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[answered] 1. (TCO 3) During 2015, John, a single taxpayer, 41 years o


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  • (TCO 3) During 2015, John, a single taxpayer, 41 years old, had Schedule C income of $90,000. His self-employment tax was $8,000. He also had itemized deductions of $4,000. What is John?s AGI? What is John?s taxable income? (Points : 25)
  • (TCO 5) Richard owns and manages an apartment building. This is Richard?s only passive activity. The building generated a loss of $21,000 for the current year. Before deduction of the loss, Richard?s AGI was $79,000. Can Richard deduct the entire loss in the current year? If Richard cannot deduct the full amount of the loss, indicate the amount he can take and how much loss he can carry forward. (Points : 25)
  • (TCO 4) If you worked for a company, would you want to be treated as an employee or an independent contractor? Why? (Points : 25)
  • (TCO 1) What are the three primary sources of federal tax law? Describe each of them. Which of these sources do you think is the most authoritative? Why? (Points : 25)

1. (TCO 3) During 2015, John, a single taxpayer, 41 years old, had Schedule C income of $90,000. His

 

self-employment tax was $8,000. He also had itemized deductions of $4,000. What is John?s AGI?

 

What is John?s taxable income? (Points : 25)

 

2. (TCO 5) Richard owns and manages an apartment building. This is Richard?s only passive activity.

 

The building generated a loss of $21,000 for the current year. Before deduction of the loss,

 

Richard?s AGI was $79,000. Can Richard deduct the entire loss in the current year? If Richard

 

cannot deduct the full amount of the loss, indicate the amount he can take and how much loss

 

he can carry forward. (Points : 25)

 

3. (TCO 4) If you worked for a company, would you want to be treated as an employee or an

 

independent contractor? Why? (Points : 25)

 

4. (TCO 1) What are the three primary sources of federal tax law? Describe each of them. Which of

 

these sources do you think is the most authoritative? Why? (Points : 25)

 


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