series EE U.S. Savings Bond must report the interest income (i.e., increase in value) on the bond on the date the bond is redeemed or the taxpayer can elect to report the interest currently in income. Under what circumstances should a taxpayer report income at maturity? Under what circumstances is it more advantageous to report income currently?

42. Sean, who is single, received social security benefits of $8,000, dividend income of $13,000, and interest income of $2,000. Except as noted, those income items are reasonably consistent from year to year. At the end of 2009, Sean is considering selling stock which would result in an immediate gain of $10,000, a reduction in future dividends of $1,000, and an increase in future interest income of $1,500. He has asked you for advice. What course of action do you recommend

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ACC 401 Week 1 Quiz (UOP)

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ACC 401 Week 1 Quiz

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ACC 401 Week 2 Assignment Chapter 4 problem 53 and problem 55 (UOP)

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53. Under the terms of a divorce decree executed May 1, 2008, Rob transferred a house worth $650,000 to his ex-wife, Linda, and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000.

a. How much of this must be reported on Linda’s tax return?

b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house?

54. Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences?

55. Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2009 tax year.

Chapter 5, complete problem 54, problem 61, and problem 62

54. Steve purchased a personal residence from Adam. To sell the residence, Adam agreed to pay $4,500 in points related to Steve’s mortgage. Discuss the tax consequences from the perspective of both Steve and Adam.

61. Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2009, which ruined the furniture in their garage. The following items were completely destroyed and not salvageable

Their homeowner’s insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,800. Their AGI for 2009 was $30,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2009?

62. During the year 2009, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,000 miles to visit clients, 10,000 miles to get to her office, and 500 miles to attend business-related seminars. She spent $300 for airfare to another business seminar and $200 for parking at her office. Using the car expense rate of 55 cents per mile, what is her deductible transportation expense?

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ACC 401 Week 2 Quiz (UOP)

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ACC 401 Week 2 Quiziz

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ACC 401 Week 3 Assignment Chapter 6 (UOP)

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39. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows:

Income from consulting business $4,000

Consulting expenses other than home office 1,500

Total costs relating to home:

Interest and taxes 6,500

Utilities 1,500

Maintenance and repairs 450

Depreciation (business part only) 1,500

43. Janet purchased her personal residence in 2000 for $250,000. In January 2009 she converted it to rental property. The fair market value at the time of conversion was $210,000.

a. Determine the amount of cost recovery that can be taken in 2009:

b. Determine the amount of cost recovery that could be taken in 2009 if the fair market value of the property were $350,000:

Chapter 7

49. Ricardo acquired a warehouse for business purposes on August 30, 1992. The building cost $200,000. He took $133,333 of depreciation on the building, and then sold it for $350,000 on July 1, 2009. What is the amount and nature of Ricardo’s gain or loss on the sale of the warehouse?

51. In 2009, Juanita sold stock considered short-term for a gain of $875 and stock considered long-term for a loss of $2,400. She also had a $2,000 short-term loss carryover from 2008 and a $240 long-term loss carryover from 2008.

What amount will be shown as a short-term gain (loss) for 2009?

What amount will be shown as a long-term gain (loss) for 2009?

c. Will there be a carryover to 2010? If so, what is the nature and amount of the carryover

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ACC 401 Week 3 Quiz (UOP)

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ACC 401 Week 3 Quiz

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ACC 401 Week 4 Assignment Chapter 9, Problem 42 problem 49 (UOP)

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42. Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally by Tim and Martha. What amount of child and dependent care tax credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $36,000 that was entirely earned by Tim?

49. Jeremy and Celeste paid the following for their daughter, Alyssa, to attend University of Colorado, during 2009. Alyssa was in her first year of college and attended full-time:

Tuition and fees (for fall semester 2009) $1,950

Tuition and fees (for spring semester 2010)1,000

Books 600

Room and board 1,200 The spring semester at University of Colorado begins in January. In addition to the above, Alyssa’s uncle Devin sent $800 as payment for her tuition directly to the University. Jeremy and Celeste have modified AGI of $165,000. What is the amount of qualifying expenses for purposes of the Hope credit? What is the amount of Hope credit that Jeremy and Celeste can claim based on their AGI?Chapter 10, complete problem 49 and problem 57.

49. Allison is paid $500 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Use the percentage method table in the appendix to this chapter.

a. Allison is single and claims three withholding allowances

b. Allison is married and claims three withholding allowances

c. Allison is single and claims one withholding allowance

57. Jones Company has the following employees on payroll:

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ACC 401 Week 4 Quiz (UOP)

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ACC 401 Week 4 Quiz

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ACC 401 Week 5 Final Paper Assignment (UOP)

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Q:Appendix A

Please use this information for your Tax Return and Paper.

*All people, businesses, and information are fictional. Any relation to an actual person or business is accidental.

Harold Petersan

SSN: 0XX-01-1XXX

Date of Birth (DOB): 05/27/1975

Gross Pay: $51,750

401(k) contributions: $4,140

Healthcare costs (payroll deductions): $1347

Reported wages: $46,263

Social Security Wages: $50,403

Medicare Wages: $50,403

State Wages: $46,263

Taxes withheld:

Federal: $2896.06

Social Security: $3124.99

Medicare: $730.34

State: $682.38

sdi (mandatory disability insurance): $393.24

Employer: PointMark, INC

Address: 1111 One Park Place

City: One City

State: California

Zip code: 11111

Employer’s FED ID number: 33-01XXX11

Sarah Petersan

SSN: 001-02-XXXX

DOB: 08/11/1979

Gross Pay: $50,000

401(k) contributions: $4,000

Healthcare costs (payroll deductions): $1347

Reported wages: $44,653

Social Security Wages: $48,653

Medicare Wages: $48,653

State Wages: $44,653

Taxes withheld:

Federal: $2795.28

Social Security: $3016.49

Medicare: $704.98

State: $658.63

sdi (mandatory disability insurance): $379.55

Employer: CompanyOne

Address: 1111 Place Road

City: One City

State: California

Zip code: 11112

Employer’s FED ID number: 33-01XXX22

Dependent:

Tara Petersan

SSN: 001-XX-XX00

DOB: 12/29/2004

Child Care Costs: $10,320

Child Care Provider: fabulous daycarecenter

Address: 121 Place Road

City: One City

State: California

Zip code: 11111

Identifying number: 33-XXXX011

Life Change Events

Home Sale:

Primary residence sale price $520,000

cost basis (incurred three years prior) $300,000

Property Tax paid: $1,500

Mortgage Interest paid: $14,400

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