Carl filed his tax return, properly claiming the head of household filing status. Carl's employer paid or provided the following to Carl:Wages$65,000Fair market value of qualified dependent care services4,000Premiums for $50,000 qualified group term life insurance500Medical insurance premiums600How much of this income should Carl report (assume benefits are provided on a nondiscriminatory basis)?
A. $69,000
B. $69,500
C. $65,000
D. $70,100
Answer: C
You might also like to view...
Why is it imperative that manufacturers like Hewlett-Packard and Procter & Gamble understand the operations of retailers?
A. Retailers can expect fewer buyouts to occur B. To encourage retailers to offer and promote their products C. To have a wide assortment of products for customers to choose from D. To sell directly online E. To develop strategies for selling without retailers
During the first year of operations, a company granted warranties on its products. The estimated cost of the product warranty liability at the end of the year is $8,500 . The product warranty expense of $8,500 should be recorded in the years the expenditures to repair the products covered by the warranty will be paid
Indicate whether the statement is true or false
Charles and Becky are partners. If they have a disagreement, the Uniform Partnership Act will govern their respective rights with each other
a. despite any written partnership agreement they may have signed. b. only if they do not have a written partnership agreement that addresses the issue of dispute. c. only if they agree to be bound by the UPA. d. only if their written partnership agreement states that they will be bound by the terms of the UPA.
A financial manager is considering two projects, A and B; both are expected to add $5 million to profits
Project A is expected to add $5 million to profits this year, while Project B is expected to add $1 million to profits each year over the next five years. Which of the following statements is MOST correct? A) The manager should select Project A because it maximizes profits. B) The manager should select the project that maximizes long-term profits, not just one year of profits. C) The manager should select Project A, of course. D) The manager should select the project that causes shareholder wealth to increase the most, which could be A or B.