Solutions to Homework Assignments Essay Example

Solutions to Homework Assignments Paper The line is GAG (the last line on the front page of the individual tax return). Though both types Of deductions may reduce a taxpayers taxable income, for GAG deductions are generally more valuable to taxpayers because they reduce GAG which may allow taxpayers to deduct more of their from GAG deductions (and other tax benefits) that are subject to GAG limitations. From GAG deductions dont affect GAG. 11. Why are some deductions called above-the-line deductions and others are called towel-line deductions? What is the line? The line is adjusted gross income (GAG). GAG is considered the line because of the significance it plays in the amount of deductions allowed from GAG. for GAG deductions are called bother-line deductions because they are deducted in determining GAG. From GAG deductions are called below-the-line deductions because they are deducted after GAG has been determined. They are deducted from GAG to arrive at taxable income, Below-the-line deductions may be subject to limitations based on the taxpayers GAG. 2. What is the difference between a tax deduction and a tax credit? Is one more beneficial than the Other? Explain. A deduction generally reduces taxable income dollar for dollar (although from GAG deductions may not reduce taxable income dollar for dollar). This translates into a tax savings in the I mount Of the deduction times the marginal tax rate. In contrast, credits reduce a taxpayers taxes payable dollar for dollar. Thus. Generally speaking, credits are more valua ble than deductions. 20. We will write a custom essay sample on Solutions to Homework Assignments specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Solutions to Homework Assignments specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Solutions to Homework Assignments specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Isabella provides of the support for her father Hastings who lives in an apartment by himself and has no gross income, Is it possible for Isabella to claim a dependency exemption for her father? Explain. Because her father meets the relationship and gross income test for a qualifying relative, the support test is the only obstacle for Isabella to claim a dependency exemption for her father _ The basic support test requires that Isabella must have provided more than half of the support for her father in order to claim a dependency exemption for him. Because Isabella provides only 30% of her fathers support, she does not meet the basic test. However, Isabella could potentially qualify to claim a dependency exemption for her father under a multiple support agreement. For Isabella to qualify, the following requirements must be met: 1. No other taxpayer paid over half of her fathers support. 2. Isabella and at least one other person provided more than half the support of her father, and Isabella and the other person or persons would have men allowed to claim an exemption for Hastings except for the fact that neither met the support test. . Isabella provided over 10% of her fathers support (she provided 30%). 4 The other person or persons who provided more than 10% of Hastings support must provide a signed statement to Isabella agreeing not to claim Hastings as a dependent. Isabella would include the names, addresses, and social security numbers of each other person on a Form 2120- which she would include with her tax return for the year, 31 Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest) and explain your results. Aimed Gross Income Deductions Poor GAG Itemized Deductions $ 80,000 8,000 0 Baker S 80,000 4,000 4,000 Chin S 80,000 0 8,000 Chin has the highest taxable income, followed by Baker and then Aimed. Chins taxable income is highest because he had no for GAG deductions, and Aimed has the lowest because he had the most for GAG deductions. Baker did not benefit from the itemized deductions because they did not exceed the standard deduction. Chin only benefited from the itemized deductions to the extent the deductions exceeded the standard deduction. See the following analysis: Description Aimed Baker Chin Computation (1) Gross income (2) For GAG deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deductions or itemized deductions (7) personal and dependency exemptions 580,000 (8, COO) $72,000 (6,100) 0 (6, 100) 580,000 (4, COO) $76,000 (6,100) (4,000) (6,100) 580,000 0 580,000 (6, 100) (8, COO) (8,000) Aimed: (4) > (5) Baker: (4) > (5) Chin: (S) > (4) (1)+ (2) Single taxpayer (3,900) 3,900 x I (personal exemption) Taxable income 562,000 $66,000 $68,100 32. Caraways husband passed away in 2012. She needs to determine whether jasmine, her 17-year old step-daughter who is single, qualifies as her dependent in 2013. Jasmine is a resident but not a citizen of the united States. She lived in Cassowary;s home from June IS through December 31 , 2013. Cassowary provided more than halt of Jasmines support for the 2013. A. Is Cassowary allowed to claim a dependency exemption for Jasmine for 2013? Yes, Cassowary may claim a dependency exemption for Jasmine in 2013. Jasmine meets the citizenship/ residency test because she is a resident Of the United States, and she meets he requirements to be considered Caraways qualifying child as follows: Test Relationship Age Residence Support Jasmine Yes, stepdaughter qualifies Jasmine is under 19 at the end of the year Jasmine had the same principal residence as Cassowary for more than half the year Jasmine does not provide more than half her own support. B. Would Cassowary be allowed to claim a dependency exemption for Jasmine for 2013 if Cassowary provided more than half of Jasmines support in 2013, Jasmine lived in Caraways home from July 15 through December 31 of 2013, and Jasmine reported gross income of $5,000 in 2013? No. Jasmine would fail the qualifying child test because she did not have the same principal residence as Cassowary for more than half the year. Jasmine would fail the qualifying relative test because her gross income exceeds the 53,900 personal exemption amount for 2013. C. Would Cassowary be allowed to claim a dependency exemption for Jasmine for 2013 if Cassowary provided more than half of Jasmines support in 201 3, Jasmine lived in Caraways home from July 15 through December 31 of 2013, and Jasmine reported gross income of $2,500 in 2013? Yes, Jasmine would qualify as Caraways qualifying relative as allows: Test Relationship Support Gross income Jasmine Yes, stepdaughter qualifies Cassowary provided more than half Of Jasmines support Jasmines gross income does not exceed the dependency exemption amount. 44. Gary and Lakes were married on December 31 last year. They are now preparing their taxes for the April 15 deadline and are unsure of their filing status. A. What filing status options do Gary and Lakes have for last year? To be married for filing status purposes, taxpayers must be married at the end of the year. Although Gary and Lakes were married on the last day of the year, hey are still considered married for the entire year tort filing purposes. Gary and Lakes may file as married filing jointly, or they may elect to file as married filing separately. B. Assume instead that Gary and Lakes were married on January I of this year, What is their filing status for last year (neither has been married before and neither had any dependents last year)? Single. Gary and Lakes were not married at the end of the year, therefore they must both file single, 48 In each of the following independent situations, determine the taxpayers filing status and the number of personal and dependency exemptions the sprayer is allowed to claim. A. Prank is single and supports his 17-year-old brother, Bill. Bill earned $3,000 and did not live with Frank. Single with two exemptions; one personal and one dependency exemption for Bill. 4 Frank Will file as single, not head Of household. Bill is not a qualifying person for purposes of the head of household test because Bill did not live as member of Franks household for more than half the year. Frank can claim an exemption for Bill because Bill qualifies as Franks qualifying relative as follows: Test Relationship Age Residence Support Gross income b. Bill Yes, Bill is taxpayers brother, Not applicable to qualifying relative Not applicable to qualifying relative Yes, more than half of Bills support is provided by Frank. Yes, Bills gross income ($3,000) is less than the exemption amount, Geneva and her spouse reside with their son, Steve, who is a 20-year-old undergraduate student at State University. Steve earned $13,100 at a part-time summer job, but he deposited this money in a savings account for graduate school. Geneva paid all of the $12,000 cost of supporting Steve. Married filing jointly with two personal exemptions and one dependency exemption for Steve Steve meets the test to be Geneva and her husbands qualifying child as follows: Test Relationship Age Residence Support Steve Yes, Steve is the taxpayers son. Yes, under age 24 and a full-time student (and younger than parents). Yes, temporary absences away at school count as time in the parents home Yes, even though the Steve earned $13,100, he did not use any of that money to provide for his support. Staves parents provided more than half (all, in fact) Of his support for the year. A qualifying child is not subject to the gross income test. Hams spouse died last year, and Hams has not remarried. Hams supports his father Reggae, age 78, who lives in a nursing home and had interest income this year of SO,500. Head of household with two exemptions. Hams is not a qualifying widower because he does not maintain a household for a dependent child. However, he does qualify for head of household because he is not married and he pays more than halt the cost of maintaining a separate household that is the principal place of abode for his father, and his father also qualifies as his dependent (as a qualifying relative) as follows: Test Relationship Age Reggae Yes, Reggae is Hams father. Not applicable to qualifying relative Residence Support Gross income Not applicable to qualifying relative Yes, Hams provides more than half Of Regiss support. Yes, Regiss gross income of $2,500 is less than the exemption amount. Because Reggae is considered to be Hams qualifying relative (and a qualifying person for purposes of the head of household filing status). Hams may also claim a dependency exemption for Reggae. D. Irene is married but has not seen her spouse since February. She supports her spouses 18-year-old child Dolores, who lives with Irene. Dolores earned $4,500 this year. Head of household with two exemptions. Irene qualifies for being treated as unmarried for the year (abandoned spouse) as follows: Test Married Separate Return Maintains Home Time Separated Irene Yes, Irene is still married at the end of the year, Yes, Irene files a separate return from her spouse, Yes, Irene provides more than halt the cost to maintaining a home tort a quailing child. Yes, Irene has not lived with her spouse for the last six months of the year. Because she is treated as though she were unmarried, she may file as head of household because she pays more than half the costs (for more than half the usable year) of maintaining a household that is the principal place of abode for a dependent who is her qualifying child. Dolores is Irene qualifying child, as determined below: Test Relationship Age Residence Support Dolores Yes, Dolores is the taxpayers stepchild. Yes, under age 19 (and younger than Irene) Yes, Dolores lived with taxpayer for more than half of the year _ Yes, Dolores did not provide more than half of her own support. Irene may claim one personal exemption for herself and one dependency exemption for Dolores. E. Assume the same facts as in part d. Also assume that Craig is Urines husband. Craig supports his 12-year-old son Ethan, who lives with Craig. Ethan did not earn any income. Head of household with two exemptions. Craig qualifies for being treated as unmarried (abandoned spouse rules) as follow. Was: 6 Test Married Separate Return Maintains Home Time Separated Irene Yes, Craig is still married at the end of the year. Yes, Craig files a separate return trot his spouse. Yes, Craig provides more than halt the cost to maintaining a home for a qualifying child. Yes, Craig has not lived with his spouse tort the last six months of the year. Because he is treated as though she were unmarried, he may file as head of should because he pays more than half the costs (for more than half the taxable year) of maintaining a household that is the principal place of abode for a dependent who is his qualifying child. Ethan is Crags qualifying child, as determined below: Test Relationship Age Residence Support Dolores Yes, Ethan is the taxpayers child. Yes, under age I g (and younger than Craig) Yes, Ethan lived with taxpayer for more than half of the year. Yes, Ethan did not provide more than half Of his own support. Craig may claim one personal exemption for himself and one dependency exemption for Ethan. Note that both Irene in part d. ND Craig may claim head of household filing status because they both qualify to be treated as unmarried for filing status purposes. 54 Demeanor and Jeanine Jackson have been married for 20 years and have four children who quality as their dependents (Damascus, Jeanine, Michael, and Candace).

Internet Censorship Essays (943 words) - Pornography Law

Internet Censorship Essays (943 words) - Pornography Law Internet Censorship Internet Censorship The Internet is a wonderful place of entertainment and education, but like all places used by millions of people, it has some murky corners people would prefer children not to explore. In the physical world, society as a whole wants to protect children, but there are no social or physical constraints to Internet surfing. The Internet Censorship Bill of 1995, also known as the Exon/Coats Communications Decency Act, has been introduced in the U.S. Congress. It would make it a criminal offense to make available to children anything that is indecent, or to send anything indecent with intent to annoy, abuse, threaten, or harass (Stop the Communications ... n.p.). The goal of this bill is to try to make all public discourse on the Internet suitable for young children. The issue of whether is it necessary to have censorship on the Internet is being argued all over the world. Censorship would damage the atmosphere of the freedom to express ideas on the Internet; therefore, government should not encourage censorship. The Internet was originally a place for people to freely express their ideas worldwide. It is also one of America's most valuable types of technology. Ordinary people use the Net for communication, expressing their opinions, or obtaining up-to-date information from the World Wide Web (WWW). The Internet can be compared to a church. In many ways the Internet is like a church: it has its council of elders, every member has an opinion about how things should work, and they can either take part or not. It's the choice of the user. The Internet has no president, chief operating officer, or Pope. The networks may have presidents and CEO's, but that's a different issue; there is no single authority figure for the Internet as a whole. As stated by Frances Hentoff, the staff writer for The Village Voice and the author of First Freedoms, on an info superhighway driven by individuals, there are no cops preventing users from downloading (Hentoff 1). Internet users can broadcast or express anything they want. The fact that the Net has no single authority figure sets forth a problem about what kind of materials could be available on the Net. The U.S. government is now trying to pass bills to prevent misuse of the Net. The Internet Censorship Bill of 1995 was introduced to the U.S. Congress. Under the Censorship Bill, a person breaks the law if he/she puts a purity test on a web page without making sure children cannot access the page. Also, if a person verbally assaults someone, he/she breaks the law. If a university, where some students may be under 18 years old, carries the alt.sex*. newsgroups, which contains adult material, it breaks the law. According to George Melloan from the Wall Street Journal, a censorship bill was passed by the Senate 84-16 in July, and an anticensorship bill was passed by the House 420-4 in August. There are now four different sets of censorship and anticensorship language in the House and Senate versions of the Telecom m reform bill, which contradict each other and will have to be reconciled (Melloan, n.p.). Another crucial Internet crime is the theft of credit card numbers. Companies do business on the Net, and credit card numbers are stored on their servers; everyone with the necessary computer knowledge could hack in and obtain such databases for illegal purposes. To cite an instance, the most infamous computer terrorist, Kevin Mitnick, waived extradition and is now in jail in California, charged with computer fraud and illegal use of a telephone access device. The list of allegations against him include theft of many files and documents, including twenty-thousand credit card numbers from Netcom On-Line Services, which provides thousands with access to the Internet (Warren 52). Many experts have pointed out that government censorship is not possible. Howard Rheingold, the editor of the Whole World Review, observes that, the 'censor the Net' approach is not just morally misguided. It's becoming technically and politically impossible (Rheingold n.p.). First, it is not fair to exclude the freedom and damage the atmosphere of freely expressing ideas just for the safety of children. Corn-Revere, an expert on Internet censorship at the Howgan & Harson

International Financial Manager Essay Example | Topics and Well Written Essays - 500 words

International Financial Manager - Essay Example Although IFMs are not really expert bankers however they could work in different roles across all of the business and support functions of the HSBC Group such as the Commercial Banking, Retail Banking and Wealth Management, Insurance, Global Private Banking, Risk Management, Global Banking and Markets, Audit and Operations. The International Financial Manager should be flexible since the financial assignments and projects are driven according to the business requirements. An IFM could be a fresh MBA or a management or finance professional seeking to take a next step in his or her career. As an IFM at HSBC, one should be able to: †¢Ã‚  Demonstrate leadership qualities.†¢Ã‚  Commit to the ongoing global mobility across the career path.†¢Ã‚  Develop a clear understanding of the challenges and opportunities related to the changing roles at regular intervals.†¢Ã‚  Make an immediate impact irrespective of the current level or status of the job.HSBC provides a highly com petitive remuneration package and benefits to its International Financial Managers that include: †¢Ã‚  The International Financial Managers at HSBC strive to encourage the potential business community all over the world to invest in their financial services and products.   In doing so, they need to show to the investors that the bank possesses adequate value of Owner’s Equity and retained earnings for funding in its future progress and that HSBC has been able to maintain its liabilitie. They should also focus on operation efficiency since it is the key factor.

Professional Journal Article Review 01 Example | Topics and Well Written Essays - 500 words

Professional Journal Review 01 - Article Example In addition, there are a number of things to be considered in leadership. Notably, these variables are a must study when it comes to leadership. First and foremost there is a leader, who is the person influencing the other people and hence gives instructions to be followed for a better achievement of goals. Consequently, there is the members, who are the subjects given the instructions by the leader and they are expected to follow. Also, there are goals to be met by the members and the leader. In fact, there are very many lessons that can be drawn from this piece because leadership is something that applies to our daily lives. Therefore, in leadership both the leader and the members must be ready to work hand in hand. This article highlights the actual meaning of planning and the need to plan. Consequently, it gives the types of planning techniques and the merits and demerits of each technique. Also, it gives suggestions on the best planning technique to use in management. Therefore, planning is the act of determining what is to be done first and what is to be done later. Subsequently, the need to plan is to ensure that everything runs smoothly in ascending order of urgency. However there are a number of characteristics of planning which includes planning is a mental activity and goal oriented. The two journals talks of crucial matters to be considered in business studies since one cannot run a business or be a manager without the leadership skills. Nevertheless, one cannot be effective in business without the proper planning. All these must be taught in business

Different Types of Database management systems Essay Example for Free

Different Types of Database management systems Essay A Database is a collection of records. Database management systems are designed as the means of managing all the records. Database Management is a software system that uses a standard method and running queries with some of them designed for the oversight and proper control of databases. Types of Database Management Systems: There are four structural types of database management systems: * Hierarchical databases. * Network databases. * Relational databases. * Object-oriented databases Hierarchical Databases (DBMS) : In the Hierarchical Database Model we have to learn about the databases. It is very fast and simple. In a hierarchical database, records contain information about there groups of parent/child relationships, just like as a tree structure. The structure implies that a record can have also a repeating information. In this structure Data follows a series of records, It is a set of field values attached to it. It collects all records together as a record type. These record types are the equivalent of tables in the relational model, and with the individual records being the equivalent of rows. To create links between these record types, the hierarchical model uses these type Relationships. Advantage: Hierarchical database can be accessed and updated rapidly because in this model structure is like as a tree and the relationships between records are defined in advance. This feature is a two-edged. Disadvantage : This type of database structure is that each child in the tree may have only one parent, and relationships or linkages between children are not permitted, even if they make sense from a logical standpoint. Hierarchical databases are so in their design. it can adding a new field or record requires that the entire database be redefined. Network Database: A network databases are mainly used on a large digital computers. It more connections can be made between different types of data, network databases are considered more efficiency It contains limitations must be considered when we have to use this kind of database. It is Similar to the hierarchical databases, network databases .Network databases are similar to hierarchical databases by also having a hierarchical structure. A network database looks more like a cobweb or interconnected network of records. In network databases, children are called members and parents are called occupier. The difference between each child or member can have more than one parent. The Approval of the network data model similar with the esteem of the hierarchical data model. Some data were more naturally modeled with more than one parent per child. The network model authorized the modeling of many-to-many relationships in data. The network model is very similar to the hierarchical model really. Actually the hierarchical model is a subset of the network model. However, instead of using a single-parent tree hierarchy, the network model uses set theory to provide a tree-like hierarchy with the exception that child tables were allowed to have more than one parent. It supports many-to-many relationships.

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Srijana Chhetri Mr. Wesney Honors World History Dec.18, 2013 Industrial Revolution in England The Industrial Revolution began in England towards the late 17th century. It started in the United Kingdom and was driven by a technology system based on water power and steam engines, cotton, textiles, ironworking, river transport, and canals. These inventions made it possible to send heavy commodities such as coal, iron, wool, grain and so forth from one end of the world to another (Henderson 1, The Industrial... 1815-1914). Inventors of new machines were honored and inventions of new technology were encouraged during this time period. Ordinary working people found increased opportunities for work within the new mills and factories, but these were always accompanied by strict working conditions with long hours of labor, and often involved young children and women. The Industrial Revolution replaced an economy based on agriculture with one based on industry and manufacturing. One of the most important changes was the continuous expansion of the population and the economy. Most obse rvers in the 18th century did not believe that expansion of the population and the economy could be sustained indefinitely. Thomas Malthus argued that population naturally grows faster than the food supply, and, therefore, malnutrition, famine, and disease would correct the imbalance (Trebilcock 397-398). However, this did not take place because of the continued expansion of the Industrial Revolution. The Industrial Revolution also gave an advantage to the government because the states in Europe issued tariffs to gain money, and as big companies emerged, they were required to register with the government and publish an annual budget. The societies during this ... ...e to the lack of better medicines. We could still be using subsistence agriculture to feed our family rather than commercial agriculture. Every human being on this earth should appreciate the fact that this event occurred because it has made their life so much easier and better compared to the life before the pre- industrial time. Even if some other huge revolution had occurred, instead of the Industrial Revolution, it would never be able to bring the same impact that this revolution was able to bring. The Industrial Revolution allowed people to save time with the new inventions, and also created more interactions in the global world with trade. There is no doubt that it was one of the most influential time periods of human history and most responsible for propelling society into the modern economies that we still have in place today.

Chapter 2 Ap World History Summary

Chapter 2 AP World History Summery Each civilization faces challenges from politics to environment and everything in between. This chapter explains how each society became urbanized even though it was very tough. Nubia, China, Olmec, and Chavin are connected though each are separated by millions of miles and geological isolation. In China, dynasties rule all over the land; the Shang dynasty begins China’s history with the rise of power of it’s clans. It contains the earliest recorded writing documents, and they introduced bronze during 2000 B.C. E. The region was ran by a warrior aristocracy who loved warfare, hunting, exchanging, feasting, and wine revelry; the King of Shang always traveled for courts of his subordinates to reinforce their loyalty. Nomadic people that owned desert regions, or steppe lands were given demonstration power also. Religion in the Shang dynasty was enforced, the Kings used divination to determine the will of their ancestors and Gods to win fa vor. Nubia is located in the Nile River Valley and was over run by the Egyptians because of they have gold mines.After Egypt took charge, Nubia became Kush and adapted the Egyptian culture. Nubia decided to help local Palestine who struggled with the Assyrians in 701 B. C. E. ; this was a mistake because the Assyrians invaded and overthrown Egypt so that made a downfall for Nubia. After a while, Nubia became in control again, they still kept the Egyptian language, however Sub-Saharan culture replaced the Egyptian culture when Meroe became better suited for agriculture and trade. On the other side of the world, the Olmec civilization is completely isolated from the world.It’s located in Mesoamerica which is one of the most impressive early civilizations. The King’s Power was used to make people build large scale irrigation and drainage works, and by the 1000 B. C. E, they have become a civilization. In addition to the geological isolation, Olmec have frequent volcanic e ruptions and earth quakes, and mountains that separate the region into micro environments. Evolution developed into urbanization and appearance of powerful political and religious elites. The people were very advanced for their time; they made he calendar and based their urban centers to reflect astronomical observations. The Olmec civilization influenced the Mayans and considered the most influential earliest Mesoamerican civilization. The most impressive early Urban South American civilization is Chavin. It’s home to the most dense population. Maize increased the food supply of the coast and interior foothills, thus, allowing greater leverage for civilization. They have a form of political integration and trade dependency on it’s neighbors that may have relied on military force.Their religion was based on praising their royal ancestors and gods that can take on animal form. The most praised animal is the Jaguar; human sacrifices were made at temple platforms. These c ivilizations became very complex as they advance with technologies, science, and math mathematics. Power was taken away, and given to in each society, and some are diminishing before us. They may be separated and isolated from each other by mountains, water, and hemispheres, but that doesn't separate the development of each economic institutions politically, socially, and economically.