ACC 401 Week 4 Assignment Chapter 9/ acc401tutordotcom
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<strong>ACC</strong> <strong>401</strong> <strong>Week</strong> 4 <strong>Assignment</strong> <strong>Chapter</strong> 9, Problem 42 problem 49 (UOP)<br />
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42. Tim and Martha paid $7,900 in qualified employment-related expenses for their three young<br />
children who live with them in their household. Martha received $1,800 of dependent care<br />
assistance from her employer, which was properly excluded from gross income. The couple had<br />
$57,000 of AGI earned equally by Tim and Martha. What amount of child and dependent care<br />
tax credit can they claim on their Form 1040? How would your answer differ (if at all) if the<br />
couple had AGI of $36,000 that was entirely earned by Tim?<br />
49. Jeremy and Celeste paid the following for their daughter, Alyssa, to attend University of<br />
Colorado, during 2009. Alyssa was in her first year of college and attended full-time:<br />
Tuition and fees (for fall semester 2009) $1,950<br />
Tuition and fees (for spring semester 2010)1,000<br />
Books 600<br />
Room and board 1,200 The spring semester at University of Colorado begins in January. In<br />
addition to the above, Alyssa’s uncle Devin sent $800 as payment for her tuition directly to the<br />
University. Jeremy and Celeste have modified AGI of $165,000. What is the amount of qualifying<br />
expenses for purposes of the Hope credit? What is the amount of Hope credit that Jeremy and<br />
Celeste can claim based on their AGI?<strong>Chapter</strong> 10, complete problem 49 and problem 57.<br />
49. Allison is paid $500 per week. What is the amount of federal income tax withheld from<br />
Allison’s paycheck under the following conditions? Use the percentage method table in the<br />
appendix to this chapter.<br />
a. Allison is single and claims three withholding allowances<br />
b. Allison is married and claims three withholding allowances<br />
c. Allison is single and claims one withholding allowance<br />
57. Jones Company has the following employees on payroll:<br />
Calculate the payroll for the last pay period in February. Include in your calculations federal<br />
withholding, FICA, and FUTA. Assume that Jones Company received the maximum credit for<br />
state unemployment taxes<br />
<strong>Chapter</strong> 11, complete problem 49 and problem 52. Submit these items to your instructor.<br />
49. Will, who is single and under age 50, is employed as a full-time tax accountant at a local<br />
manufacturing company where he earns $60,000 per year. He participates in a pension plan<br />
through his employer. Will also operates a small tax practice in his spare time during tax season<br />
and has net Schedule C income of $8,000. He is interested in establishing and contributing to<br />
other retirement plans. What options are available to Will?
52. Ken is a self-employed architect in a small firm with four employees: himself, his office<br />
assistant, and two drafters, all of whom have worked for Ken full-time for the last four years. The<br />
office assistant earns $30,000 per year and each drafter earns $40,000. Ken’s net earnings from<br />
self-employment (after deducting all expenses and one-half of self-employment taxes) are<br />
$305,000. Ken is considering whether to establish an SEP plan and has a few questions.