ACC 307 WK 5 Midterm Exam Chapter 5

May 1st, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ACC 307 WK 5 Midterm Exam Chapter 5

Word Count: 21966
Showing Page: 1/67
CHAPTER 5Student: ___________________________________________________________________________1.For a person who is in the 35% marginal tax bracket, $1,000 of tax-exempt income is equivalent to $1,350 of income that is subject to tax.TrueFalse2.John told his nephew, Steve, if you maintain my house when I cannot, I will leave the house to you when I die. Steve maintained the house and when John died Steve inherited the house. The value of the residence must be included in Steves gross income.TrueFalse3.Brooke works part-time as a waitress in a restaurant. For groups of 7 or more customers, the customer is charged 15% of the bill for Brookes services. For parties of less than 7, the tips are voluntary. Brooke received $11,000 from the groups of 7 or more and $7,000 in voluntary tips from all other customers. Using the customary 15% rate, her voluntary tips would have been only $6,000. Brooke must include $18,000 ($11,000 + $7,000) in gross income.TrueFalse4.Mel was the beneficiary of a $45,000 group term life insurance policy on his wife. His wifes employer paid all of the premiums on the policy. Mel used the life insurance proceeds to purchase a United States Government bond, which paid him $2,500 interest during the current year. Mels Federal gross income from the above is $2,500.TrueFalse5.Zack was the beneficiary of a life insurance policy on his wife. Zack had paid $20,000

Review from student

Studypool Student
" Super fast turn around time. Very impressed and will use Studypool again if I need a quick job. Communication was a bit tough but not unbearable. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1824 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors