Answer:
Depending on what game Jennifer played, she might have to pay taxes. If Jessica won the money playing [email protected]@ck or [email protected]@[email protected] she doesn't need to pay taxes.
Explanation:
The IRS requires casinos in Las Vegas to withhold 25% of total gambling winnings (or 30% if the gambler is from a foreign country). When a casino withholds taxes, they will provide you with IRS Form W-2G.
You must remember to keep Form W-2G so you can report it on your IRS Form 1040 tax return at the end of the year, to avoid being taxed twice.
But winnings from some table games are not taxed, e.g. [email protected]@ck, [email protected]@[email protected], [email protected], and roulette are not taxed.
Answer and Explanation:
a) rent income from sarah's vacation house will not affect her AGI, because according to rules if vacation house is used fewer than 15 days, in that case it is treated as a personal house and its expenses and income have not effect on the AGI. only the mortgage interest and property yax will be deducted from AGI.
b) only the mortgage interest and property yax will be deducted from AGI. other expenses are non-deductible from AGI because these are treated as personal expenses.
Answer:
The answer is $44,000
Explanation:
Solution
Given that
Now
Present/current year AGI = $300000
Present /current year tax liability = $60000
Prior year AGI = $200000
Prior year tax liability = $40000
Thus
As per Tax rule or applying the Tax rule
If Adjusted gross income(AGI) of prior year is below $250000 then the minimum required tax payment in the current year in order to avoid interest penalty is lower of
(1) 90% of present /current year tax (liability) or
(2) 110% of prior year tax liability
So
Because the prior year AGI is $200000 which is lower than $250000, in order to avoid interest penalty, the minimum required payment amount of tax liability in current/present year is lower of
(1) 90% of current year tax liability of $60000
Then
$60000 *90% = $54000
Or
(2)110% of prior year tax liability of $40000
$40000 ×110% = $44000
Hence, minimum required total tax payment amount for the current year is $44,000
Solution:
(1) Maximum possible $25,000 deduction before phase-out
(2) Maximum deduction phase-out is $22,500
[($145,000 AGI - 100,000) × 0.5]
(3) Current year overall loss $2,500 (1) - (2)
(4) Rental loss in current year $8,000
(5) Current year leasing deficit of 2,500 dollars, Lesser of (3) or (4)
Passive loss carry forward $5,500 (4) - (5)
Answer:
A. A smaller quantity of the goods bought and sold.
Explanation:
A binding price ceiling is a situation where the government sets the market price of a good or goods below equilibrium. This usually makes the price to bind the good or goods.
One of the things this situation leads to is the reduction on the quantity of goods that will be sold and bought.
