Word Problem 19-14 (Static) [LU 19-1 (1)] Be careful when signing a work-for-hire agreement if you are a songwriter. You may lose all rights to your song in the copyright law world. If your song sells thousands on iTunes, you do not get to share in any of the publishing income. If you live in New Jersey and iTunes sold five of your songs for a total of $65,000, what is the tax owed at 7.0%? Tax owed
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![Word Problem 19-14 (Static) [LU 19-1 (1)]
Be careful when signing a work-for-hire agreement if you are a songwriter. You may lose all rights to your song in the copyright law
world. If your song sells thousands on iTunes, you do not get to share in any of the publishing income. If you live in New Jersey and
iTunes sold five of your songs for a total of $65,000, what is the tax owed at 7.0%?
Tax owed](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15fdbd7d-1bcd-4b3f-a3ff-745510b1af46%2F80dc0760-a136-4d2f-b0f6-89d78747141a%2Facz5w5e_processed.jpeg&w=3840&q=75)
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- 63 Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur fure items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant OA) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite OB Nothing. The loss is not covered. OC The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis Ilimit OD That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal propertyB16. 1.In order to encourage employees to “leave your car at home”, Jax Corporation wants to issue $100 transit passes every month to all employees agreeing to use the subway to get to work. The passes are valid on the Metro Transit line that operates trains and subways in town. Jax wants to know if the value of the passes will be taxable to their employees. What do you tell Jax? a. The passes are considered taxable compensation to employees. b. The passes are considered “qualified transportation” fringe benefits to employees and, thus, nontaxable. c. The passes are considered gifts to employees and are subject to both income and gift tax.Lucinda hes written a new novel and has chosen to self-pubish. Her copyright ensures that no one can legally copy her ne table below shows the demand for Lucenda's novel and her costs of publishing Demand, Costs, and Revenues for Lucinda's Book Harginal Reven (dollars) Price (dallars) $45 40 35 30 25 20 15 Quantity (books) B 4,000 5,00 12,000 16,99 20,000 24,900 $4. 15000 k 10.00 28.00 10.09 0.00 -18.00 Marginal Cast (dollars) $5.00 3.75 5.00 22.00 18.30 32.25 Average Total Cast (dollars) Instruction her your answers as a whole numbr a. How many bocks should Lucencle publish in order to maximize profit? $5.25 S.m 6:25 8.75 12.94
- LO.5 During 2019, Greg Cruz (1401 Orangedale Road, Troy, MI 48084) works for Maple Corporation and Gray Company. He earns 90,000 at Maple Corporation, where he is a full-time employee. Greg also works part-time for Gray Company for wages of 50,000. a. Did Greg experience an overwithholing of FICA taxes? Write a letter to Greg and a memo for the tax files in which you explain your conclusion. b. Did Maple Corporation and Gray Company overpay the employers portion of FICA? Explain.Required Information Problem 12-41 (LO 12-3) (Algo) [The following information applies to the questions displayed below.] Seiko's current salary is $94,500. Her marginal tax rate is 32 percent, and she fancies European sports cars. She purchases a new auto each year. Seiko is currently a manager for Idaho Office Supply. Her friend, knowing of her interest in sports cars, tells her about a manager position at the local BMW and Porsche dealer. The new position pays only $84,200 per year, but it allows employees to purchase one new car per year at a discount of $21,400. This discount qualifies as a nontaxable fringe benefit. In an effort to keep Seiko as an employee, Idaho Office Supply offers her a $18,200 raise. Answer the following questions about this analysis. Problem 12-41 Part c (Algo) c. What salary would Seiko need to receive from Idaho Office Supply to make her financially indifferent (after taxes) between receiving additional salary from Idaho Office Supply and accepting a…Exercise 15-21 (Algorithmic) (LO. 3, 4) In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2021, Henry's qualified business income from driving is $116,200. Assume Henry takes the standard deduction of $12,550. Click here to access the 2021 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2021. QBI deduction: $ 20,730 Tax liability (round to the nearest dollar): X
- 25. Problem 5.38 (PV and a Lawsuit Settlement) M eBook It is now December 31, 2020 (t = 0), and a jury just found in favor of a woman who sued the city for injuries sustained in a January 2019 accident. She requested recovery of lost wages plus $200,000 for pain and suffering plus $40,000 for legal expenses. Her doctor testified that she has been unable to work since the accident and that she will not be able to work in the future. She is now 62, and the jury decided that she would have worked for another 3 years. She was scheduled to have earned $43,000 in 2019. (To simplify this problem, assume that the entire annual salary amount would have been received on December 31, 2019.) Her employer testified that she probably would have received raises of 3% per year. The actual payment for the jury award will be made on December 31, 2021. The judge stipulated that all dollar amounts are to be adjusted to a present value basis on December 31, 2021, using a 6% annual interest rate and using…9 Oa) Ob) Oc) Od) U Chong is starting a winery business in his home town of Kelowna, British Columbia. Chong needs money to get started. He has a permanent policy on his own life with a cash surrender value (CSV) of $1 million and is considering using the CSV to secure a loan, as requested by his lender. Chong only needs to assign a portion of the policy and he is considering a partial collateral assignment of $500,000. Which of the statements below about Chong's partial collateral assignment is correct? To secure their interest during the term of the loan, the lender becomes owner of the policy. Chong retains ownership of the policy and can make policy withdrawals as desired. If the loan is still outstanding when Chong dies, the lender has first rights on the full death benefit. If Chong defaults on the loan while he is alive, the lender can force a surrender of the policy to recover the unpaid loan balance.TAX LAW Question Mason is a car painter with Melbourne Collision Repair Centre. Mason studying BPA and his employer pays for his course fees at Holmes Institute costing Mason $12,000. Also, Mason lives in a unit apartment in Brisbane, which is provided to him by Melbourne Collision Repair Centre as his employer as fringe benefit. The market value rent for the apartment is $500 per week, and Mason pays $100 of rent per week for the apartment.Required:Advise the FBT consequences of Mason’s remuneration package
- 12. During the month your client informed you that he is going to buy a vehicle for land transport for official business use. He sought your advice so he can claim input tax. The following are his choices: Vios P2,500,000 P3,000,000 Volvo Ford Ranger P1,500,000 What will you tell him to buy? a. Vios C. Ford Ranger b. Volvo d. Any of the above5. Because of copyright laws, each textbook could be considered a monopoly; no one other than the publisher can reproduce and commercialize that textbook. Textbook publishers hope to maximize profits. Authors, however, face very different incentives. Authors are typically paid royalties, which are a specified percentage of total revenue from the sale of a book. And so, for example, if an author’s contract says that she will receive 20 percent of the revenues from the sale of a text and the publisher’s total revenues are $100,000, the author’s royalties will be $20,000. Who will prefer a higher price for the text, the publisher or the author? [Explain clearly and make sure you include figures to support your answer.]Question 20 of 45. Raymond is a cash-basis, self-employed real estate broker. He always claims actual expenses for his 2015 Highlander. In 2019, his emissions test was due on April 1. The cost of the test was $75. However, he forgot to do this and had to pay $250 in late fees. How much is he able to deduct of his emissions expenses for his vehicle for 2019? $0 $75 $250 $325 OMark for follow up
