ACC 401 Week 4 Assignment Tax Credits

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ACC 401 Week 4 Assignment Tax Credits

Tax Credits and Deductions. From Chapter 9, complete Problem 42 and problem 49. From Chapter 10, complete problem 49 and problem 57. From Chapter 11, complete problem 49 and problem 52.

Chapter 9, complete Problem 42 and problem 49

  1. 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 earned entirely by Tim?

  2. Jeremy and Celeste paid the following for their daughter, Alyssa, to attend University of Colorado, during 2010. Alyssa was in her first year of college and attended full-time:

Tuition and fees (for fall semester 2010)$1,950

Tuition and fees (for spring semester 2011) 1,000

Books 600

Room and board 1,200

The spring semester at University of Colorado begins in January. In addition to the above, Alyssas 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 American Opportunity Tax credit (AOTC)? What is the amount of the AOTC that Jeremy and Celeste can claim based on their AGI?

Chapter 10, complete problem 49 and problem 57

  1. Allison is paid $470 per week. What is the amount of federal income tax withheld from Allisons 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.

  1. Jones Company has the following employees on payroll:

Semimonthly WithholdingMarital

PayrollAllowancesStatus

Heather$4,500 4Married

Keith$4,800 3Married

Thad$2,000 1Single

Abbie$3,500 2Single

Calculate the payroll for the last pay period in April. Include in your calculations federal withholding, social security and Medicare taxes.

Chapter 11, complete problem 49 and problem 52

  1. Will, who is single and under age 50, is employed as a full-time tax accountant at a local manufacturing company where he earns $60,000 per year. He participates in a pension plan through his employer. Will also operates a small tax practice in his spare time during tax season and has net Schedule C income of $8,000. He is interested in establishing and contributing to other retirement plans. What options are available to Will?

  2. Ken is a self-employed architect in a small firm with four employees: himself, his office assistant, and two drafters, all of whom have worked for Ken full-time for the last four years. The office assistant earns $30,000 per year and each drafter earns $40,000. Kens net earnings from self-employment (after deducting all expenses and one-half of self-employment taxes) are $305,000. Ken is considering whether to establish an SEP plan and has a few questions.

a)Is he eligible to establish an SEP plan?

b)Is he required to cover his employees under the plan? Why or why not?

c)If his employees must be covered, what is the maximum amount that can be contributed on their behalf?

d)If the employees are not covered, what is the maximum amount Ken can contribute for himself?

e)If Ken is required to contribute for his employees and chooses to contribute the maximum amount, what is the maximum amount Ken can contribute for himself? (Hint: Calculate the employee amounts first.) Ignore any changes in Kens self-employment tax.

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