Acc 307 Final Exam Answers Help

ACC 307 Final Exam Answers

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• Question 1

An employer calculates the amount of income tax withheld from salary or wages based on the information an employee provides on the following form:

• Question 2

Black Company paid wages of $180,000, of which $40,000 was qualified wages for the work opportunity tax credit under the general rules. Black Company’s deduction for wages for the year is:

• Question 3

Several years ago, Tom purchased a structure for $300,000 that was originally placed in service in 1929. Three and one-half years ago he incurred qualifying rehabilitation expenditures of $600,000. In the current year, Tom sold the property in a taxable transaction. Calculate the amount of the recapture of the tax credit for rehabilitation expenditures.

• Question 4

In terms of the withholding procedures, which statement does not reflect current rules?

• Question 5

The ceiling amount and percentage for 2013 for the Medicare portion of the self-employment tax are:

• Question 6

If the taxpayer qualifies under § 1033 (nonrecognition of gain from an involuntary conversion), makes the appropriate election, and the amount reinvested in replacement property is less than the amount realized, realized gain is:

• Question 7

Mary sells her personal use automobile for $20,000. She purchased the car two years ago for $17,000. What is Mary’s recognized gain or loss? It increased in value due to its excellent mileage, yet safe design.

• Question 8

Neal and his wife Faye reside in Texas, a community property state. Their community property consists of real estate (adjusted basis of $800,000; fair market value of $6 million) and personal property (adjusted basis of $390,000; fair market value of $295,000). Neal dies first and leaves his estate to Faye. What is Faye’s basis in the property after...