User Homework Solutions

ACC 307 WEEK 9 DICUSSION Week 9 Discussion "Employee and Owner Tax Benefits"Please respond to the following: A business owner comes into your office and asks for guidance as to the best way to maximize tax deductions for the company and the employees. Explain the tax deferral concepts and the impact on the business, the employee, and potential tax consequences on both. Please be specific with your recommendations.

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 9 Chapter 13 Homework Chapter 13 Homework 1. Problem 13-57 (LO 13-3) Marissa participates in her employer’s nonqualified deferred compensation plan. For 2015, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and her marginal income tax rate is 30 percent, how muchtaxdoes Marissa save in 2015 by deferring this income(ignore payroll taxes)?

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 9 Chapter 12 Homework Chapter 12 Homework 1. Problem 12-26 (LO 12-1) Lynette is the CEO of publicly traded TTT Corporation and earns a salary of $200,000 in the current year. Assume TTT has a 35 percent marginal tax rate. a. What is TTT Corporation’s after-tax cost of paying Lynette’s salary? Explanation: a. TTT’s after-tax cost is $130,000,

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 8 QUIZ 1. TF Qu. 30 Businesses may immediately expense research ... Businesses may immediately expense research and experimentation expenditures or they may elect to capitalize these costs and amortize them using the straight-line method over a period of not less than 60 months. 2. TF Qu. 4 An asset's capitalized cost basis includes only the... An asset's capitalized cost basis includes only the actual purchase price; whereas e

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 8 HOMEWORK 2 1. Problem 11-36 (LO 11-1, LO 11-2) Hannah Tywin owns 100 shares of MM Inc. stock. She sells the stock on December 11 for $25 per share. She received the stock as a gift from her Aunt Pam on March 20 of this year when the fair market value of the stock was $18 per share. Aunt Pam originally purchased the stock seven years ago at a price of $12 per share. What is the amount and character of Hannah’s recog

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 8 HOMEWORK 1 1. Problem 10-39 (LO 10-1) Emily purchased a building to store inventory for her business. The purchase price was $760,000. Beyond this, Emily incurred the following necessary expenses to get the building ready for use: $10,000 to repair the roof (does not extend the roof life), $5,000 to make the interior suitable for her finished goods, and $300 in legal fees. What is Emily’s cost ba

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 8 DISCUSSION Week 8 Discussion "Employee Business Expenses"Please respond to the following: As part of his contract at his new job, Jim is provided a company car and gas card to go back and forth to work. He sometimes uses the car for out-of-town travel approximately once a month. Jim also uses the car and the gas card for his family vacations, dinner, etc. Explain the applicable tax law regarding employee compensation and the c

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 7 DISCUSSION Week 7 Discussion "Business Expenditures and Deductions"Please respond to the following: Jane’s Air Conditioning Service decided that this year was the year to “take over” the air conditioning business in her town. Beginning in January, she started advertising her business (even though there was snow on the ground), bought a supply of Freon, updated her vehicles and bought new uniforms for her serv

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 307 WEEK 7 ASSIGNMENT Assignment 1: Should the U.S. Convert to a Zero Personal Income Tax? Due Week 7 and worth 280 points In a recent news article located athttp://www.nbcnews.com/business/economy/heres-where-your-federal-income-tax-dollars-go-f654971, NBC News reported that the U.S. Government spends $3.6 trillion per year to fund Social Security, Medicare, homeland defense and safety, education, transportation, and the interest on debt

Other / Other strayer university / ACC 307 02 Sep 2017

ACC 306 WEEK 11 QUIZ Week 11 Quiz Question 1 To create a budget: Question 2 The audit trail lists: Question 3 A credit card payment received against/on an open invoice would be recorded as: Question 4 You would use which QuickBooks

Other / Other strayer university / ACC 305 02 Sep 2017