Accounting Final pt 2
Card Set Information
Accounting Final pt 2
Survey Accounting LSU Anderson
second party of Accounting cards for final
Filing requirments for most people
is the sum of the standard deduction and the personal exemptions (filing statuds and personal exemptions)
Filing requirments for children and other dependents
1 Undarned income of $1 or more and total income >800 must file a return
2 No unearned income and total income>5000 must file a return
-other (self employed; other taxes etc)
-self-employed; if get paid in cash, if make more than 400 of self employment earnings must file a retun
examples unearned income are
dividends, interest, royalties etc
Filing dead line for individuals and partnership
- April 15 – the actual deadline for individuals and partnership
- August 15 – if file 4868 get an extension until August 15 to file
- October 15 – if file 2688 get extension until October 15
Filing deadlines for corps and individual and partnerships
: March 15
: September 15
Individuals and Partnerships
: April 15
Filing status of single
if unmarried as of 12/31
Filing status Married filing jointly
married as of 12/31; pay the least amount of tax
Filing status Married filing seperatly;
married people choose to file 2 instead of 1, no point in filing 2 in LA because there considered to make equal salary per year
Filing status Head ofhousehold
favorable for single parents, unmarried as of 12/31, maintain a household for a child, single parents
Filing Status Surviving spouse
2 years after spouse year of spouse's death
Standard Deduction for Single, married filing joint, married filing seperate, head of household, and qulifying wido(er) and additional amounts for old age and blindness
gross income is
the taxable items of income
when is alomony taxable
if it is recieved
is amounts recovered after being deducted in prior years; state income tax taxable?
TOF Awards are not taxable
False, awards are taxable
why are bonuses taxable?
because they are taxed just like any other salary
is Compensation for servicies taxable?
yes, if you did work for someoen it is taxable
is Debit Cancelation taxable
yes, if a bank forgives debt, that is considered an income
for dividends the maximum tax rate is...
are Employee benefits taxable
yes, if company discriminates on who they offer their services is taxable
TOF Gains from ilegal activites are taxable
TOF Gabling winnings is not taxable
what's an example of taxable hobby income
amature photographer and sell pictures
some other examples of taxable income
Interst, prizes, rewards royalties scholarships (room and board) social secerty benefits, tips and unemployment compensation
does partnerships have to pay taxes
no, but the partenrs have to pay taxes on the partneship's income
the solution to paying taxes on retirement pay
plan ahead to pay for retirment and also plan ahead to pay for tax on retirmetn
are Child support payment taxable?
not taxable to the recipient nor are they deductible by the payer
are damages for personal physical injury; notmentail taxable?
are disability benefits taxable?
no disability benefits are not taxable
what are fringe benefits?
employee benefits provided by the employer; if nondiscriminitory; examples fre parking, on-site fitness club membership, up to 50,000 of life insurance, health insurance problems
are Fringe beneftis taxable?
no Fringe benefits are not taxable
are gifts taxable?
Gifts: "gift tax" paid by donor are not taxable
what are Health insurance proceeds?
reimbursed for medical claim unless deducted at a prior period
are Health Insurance proceeds taxable?
is Inheritance taxable?
is Life insurance proceeds taxable?
no, it is tax free to reciepient upon death of the insured
is Municipal bond interst taxable?
Are scholarships (tutition, books, supplies: taxable?
to the extent used for tuition, fees, books and supplies; if any used for room and board, it is taxable
are social security benefits taxable?
at leasst 15% is nontaxable, and may be 100%