ACCT 553 Week 2 Homework Assignment For more course tutorials visit www. tutorialrank. com
ACCT 553 Week 2 Homework Assignment For more course tutorials visit www. tutorialrank. com
Chapter 4
1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction?( 2 pts)
2. Which of the following items would beexcluded from income?( a) $ 100 bill found under the sugar caddy at the restaurant( b) Inheritance of a car from your grandmother valued at $ 5,000.( c) Loan from your father-in-law to start your business,( d) Child Support received totaling $ 16,500.( 4 pts)
Chapter 5
3. Shaun & Kayla earned the following in 2013: Interest on a Savings account of $ 36, Interest on a U. S. Series EE Savings Bond of $ 25, Interest on a CD that has not matured yet of $ 20. How much taxable interest income must they report on their 2013 tax return?( 4 pts)
4. Explain what a Cafeteria Plan is( hint: it has nothing to do with what you eat between classes