[Solved] Assignment 219054

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Accounting : ACC3090-Amy makes the following gifts in the year 2016Subject: Business / Accounting
Question
Question 2
Amy makes the following gifts in the year 2016:$25,000 cash gift to her husband:a.$25,000 is taxable because you cannot gift money to your spouseb.Only $11,000 is taxed due to the $14,000 annual gift exclusionc.None is taxable due to $14,000 annual gift exclusion and $11,000 marital deductiond.None is taxable as money transferred to a spouse is never subject to the gift taxQuestion 4Amy makes the following gifts in the year 2016:Gift of a personal automobile valued at $40,000 to her adult sona.$40,000 is taxable because you cannot gift money to your childb.Only $26,000 is taxed due to the $14,000 annual gift exclusionc.None is taxable due to $14,000 annual gift exclusion and $26,000 marital deductiond.None is taxable s money transferred to a child is never taxableQuestion 5Determine Betty’s adjusted gross income for the year given the following information:Salary: $78,000Child care credit: $1,000Personal and Dependency Exemptions: $12,000Investment interest: $4,000IRA contribution: $5,500Municipal bond interest: $500Federal income taxes withheld: $6,000Itemized Deductions: $15,300a.$82,500b.$82,000c.$76,500d.$77,000Question 6Determine Betty’s taxable income for the year given the following information:Salary: $78,000Child care credit: $1,000Personal and Dependency Exemptions: $12,000Investment interest: $4,000IRA contribution: $5,500Municipal bond interest: $500Federal income taxes withheld: $6,000Itemized Deductions: $15,300a.$55,200b.$54,700c.$49,700d.$49,200

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