ACCT 553 Week 2 Homework
ACCT 553 Week 2 Homework CLICK LINK BELOW TO PURCHASE http://www.assignmentpath.com/product/acct-553-week-2homework Chapter 4 1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction? (2 pts) 2. Which of the following items would be excluded from income? (a) $100 bill found under the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother valued at $5,000. (c) Loan from your father-in-law to start your business, (d) Child Support received totaling $16,500. (4 pts) Chapter 5 3. Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return? (4 pts) 4. Explain what a Cafeteria Plan is (hint: it has nothing to do with what you eat between classes :-) ). (5 pts) Chapter 6 5. Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment? (5 pts)
ACCT 553 Week 2 Homework
CLICK LINK BELOW TO PURCHASE
http://www.assignmentpath.com/product/acct-553-week-2homework
Chapter 4
1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction? (2 pts)
2. Which of the following items would be excluded from income? (a) $100 bill found under the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother valued at $5,000. (c) Loan from your father-in-law to start your business, (d) Child Support received totaling $16,500. (4 pts)
Chapter 5
3. Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return? (4 pts)
4. Explain what a Cafeteria Plan is (hint: it has nothing to do with what you eat between classes :-) ). (5 pts)
Chapter 6
5. Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment? (5 pts)
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<strong>ACCT</strong> <strong>553</strong> <strong>Week</strong> 2 <strong>Homework</strong><br />
CLICK LINK BELOW TO PURCHASE<br />
http://www.assignmentpath.com/product/acct-<strong>553</strong>-week-2-<br />
homework<br />
Chapter 4<br />
1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him.<br />
Is this taxable income to your brother? Do you get a deduction? (2 pts)<br />
2. Which of the following items would be excluded from income? (a) $100 bill found under<br />
the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother valued at<br />
$5,000. (c) Loan from your father-in-law to start your business, (d) Child Support received<br />
totaling $16,500. (4 pts)<br />
Chapter 5<br />
3. Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest<br />
on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20.<br />
How much taxable interest income must they report on their 2013 tax return? (4 pts)<br />
4. Explain what a Cafeteria Plan is (hint: it has nothing to do with what you eat between<br />
classes :-) ). (5 pts)<br />
Chapter 6<br />
5. Explain the limitations placed on the deductibility of Business Gifts? What code section<br />
dictates this treatment? (5 pts)
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