Any time a major life event occurs, a review of your tax situation is in order to avoid the "April 15th surprise." A major life event includes: graduation, marriage, significantly reducing or increasing your income, having a baby, adopting a child, receiving an inheritance, changing jobs, and what other major life event?
A) Groceries
B) Vacation
C) Moving in with your parents
D) Divorce
E) Update Appliances
D) Divorce
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A customer agrees to pay a seller over time with a promissory note. Which of the following statements related to this situation is false?
A) The transaction price is determined by adjusting the promised amount of future consideration to reflect the time value of money. B) The objective for the adjusting for time value of money is to separate the contract into a revenue element and a financing element. C) When adjusting for the time value of money, the seller should use the current prime lending rate as the discount rate. D) Sellers are not required to adjust for the time value of money if the time period between the customer's payment and the company's transfer of goods or services is less than one year.
Which of the following is NOT a type of warranty under the UCC?
a. Express b. Fitness for a particular purpose c. Merchantability d. Specific performance
With reference to #11, who now owns the property?
A) W.R. Lynch B) Marquardt C) The Phoenix Zoo D) None of the above
hat is Lara's deduction for AGI for the Additional Medicare Tax?
Lara started a self-employed consulting business in the last part of the year and earned $60,000 of self- employment earnings. She had been employed as manager in a consulting firm prior to starting her own business and had earned $175,000.