We spent quite a bit of time this term learning about deductions

/in /by

We spent quite a bit of time this term learning about deductions. One of the important distinctions between

various types of deductions that we examined was the distinction betweenfor AGI andfrom AGIdeductions. Explain how the names for these two types of deductions developed, as well as the fundamental differences between the two types of deductions and the general types of deductions that fall within each category. In particular, focus on the different tax consequences that each might have, any applicable limitations, and the significance of being classified as a from AGI deduction instead of for AGI.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

(TCOs 3 and 7) Mr. and Mrs. Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year.

/in /by

(TCOs 3 and 7) Mr. and Mrs.

Jones, ages 40 and 38, have no dependents and plan to file a joint tax return for the year. They have salary income of $70,000, dividend income of $2,300, hobby loss of $1,700, and deductions for adjusted gross income of $4,200. In addition, their itemized deductions total $11,800. Assume a standard deduction amount of $12,600 for married filing jointly status and a personal exemption amount of $4,000. What should be the amount of taxable income for Mr. and Mrs. Jones? (Points : 30)

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

13. (TCO H) On January 2, Year 1, Logan Co. purchased a manufacturing machine for $864,000.

/in /by

13. (TCO H) On January 2, Year 1, Logan Co. purchased a manufacturing machine for $864,000. The machine has an

8­year estimated life and a $144,000 estimated salvage value. Logan expects to manufacture 1,800,000 units over the life of the machine. During Year 2, Logan manufactured 300,000 units.

Calculate the Year 2 depreciation expense using (1) straight line depreciation and (2) double-declining balance depreciation.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

1. (TCO 4) Loin Cabinetry produces two models of home shelving

/in /by

1. (TCO 4) Loin Cabinetry produces two models of home shelving, the Basic and

the Mega. Data on operations and costs for November are:

Compute the unit cost for each model, assuming Loin Cabinetry uses:

(a) direct labor hours to allocate overhead costs;

(b) direct labor costs to allocate overhead costs; and

(c) machine hours to allocate overhead costs. (Points : 30)

Background image of page 1
 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"