In january 2013 keyaki construction company exchanged

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Employment Law for Human Resource Practice
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Chapter 11 / Exercise 01
Employment Law for Human Resource Practice
Walsh
Expert Verified
22. In January 2013, Keyaki Construction Company exchanged an old truck, which cost $54,000 and had accumulated depreciation of $18,000, for a new truck having a fair market value of $65,000. In connection with the exchange, Keyaki paid $35,000 in cash. What is the tax basis of the new truck?a.$54,000b.$65,000c.$71,000d.$89,000e.None of the above
23. On August 8, 2013, Sam, single, age 62, sold for $210,000 his principal residence, which he has lived in for 10 years, and which had an adjusted basis of $60,000. On November 1, 2013, he purchased anew residence for $80,000. For 2013, Sam should recognize a gain on the sale of his residence of:
24. What percentage of gross food and beverage sales is used in determining the amount of tips that an employer must report as allocated to employees?
25. Which of the following amounts paid by an employer to an employee isnot subject to withholding?
26. Which of the following taxpayers are notrequired to make estimated payments?a.A car mechanic who is self-employed and earns $50,000 a year.b.A wealthy individual whose earnings are from corporate dividends.c.An employee who works at a local department store with appropriate withholding and no other income.d.All of the above must make estimated payments.
27. Elwin worked at three jobs during 2013. He earned $30,000, $27,000, and $9,000, respectively, from the jobs. What is the total amount of FICA tax that would have been withheld from Elwin’s wages?
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Employment Law for Human Resource Practice
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Chapter 11 / Exercise 01
Employment Law for Human Resource Practice
Walsh
Expert Verified
28. Which of the following forms should be used by a company to report a payment of $1,500 to a computer consultant who is not an employee of the company?
29. Which of the following types of income is subject to the self-employment tax?
30. On July 1, 2013, Bertram acquired a 30 percent interest in Sycamore Company, a partnership, by contributing property with an adjusted basis of $6,000 and a fair market value of $12,000. The property was subject to a mortgage of $8,000, which was assumed by Sycamore Company. What is Bertram’s basis in his partnership interest in Sycamore Company immediately after the partnership contribution?a.$400b.$3,600c.$6,400d.$8,400e.None of the above

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