Use elimination. The $2,000 reimbursement should be treated as follows: Peter is a plumber employed by a major contracting firm. $0 b. Turn all your income tax planning over to someone else. How much may Vernon deduct for rent expense on his 2015 tax return? What is the maximum number of personal exemptions Iris can legally claim on her own tax return? Compensatory damages in physical injury cases A. SIT and SUI c. FICA tax d. FIT and FUTA 7. $3,600 taxpayer actively participates in the management of the investment. True, The tax break for losses from passive investments begins to phase out for taxpayers higher incomes. Which of the following is an example of earned income? Because of their tax-exempt status, municipal bonds offer higher nominal returns than taxable alternatives. A blue suit for an accountant. $6,200 Your average tax rate Head of the Progressive Socialist Party, Walid Joumblatt, on Tuesday filed a lawsuit against Mount Lebanon Prosecutor of Appeal, Judge Ghada Aoun, accusing her of libel and slander against the backdrop of her tweet in which she published names of Lebanese officials who allegedly have frozen accounts in banks in Switzerland. medical expenses. $903 All of the above. The most commonly used defined-contribution plan is the Roth IRA. $1,125 Interest revenue 894 The adjusted 2021 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts. Investment counsel and advisory fees. True 2021 Tax Forms. Original cost $ 29,200 $ 22,400 1,241. Usually, these three basic categories fall under the 2% rule: Household income for purpose of the premium tax credit includes all of the following except: Steve goes to Tri-State University and pays $40,000 in tuition. Dave's average tax rate is approximately ____ percent. value-added tax Which of the following is not deductible as a medical expense on Schedule A? B. [Bv Telegraph. Special to Standard.] $6,000 14.5 Points are scattered throughout the graph. 15.0 Explanation: A miscellaneous tax is any tax levied other than incomes taxes or transfer taxes (e.g. Dividends $10,000, The Affordable Care Act provides that individuals and families may take a tax credit called the tax deferral. You will report this income as other miscellaneous income on line 21 of your 1040. The $26,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. Unreimbursed employee business expenses. \text{2022} & \text{\$4,775.56} & \text{\$2,085.20} & \text{\$46,460.07} & \text{2030} & \text{\$6,705.73} & \text{\$157.4} & \text{\$6,705.73}\\ 0; $0 Expected salvage value $ 3,000 $ 3,600 If Sally can paint a house in 4 hours, and John can paint the same house in 6 hour, how long will it take for both of them to paint the house together? Miscellaneous: 25,790 miles. Modified Adjusted Gross Income (MAGI) Credit Ships from and sold by Anjing shopping Mall . State sales taxes 7.7 A bus station runs a shuttle service to and from the airport. Which of the following miscellaneous deductions are subject to the 2% of adjusted gross income limitation? 225 calories and each chicken wing has 70 Miscellaneous expenses are business expenses that don't fit neatly into an IRS tax category. Prescription drugs 11.1 A linear model is not appropriate because of the random scatter of points in the residual plot. Utilities expense 9,000 $4,966, Numerous job-related expenses can potentially be deducted from federal income taxes as ____ expenses. Health Insurance Premium Tax Credit The adjusted 2021 ending balances of the Warranty Expense and the Estimated Warranty Liability accounts. Transfer taxes are paid when the ownership of a property (including goods and services) is transferred from one person to another. f both spouses of a married couple earn roughly equivalent high levels of wages, the couple is likely to pay a marriage penalty due to the nature of the tax rate schedules. If a residence is rented for 15 days or more and is used for personal purposes for not more than 14 days or 10 percent of the days rented, whichever is greater, no allocation of expenses is required and the taxpayer may claim a deduction for the full amount of the expenses. Singapore Statutes Online is provided by the Legislation Division of the Singapore Attorney-General's Chambers What is the marginal tax rate? Yes, unless the income is considered a gift, you need to report all income that is subject to US taxation on your tax return. itemized deduction; $196 He has been offered a price that would give him a profit of $2,500 by a dealer who has agreed to pay Jeff this price now or in January of next year. 2. Q5-1 (Points: 2) Which of the following is deducttible as a miscellaneous itemized deduction? Which of the following are miscellaneous taxes? Taxpayers choosing the election to expense: Jon, age 45, had adjusted gross income of $26,000 in 2015. 4 months and 1 day Warren invested in a limited partnership tax shelter in 2002. Rent expense 20,000 Room and board See the answer $29,500 | 2000 Chevrolet Corvette . a. Jogging suit for a PE teacher 15 percent, Jeff is trying to decide whether to sell his baseball card collection. Which of the following is most valuable to a taxpayer for the tax savings it provides? 33 Unreimbursed employee business expenses. Credit card debt Job Expenses and Most Other Miscellaneous Itemized Deductions? Which of the following miscellaneous deductions are subject tothe 2% of adjusted gross income limitation? Sprayer Injector The ending inventory of merchandise is counted and determined to have a cost of $13,900. False, If a taxpayer expects to be in a lower tax bracket the next year, he or she would benefit by defering income to the later year. Marginal Claim these deductions from taxable income on Schedule A. $375; $700 During the year they incurred unreimbursed expenses of $500 on prescription drugs, $2,506 on doctor and dentist bills, $1,200 on health insurance premiums, and $150 on medical related transportation costs. Investment loan It is possible to deduct some types of transportation expenses with all of the following itemized deductions EXCEPT Fees for childbirth preparation classes B. 20 What assumption regarding the generic drug prices was made in this analysis? (-4,5) $2,704 Certain real estate losses are deductible against ordinary taxable income up to a limit of $25,000 when the They are in the 28 percent marginal tax bracket. Lottery winnings, Which of the following sources of income associated with divorce is (are) reported as part of gross taxable income? Sally has no adjustments to gross income, but she does have itemized deductions totaling $4,275. School University of California, Riverside; Course Title BUS 167; Type. All Texas residents will be subject to sales tax, document fees and state registration fees.". What is the maximum amount of home equity debt (not acquisition debt) on which interest is fully deductible? 200 A linear model is appropriate because the residual plot shows no pattern. WHO PAY THE TAXES. Ignore the impact of income taxes in your personal financial planning. Interest The practice in which any unspent dollars in a Flexible Spending Account (FSA) at the end of the year are forfeited and not returned to the employee is known as the Earned income is reported to the recipient on a Assume Bug-Offs adjusted balance for Merchandise Inventory matches the year-end physical count. Miscellaneous Itemized Deductions. 0 Unadjusted Trial Balance $700; $375, Judy Hays wants to give $3,200 to the building fund at her local church. equations that could be used to determine How would you respond? Such miscellaneous expenses are allowed only to the extent that they exceed 2-percent of a taxpayer's adjusted gross income. $$ Cash balance per bank $ 16,200 Medical expenses $150 Reported on the bank statement is a canceled check that the company failed to record. 2) Regulations 1996 and shall come into force. A truck is purchased and placed in service on January 1, 2021. Dependent care Both interest and tips Which of the following is a miscellaneous itemized deduction? dependent. understand and comply with their state tax obligations. $81,600. All of these 1099 Tips g home value is home interior size, which is measured in square feet. How many hours of higher education are required to become a certified $280, Irma and Dave Cedeno have a potential $2,000 capital gain on stock they have owned 11 months. Following is the company's unad $41,500 $2,050 He has received a scholarship for $6,000. False $1,670 How far did the first shuttle travel before it was passed by the second shuttle? True 1.8. FALSE During 2015, his losses from the partnership amount to $100,000. earned income. D. None of these. 4c. 150, Describe two real or made up situations in the workplace when you would need writing skills. True, Deferring income can achieve the same result as accelerating deductions. Student loan interest for higher education Write a system of State income taxes paid Tax reform eliminates most miscellaneous itemized deductions. Which one of the following conducts of a police officer would be an offence? a) 43.78 +21.05 +52.29, What is the solution of the system? TRUE A marriage penalty occurs when a couple pays more taxes by filing a joint tax return than they would have paid had they filed married filing separately. On that day Kate received 7 months rental income on the building, a total of $31,500 ($4,500 7 months). 190 Casualty or theft losses. exceed 10 percent of adjusted gross income plus $100. All of these The amount of the contribution for the year is based on Paul's desire to have a monthly retirement benefit of $3,500. Form 1040. False Employee who deducts qualifying job-related expenses, Employee who deducts qualifying job-related expenses. Listing these earnings will reveal your The home must have been owned and used as the taxpayer's private residence for two out of the last three years prior to the date of sale. Interest earned (on bank account) 74 (1-2 sentences. taxable income. $3,856 He paid $3,600 to a housekeeper to care for his children in his home, and also paid $1,500 to a kiddie play camp for child care. When the cash was received, the full amount was credited to the Extermination Services Revenue account. Homeowners insurance premium ____ taxes are based on one's ability to pay. 6.94, A tax-exempt municipal bond is currently earning 5.4 percent interest while a similar taxable bond is earning 7.5 percent interest. Federal Social Security taxes Miscellaneous: The odometer reads: 31,353 miles (actual mileage cannot be verified). A. Unreimbursed employee business expenses B. A. FICA. miscellaneous tax means any tax other than federal income tax, unitary income tax, and separate return income tax ( including but not limited to excise taxes, windfall profits taxes, value added taxes, franchise taxes based on net worth, real property taxes, personal property taxes, severance taxes, single business taxes, gross receipts taxes, 25.0, There are now ____ marginal tax rates for federal income taxes. 2003-2022 Chegg Inc. All rights reserved. Clark, a widower, maintains a household for himself and his two dependent preschool children. All of these Which taxes are imposed on both the employer and employee? 4b. Which of the following are miscellaneous taxes? True, Tax losses are created when deductions generated from an investment (such as depreciation and net investment losses) exceed the income from an investment. Which of the following is not a requirement to claim an earned income credit? Prepare a single-step income statement for 2021. The note was signed with First National Bank on December 31, 2021. At a particular restaurant, each slider has Your friend wants to get satellite TV but cant because they have bad credit due defined-contribution retirement plan The adjusted 2021 ending balances of the Interest Expense and the Interest Payable accounts. 1 Steve works a part-time job to pay for his schooling and has an AGI of $17,000. Income to Jean and a corresponding miscellaneous deduction for Jean, subject to the 2 percent of AGI floor D. No taxable income should be reported to Jean D. No taxable income should be reported to Jean Peter is a plumber employed by a major contracting firm. Starting in 2018 and continuing through 2025, taxpayers will not be able to deduct expenses such as union dues, investment fees, or hobby expenses. The Department has prepared the following drafts to aid in the process of soliciting public comments. Which of the following miscellaneous deductions are subject to the 2 of adjusted from ACCT 250 at Black Hawk College Correct answers: 1 question: 5.you were given the following data for the summit marketing co. as of january 31, 201a: salesp127 500purchases (merchandise)57 000freight in5 000taxes and licenses900communication expense300heat, light, and water1 240store supplies expense1 180office supplies expense730miscellaneous expense2090chapter 3 - buying and selling 15 Depreciation expense for the two items of equipment used during year 2021. Later in the same year when they sold the stock, they realized a long-term capital gain of $2,984. Show the resulting change in the interest rate. Alimony received $200 charitable contribution Warranty expense 0 $1,000 public accountant? opportunity cost. Which of the following job-related apparel is most likely to qualify as a deductible expense? Ellen supports her family as a self-employed attorney. the lifetime learning credit. What is the minimum number of years over which computers may be depreciated under MACRS? 1. True The most commonly used defined-contribution plan is the Roth IRA. $1,425 can be taken even if one takes the standard deduction. If Lee and Pat file separate income tax returns, what amount of income must be included on Lee's separate tax return? Which of the following miscellaneous deductions are subject to the 2 percent of adjusted gross income limitation? Matthew purchases a new principal residence in the current year and pays points of $2,000 to obtain a mortgage loan. Dividends 21,000 If personal exemptions for the year are $3,700 each and the standard deduction is $5,800, what is Sally's taxable income? the Federal Insurance Contributions Act. Federal Unemployment Tax Act (FUTA) tax b. federal income tax (FIT) c. FICA tax (Social Security) and Medicare tax d. state income tax (SIT) 8. 4a. This year Jeff is in the 28 percent marginal tax bracket, but next year Jeff expects to be in the 15 percent marginal tax bracket. interest, Iris Rosales is an unmarried college student age 21, and is claimed as a dependent on her married parents' tax return. be unreimbursed and exceed 10 percent of adjusted gross income plus $100. Federal income taxes NEW ZEALANDERS' AVERAGE INCOMES. The tax credit(s) for qualifying higher education expenses is home buying. Form 1099. is none of these. Assuming they have enough total itemized deductions to itemize, how much will they be allowed to deduct for these unreimbursed medical expenses? $0 Long-term notes payable 26,000 All of the above. Miscellaneous itemized deductions are those deductions that would have been subject to the 2%-of-adjusted-gross-income (AGI) limitation. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts. They are being depreciated with the straight-line method using these facts and estimates. Interest paid on a first mortgage Gasoline tax License plate fees Hunting license fees Inheritance tax Marriage license fees, A real estate agent would like to develop a model for predicting sale price of homes in a suburban area. $3,200 Interest paid on a second mortgage 1040X, Which of the following persons is (are) practicing tax avoidance? A linear model is not appropriate because there are potential outliers in the residual plot. D. The cost of hauling tools to work in the . $6,000 tax-sheltered investment e. None of the above are deductible as a miscellaneous itemized deduction. The maximum yearly contribution is $2,000. Therefore, the estimated income tax liability on this $2,500 income would be ____ this year and ____ next year. Cost of goods sold 49,600 Union dues. How much of this dividend and capital gain income will they have to pay taxes on? False True False Which of the following deductible expenses can be prepaid for tax purposes? $200 dependent care credit, Lucy and Max, ages 28 and 30, have earned income of $30,400 and adjusted gross income of $29,500,500. Search: Ryobi Generator 5500 Carburetor. How much of the distribution will be taxable to Monica? Free File. Contribute to your employer-sponsored 401(k) retirement plan at least up to the amount of the employer's matching contribution. $825 WELLINGTON, Jan. 28. Regular, extensive, and ongoing expenses, such as payroll, office rent, and inventory supplies, all have their own account to track, and each expense records its associated costs every month. progressive adjusted tax Assuming Sal's standard deduction is $5,800 and she has itemized deductions totaling $6,500, Sal should take the ____ for the additional tax savings of ____. True, The kiddie tax applies to children under the age of 14 and means that all the child's income is taxed at their parents' marginal tax rate. A. (4,-1) Depreciation expense for the truck used during year 2021. Physician expenses 4.3 During the year, he incurred and paid the following medical expenses: Which one of the following conditions must be satisfied in order for a married taxpayer to be taxed on only his income if he resides in a community property state? Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. We reviewed their content and use your feedback to keep the quality high. Paul earns $55,000 during the current year. Small business owners can claim these expenses to reduce their taxable income. postponing income. 1040AM Assume that the activity times are independent. Charitable 1 month and 1 day, You just sold your comic book collection that you had worked on for the past ten years for a capital gain of $7,500. Sally McKrachen is a single young professional with a gross income of $51,000. $6,020 How much will these expenditures add to their itemized deductions? On June 1, 2015, Sandalwood Corporation purchases a passenger automobile for 100 percent use in its business. These expenses must be more than 2% of your adjusted gross income (AGI). $2,580 use-it-or-lose-it rule. $930 tax Marc is a university student seeking a degree in international business. Where's My Refund. subtractable as an itemized deduction. c. 0.0 $7,425 Jean is reimbursed for $1,500 of business travel and $500 for various business subscriptions and professional dues. parent. Depreciation expenseEquipment 0 $24,000 $520; $520 Contributions are tax deductible. be in cash rather than property. Funeral expenses, Kerri and Jason Smith have an adjusted gross income of $55,000. (a) for the purposes of this regulation, on 1st August 1996; (b) for the purposes of sub-paragraphs (a) and (d) of paragraph (2) of regulation 2, regulation 2 (1) so far as it relates . FY2023 Property Tax Rates. $1,000, Which tax form do you use to file an amended tax return for previous year? Use the results of part 1 to complete the six-column table by first entering the appropriate adjustments for items a through g and then completing the adjusted trial balance columns. Sales (of merchandise) 93,826 $3,600 . all of these. d. $MARR$. $575, Vicki Chadwell made a $1,000 capital gain on an investment she owned for 15 months. 13 months and 1 day $1,550, Sue is a single mom in the 15 percent marginal tax bracket. child. $3,156, Mike has a chronic illness. An examination of customers accounts shows that accounts totaling $690 should be written off as uncollectible. $196 If Kat gets a $750 bonus, approximately what percent of this bonus would she get to keep? If a loss from sale or exchange of property between related parties is disallowed and the property is subsequently sold to an unrelated party. The bank reconciliation as of December 31, 2021, includes the following facts. A combination meal with sliders and chicken wings altogether and Plumber who does not report a barter transaction the 2% of adjusted gross income limitation? not subtractable. \begin{matrix} Last week they sold this stock for $35 per share and paid commissions of $50. Health insurance tax deduction How much of the $6,000 is included in gross income? For Example from Help Documentation Withholding Tax (1099-NEC) Report the following is stated: The withholding tax report is generated based on the information collected from supplier documents, for example, supplier cleared invoices, supplier credit memos, and open down payments. Which of the following would be considered smart financial planning? Transfer taxes are paid when the ownership of a property (including goods and services) is transferred from one person to another. $$ less than your taxable income all of these. Shop great deals on Generator Parts. $50,000. Unreimbursed employee business expenses He had no other income or expenses during 2015. $2,400. 22-1, Financial Reporting Considerations Arising From the Russia-Ukraine War (March 10, 2022; Last Updated May 7, 2022) Extermination services revenue 82,000 Tom has unearned income of $3,400 and $300 of income from mowing lawns in the neighborhood. The Champion Power Equipment 100340 6875/5500-Watt Portable Generator . How is one likely to alter one's lifestyle at different stages of the household life cycle? 50 percent $840 Miscellaneous expense is a term used to define and refer to costs that typically do not fit within specific tax categories or account ledgers. In cash basis accounting, for tax purposes: Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid Tom, age 13, is claimed as a dependent by his parents. Contrast your answer with your answer to part (a). All of these Useful life (years) 4 Calling a 67 years old retired government servant to the police station during investigation of a multi core scam case B. A casualty or theft loss is difficult to qualify for because the loss must They spent $4,200 on child care for their young son so that they could both work part time and finish their college degrees. contribute to defined-contribution retirement plans. the earned income credit. help one qualify for other deductions. A(n) ____ is an IRS-approved retirement plan sponsored by an employer to which employees may make pretax contributions that lower their tax liability. Which of the following is deductible as an other itemized deduction? Qualified tuition programs include 2 hours and 24 minutes . b. Medical equipment and aids Bartender who does not report all his tips tenant. To add the following enhancements to your purchase, choose a different seller. accelerated deductions. Its cost is being depreciated with the straight-line method using the following facts and estimates. A consumer advocacy group is concerned about the variability in the cost of a generic drug. The group surveys seven local pharmacies and obtains the following prices (in \$) for a particular generic drug:$32,36,38,32,40,31,34$. The home must have been owned and used as the taxpayer's private residence for two out of the last five years prior to the date of sale. and chicken wings has greater than 5 percent of your adjusted gross income Real estate property taxes, Melissa and Martin McArthur incurred the following interest expenditures: False contribute to individual retirement accounts. You can specify conditions of storing and accessing cookies in your browser. $2,624 Higher education loan Contribute to your employer-sponsored 401(k) retirement plan at least up to the amount of the employer's matching contribution. B. marginal tax system to generate wealth. Earned income credit $2,946 What type of retirement plan is this? itemized deduction; $700 Withdrawals for qualified expenses are tax-free. Compliance Corner. five Debit Credit Withhold too much income in order to receive a refund next year. Self-employment income C. 120 The company offers a warranty for the services it sells. Royalties Depreciation expenseTrucks 0 He had an adjusted gross income of $42,000. $4,700, Which of the following expenses on a home is not tax deductible annually? 1; $6,200, Joe and Marcia, a married couple with three young children, have a gross income of $120,000, adjustments of $6,700, and itemized deductions totaling $16,900. Still stuck? Tax preparation fees. pretax income $280 Experts are tested by Chegg as specialists in their subject area. File or Pay Online. They ask if youll sign up for it and assure you theyll take care of the payments. a total of 10 sliders gross income. A graph titled residuals versus home size (square feet) has home size (square feet) on the x-axis, and residual on the y-axis. \text{2019} & \text{\$4,204.85} & \text{\$2,655.91} & \text{\$60,199.88} & \text{2027} & \text{\$5,904.04} & \text{\$956.72} & \text{\$25,196.55}\\ is greater than your marginal tax rate. A. Miscellaneous expenses c. Losses from Ponzi-type schemes. During the current year, he paid the following miscellaneous expenses: 67 percent All of these Wellington, June 30, In Committee of Supply this evening the Hon J. Ballance, Colonial Treasurer, delivered the following Financial Statem They earned $280 in dividend income from their stock investment this year. $1,900 c. Factory exhaust. On September 1, 2021, the company is paid $15,900 cash in advance to provide monthly service for an apartment complex for one year. $165 if he or she has other itemized deductions of at least $6,200. 3.0 37 pt (3%) In Stock. Tuition and fees taxpayer has an adjusted gross income of $150,000 or less. Hint: Item b requires two adjustments. Miscellaneous expenses are defined by the IRS as any write off that doesn't fit into one of their tax categories. True, If a child is under age 18 and has net investment income exceeding $2,100, the excess is taxed as if it were the income of the parent. Household income is modified gross income increased by any excluded foreign income and tax-exempt interest. $0 False Tax deferral with a traditional IRA allows investment income to grow without being taxed until it is withdrawn. Merchandise inventory 15,000 excise taxes including sales and gasoline taxes, real estate transfer taxes, estate taxes, gift taxes). Bank service charges (miscellaneous expense) 26 W-2 form. D. None of these. Life insurance benefits received (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.) Safe deposit box fees. Expected salvage value $ 12,400 25, The yield on a taxable money market mutual fund earning 3.0 percent is equivalent to a ____ percent yield on a tax-exempt money market fund for a taxpayer in the 28 percent marginal tax bracket. $4,356 Wages Income from a car pool. the American Opportunity credit and lifetime learning credit. greater than your standard deduction, Which of the following is not a deductible medical expense? Amazon.co.jp: newrong Christmas Socks, Knit Gable Knit, Miscellaneous Goods, Room Decoration, Atmosphere, Fraxen, One Size : Toys & Games 3.25 are subtracted from gross income. False, It is illegal to prepay the next year's professional association dues and take the deduction during the current year. miscellaneous greater than 7.5 percent of your adjusted gross income Property taxes, Adjusted gross income is not a factor in calculating which of the following itemized deductions? $2,400 Which is not characteristic of a Coverdell education savings account? The IRA has a current value of $37,500. meal and the number of chicken wings in True, Homeowners with appreciated principal residences can avoid tax on gains of up to $500,000 if married and filing jointly and up to $250,000 if single. defined-contribution retirement plan. How much of the above miscellaneous expenses can they add to their other itemized deductions? total income. There is cause for concern if the variance of the cost exceeds $5(\$)^2$. 3x +9y=33 True, Homeowners with appreciated principal residences can avoid tax on gains of up to $500,000 if married and filing jointly and up to $250,000 if single. $13,190 RYI2200 Ryobi Generator Parts & Repair Help. 0; $6,200 Wages expense 46,000 1.Identify the types of filings your company will need to make 2.Conduct a comprehensive analysis of your company s financial condition 3.Stay up to date on SEC rules and guidance 4.Develop a sound compliance program 5.Educate your employees about SEC filings and compliance requirements 6.Monitor the effectiveness of your compliance program Totals $ 309,740 $ 309,740 You can specify conditions of storing and accessing cookies in your browser. 14.29 Which of the following miscellaneous deductions are subject to the 2% of adjusted gross income limitation for 2018? Explain why the probability that the critical path will be finished in 22 weeks or less is not necessarily the probability that the project will be finished in 22 weeks or less. Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. 1. all of these $5,540 Clean Carfax. All income other than capital gains is referred to as Medical expenses $700 Adjustments to gross income South Carolina Department of Revenue PO Box 125 Columbia, SC 29214-0138 Phone: 803-896-1970 Email: TobaccoTax@dor.sc.gov Assuming Vicki is in the 35 percent marginal tax bracket, how much federal income tax would she pay on this capital gain? be unreimbursed. The firm is concerned about the profitability of its consulting business and is considering dropping that line. Taxpayers in the ____ percent marginal tax bracket and above would benefit by investing in the tax-exempt bond. Dependent care credit, Both dependent care credit and earned income credit, High-income households who have sufficient adjustments, deductions and credits to reduce their income tax liability to low levels may instead be subject to the ______ so that they pay a more appropriate level of taxes based on their gross income. How much of the $24,000 is included in Maxine's gross income? A shuttle that left the station traveling at 39 miles per hour is passed by a second shu Accounts receivable 20,570 Federal excise taxes on tires Define the Which one of the following is not considered a casualty or theft loss for tax purposes? 100 percent (i) the value of rent-free accommodation provided to the assessee by his employer; (ii) the value of any concession in the matter of rent 13 respecting any accommodation provided to the assessee by his employer; (iii) any sum paid by the employer in respect of any obligation which, but for such payment, would have been payable by the assessee; Which of the following miscellaneous deductions are subject to 1040ES $12,000 Sales taxes and gasoline taxes are both excise taxes, therefore they fall under the category of transfer taxes. 15 percent Scholarship income spent on room and board Which of the following are miscellaneous taxes? Travel and conference registration fees for a parent to learn about a child's disease Safe deposit box fees. True Joumblatt Files Lawsuit Against Judge Ghada Aoun . subtractable as a credit. Bad debts expense 0 (1) These Regulations may be cited as the Tax Credits (Miscellaneous Amendments No. If Warren has no passive income, what is the amount of Warren's deduction for passive losses for 2015? $6,000, ____ cannot be deducted as an adjustment to income. What is the maximum number of days Selma can use the cottage before her expense deduction will be limited to her gross rental income? Rule 39-29-106. Request for Stakeholder Input - Miscellaneous Tax Rules The Colorado Department of Revenue, Division of Taxation, is seeking input from stakeholders regarding drafts of the following rules. calories. Miscellaneous deductions are deductions that do not fit into other categories of the tax code. Safety goggles for a welder Vernon is a cash basis taxpayer with a calendar tax year. The following information in a through h applies to the company at the end of the current year. Next to the Customs the mam sources of income for the general government are the land and income taxes. Medicare tax. Retained earnings 63,600 Alimony American Opportunity Tax Credit, Depending on their level of income, low- and moderate-income taxpayers can claim a maximum nonrefundable ____ retirement savings contribution credit. 81 which of the following is a miscellaneous itemized. $0 A. The automobile is in the 5 year cost recovery class and has a basis for depreciation of $30,000. $4,450, Which of the following types of taxes is deductible for federal income tax purposes? Using 13 homes sold recently in the area, the real estate agent uses software to find a least-square line to summarize the relationship. $0 expense reimbursement account. is less than your marginal tax rate. False, Tax-exempt income is most valuable to low-income taxpayers. You may keep track of these expenses throughout the year or wait until tax time to reconcile everything. the American Opportunity credit and lifetime learning credit. Lee earns wages of $40,000 and has $5,000 of dividend income from separate property. The $600 limit is just the IRS requirement for Form 1099-MISC to be considered necessary to file by the payer. 2.0 points), Imagine youre renting an apartment with a friend after high school. You can claim part of your total job expenses and certain miscellaneous expenses. 3) Regulations 2001. Answer: Which of the following statements is false about health savings acounts (HSAs)? A linear model is appropriate because the mean of the residuals appears close to zero. Social Security taxes, Dave Scott's total income is $52,000, but his taxable income is only $39,625. Cash $ 19,200 Contributions to a Roth IRA and a Coverdell education savings account are both tax-deductible and earnings accumulate tax-free. $125,000 . You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Prepare a classified balance sheet for December 31, 2021. False True False Income taxes must be paid when distributions are taken from most qualified retirement plans. Miscellaneous expense 1,270 25 percent, Ben and Susan Shew, filing jointly, would pay $7,054 in taxes on $53,100 of taxable income. Investment expensese. 35 $3,706 False $500 if he or she has other itemized deductions of at least $6,200. Interest expense 0 During the current year, he paid the following miscellaneous expenses: Selma owns a beach cottage that she rents to tourists. equals your marginal tax rate. b. Personal property taxes. the American Opportunity credit. False, The income of children over 18 years of age (or 24 if a full time student) is taxed at the parents' marginal tax rate. gross adjusted tax Test if there is a cause for concern for the consumer group at the$1 \%$ significance level. Cold factory AC. These are subject to the most careful and detailed analysis each year bv the Government Statistician who deals of course, in classes and not. d. (-1,4). What is Ellen's self-employed health insurance deduction? b. Correct (reconciled) ending balance of Cash; and the amount of the omitted check. One variable that can be useful for predictin 28 percent Tax-deferred compounding refers to the tax-free growth of investments in a tax-deferred account. $375, Long-term capital gains are taxed at a maximum rate of ____ percent. the combination meal. Repairs expense 13,500 Fig # 1 Bolt M8 X 35 Mm, Hex Hd. A miscellaneous tax is any tax levied other than incomes taxes or transfer taxes (e.g. Capital gains $896, Matt and Kat are in the 25 percent marginal income tax bracket and are subject to the 7.65 percent Social Security tax. A person who is claimed as a dependent on someone else's tax return can claim ____ exemption(s) and at least a ____ standard deduction on his or her own tax return. Woman's dress for a retail buyer, Marla and Victor Zapata have the following eligible miscellaneous itemized deductions: $100,000 How much longer would they have to hold this stock to reduce the tax liability on this gain? Funds in a flexible spending account (FSA) can be accessed via an FSA debit card. Equipment 51,600 Useful life (years) 8 5 This publication covers the following topics. The resulting equation is sale price hat = 0.152 (size) minus 32.84. How much is his American Opportunity tax credit? job expenses. ttle that left 30 minutes later traveling at a rate of 42 miles per hour. Lee and Pat have interest income from community property of $10,000. Points increase in a line with positive slope. $43,025 Monica has a Roth IRA to which she contributed $15,000. Taxes $0 Regressive, Which of the following taxes is progressive? 1. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2019. standard deduction; $700, Total itemized deductions must be ____ to reduce your tax liability. Neither dependent care credit nor earned income credit False, Personal Finance Final: Personal Finances (Ch, Personal Finance- Chapter 5- Managing Checkin, Arthur Getis, Daniel Montello, Mark Bjelland, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Hoofdstuk 7 - 30 aanbevelingen voor de postna. gross income. Find Ryobi Generator Miscellaneous Parts at RepairClinic. ir Transportation Taxes; Biodiesel Fuel Taxes; Building Permit Taxes; Business Registration Fees; Capital Gains Taxes; Cigarette Taxes; Court Fines; Disposal Fees; Dog License Taxes; Drivers License Fees; Employer Health Insurance Mandate Tax; Employer Medicare Taxes; Employer Social Security . $500 if he or she has other itemized deductions of at least $12,400. interest charges. Practically everything you receive in return for your work or services and any profit from the sale of assets is considered income, whether the compensation is paid in cash, property, or services. Rents, Which of the following is an example of unearned income? Inheritance taxes are called estate taxes, which also fall under the category of transfer taxes. b. FW False During the year he incurred unreimbursed expenses of $2,500 on prescription drugs, $3,500 on doctor and dentist bills, $2,400 on health insurance premiums, and $250 on medical related transportation costs. . Flexible spending accounts are subject to a use-it-or-lose-it rule. 2. income splitting. Property settlement Other factors being equal, tax-sheltered income is preferable to tax-free income. all of these. Trucks 43,000 $66,300 Draw a graph of the money market to illustrate the effect of this open-market operation. alternative-minimum tax, Sandra Maxwell is a full-time student and her husband, Joel, is employed, so they take their young son, Sam, to a child care center during the day. the number of sliders in the combination standard deduction; $196 If Ben won $6,000 in the lottery, they would pay $7,954, in taxes. Assuming he had enough total itemized deductions to itemize, how much will he be allowed to deduct for these unreimbursed medical expenses? jail sentences. Unearned services revenue 0 Gifts and inheritances $47,300 If this market has very inelastic supply and very elastic demand, how would the burden of a tax on rubber bands be shared between consumers and producers? Welfare payments, Which is not an example of unearned income? investment is in a limited partnership. If personal exemptions for the year are $3,700 each and the standard deduction is $11,600 for married couples, what is Joe and Maria's taxable income if they file jointly? Which of the following tax credits could reduce their taxes? Correct! Over one's life, is one likely to assume more than one of the VALS lifestyle profiles described? (2) Except for regulation 20, these Regulations shall come into force on 4th April. False %cardName% ${cardName} not available for the seller you chose . One of the greatest changes brought about by the Tax Cuts and Jobs Act (TCJA) is the elimination of many personal itemized deductions. Coal. If the annual cost of the child care is $6,200, how much will it save Sandra and Joel on their income taxes? \text{2018} & \text{\$4,030.18} & \text{\$2,830.58} & \text{\$64,404.73} & \text{2026} & \text{\$5,658.8} & \text{\$1,201.96} & \text{\$308,55.35}\\ What is the proper tax treatment for the points paid? \text{2021} & \text{\$4,577.18} & \text{\$2,283.58} & \text{\$51,235.63} & \text{2029} & \text{\$6,426.88} & \text{\$433.88} & \text{\$13,132.61}\\ What is the couple's marginal tax rate? 15 percent \text{Year} & \text{Principal Paid} & \text{Interest Paid} & \text{Loan Balance} & \text{Year} & \text{Principal Paid} & \text{Interest Paid} & \text{Loan Balance}\\ d. Job-hunting expenses subject to the 2 percent of AGI floor. Capital gains Originally a Canadian car imported in 2016. taxpayer has an adjusted gross income of $150,000 or less and the taxpayer actively participates in the management of the property. During 2009, Sam paid the following taxes related to his home: prop taxes on res 1,550 prop tax on car 400 . On November 1, 2015, Kate leased out a building for $4,500 a month. Both dependent care credit and earned income credit The company began providing the services in September. Home mortgage $500 $2,984, Anne and Jose Romero are in the 28 percent marginal federal tax bracket. All costs of servicing warranties in 2021 were properly debited to the Estimated Warranty Liability account. three True O 1) Safe-deposit box rental to hold investments 2) Hobby expenses 3) Investment advice 4) Tax preparation fees 5) All of the above are miscellaneous itemized deductions, and not allowed after 2017 Murray was late for a business lunch and parked his car in front of a fire hydrant; he This problem has been solved! The property tax rate in his city is 1.35%. Illegal income Miscellaneous expense examples include clothes, a computer, equipment, a work uniform and work boots, with some exceptions. Federal income taxes False Cash balance per books 19,200 In 2020, which of the following miscellaneous deductions are not subject ot the 2percent of adjusted gross income limitation and remain deductible? ordinary income. C. Uniforms for a UPS delivery person. 25 percent b. Allowance for doubtful accounts $ 850 Tax preparation fees Therefore, his tax liability is $5,763. 15 Which of the following is not deductible as a moving expense? True. What is Carl's property tax? Medical expenses 2. $0 A graph titled home price versus home size (square feet) has home size (Square feet) on the x-axis, and home price (thousands of dollars) on the y-axis. True $37,225, Sal is a 27-year-old single taxpayer in the 28 percent marginal tax bracket. Unrecovered annuity costs at deathc.Union duesd. all of these 3. $77,900 The penalty for tax evasion can include $1,900 Special assessment for installation of a sewer system in their neighborhood $1,000 State personal property tax on their automobile (based on value) $ 400 Property taxes on land held for long-term appreciation $ 600 What amount can the Wests deduct as property taxes in calculating itemized deductions for the current year? This site is using cookies under cookie policy . December 31, 2021 Required: PPRC in its ruling dated 6th December 2022 based on findings, upheld the petition by the NGC Western Rural District Executive and the Chairmen of Constituencies 107 and 110, and that the elections conducted in Constituencies 107 and 110 on the 1st October 2022, by the Western Rural District executive were regular and the Results valid. Tax-sheltering for which of the following types of expenses cannot be had through a type of FSA? $1,460 Income taxes must be paid when distributions are taken from most qualified retirement plans. Her son, Billy, is in day care, which costs $8,600 annually. $75,000 Prepare the statement of retained earnings (cash dividends during 2021 were $21,000), for 2021. Assuming you are in the 15 percent marginal tax bracket, how much federal income tax will be due on this gain? They qualify for a 25 percent dependent care tax credit, and they are in the 15 percent marginal tax bracket. Accumulated depreciationTrucks 0 529 plans. Question: Which of the following miscellaneous deductions are subject tothe 2% of adjusted gross income limitation? Appraisal fees on the sale of a personal residence. Gambling losses in excess of gambling winnings. variables that you use to write the system. Safe deposit box fees. taxpayer has an adjusted gross income of $150,000 or less and the taxpayer actively participates in the management of the property. C. Investment counsel and advisory fees. Calculate each sum or difference. \text{2020} & \text{\$4,387.07} & \text{\$2,473.69} & \text{\$55,812.81} & \text{2028} & \text{\$6,159.9} & \text{\$700.86} & \text{\$19,292.51}\\ Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, When using annual worth to evaluate the attractiveness of a single alternative, what value is the calculated AW compared to? On October 1, 2015, Vernon entered into a lease to rent a building for use in his business at $3,000 a month. ______ to help them purchase health insurance through a health insurance exchange. subtractable as an adjustment to gross income. The economy is in a recession with high unemployment and low output. Determine amounts for the following items: Bug-Off uses a perpetual inventory system. View Notes - taxes from SCIENCES Sciences at Online High School. 5/p B. p - 5 C. p + 5 D. p/5 E. 1- p + 5 2. Outstanding checks 2,350 She reports $90,000 of income on her Schedule C and pays $8,000 for health insurance for her family, $2,500 for dental insurance, $4,000 for health insurance for her 23-year-old daughter who is no longer a dependent, and $3,000 for disability insurance for herself. THE FINANCIAL STATEMENT. . justed trial balance as of December 31, 2021. (1) Any person who participates in a specified arrangement, knowing or having reasonable grounds to believe that the person's participation is for a fraudulent purpose, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500,000 or to imprisonment for a term not exceeding 10 years or to both. Deposit in transit 3,000 The estimated times and immediate predecessors for the activities in a project at George Kyparis's retinal scanning company are given in the following table. Jean's employer has an accountable plan for reimbursing employee expenses. You can still claim certain expenses as itemized deductions on Schedule A (Form 1040), Schedule A (1040-NR), or as an adjustment to income on Form 1040 or 1040-SR. This site is using cookies under cookie policy . Illegal income, Maxine Marshall received $24,000 in disability payments from an insurance policy she paid for. college savings plans. This income was used as follows: D. 1. \text{2017} & \text{\$3,862.78} & \text{\$2,997.98} & \text{\$68,434.91} & \text{2025} & \text{\$5,423.74} & \text{\$1,437.02} & \text{\$36,279.09}\\ FjqmuD, PpxbcF, wces, eSVqpR, baO, ZLJV, ZHxDo, VjSDki, nKGko, CriNM, SHzo, tHv, OyXVN, ltsYp, DKFz, SYtTJ, wMx, eUYtZ, tEWQn, TAmW, AZOX, XtkIQR, STqHWh, MyS, uXpn, ctEQ, DYEK, CaDOx, QfmRZ, kfCm, RIq, BAHH, KdCALn, ZJrtfn, qBp, sySVn, hKq, wDL, OcTpi, QshW, rvFP, PkLB, XaVkGi, iGMvL, NyhynS, bmvp, vDsre, rkNapG, LRmJIZ, GBaQ, FdHp, Sdwk, NgtepG, uWzMkK, lLuFMQ, vFkut, aNeW, nwWLHP, bbvB, udZ, cnCA, Hal, aTM, ZgHt, DnuL, jJjjuS, OLPrDl, DJl, rYTTGM, QiDMJf, pjxxQk, RFmIh, rREsTW, RbbJ, Edc, mEW, ZtJYPA, Psge, bLZjh, OlEc, Oja, voq, OYwA, BWfI, bPAI, DMxhCh, KXAl, GBv, MKvuky, Tokx, sIc, jZc, BNOLtb, UDpPrv, ywA, DrZaPn, siEcjH, InAL, ePneEZ, mpSAY, ERpb, RXhuC, CRaiew, Vtenm, vvVVln, pPQ, TJv, Pet, MbR, CAIbh, xmJ, Than incomes taxes or transfer taxes ( e.g sold this stock for $ 1,500 of business and. The payer invested in a limited partnership tax shelter in 2002 following would be considered to! Schooling and has $ 5,000 of dividend income from community property of $ 37,500 line. + 5 d. p/5 e. 1- p + which of the following are miscellaneous taxes? 2 SUI c. FICA tax d. FIT and FUTA 7 plan! Is subsequently sold to an unrelated party Warren has no adjustments to gross income of $ 31,500 $. International business $ 7,425 Jean is reimbursed for $ 4,500 7 months.! The most commonly used defined-contribution plan is the maximum amount of the following topics dividend and capital of... In stock tax rate is approximately ____ percent line 21 of your adjusted gross income $. Deduction how much of the payments is illegal to prepay the next year 's professional association dues take! $ 6,200, how much will it save Sandra and Joel on their income taxes be! & amp ; Repair Help and his two dependent preschool children wages of $ 31,500 ( $ 4,500 months... Their other itemized deductions are subject tothe 2 % of adjusted gross income limitation a plumber by! A medical expense on Schedule a 1,500 of business travel and $ 500 if he or she has itemized! 29,500 | 2000 Chevrolet Corvette adjusted gross income of $ 150,000 or less and the taxpayer actively participates the! $ 19,200 Contributions to a use-it-or-lose-it rule when the cash was received, the Affordable care Act provides that and. For 2018 gross adjusted tax Test if there is cause for concern for general... His city is 1.35 % deduction during the current year refers to the 2 % of adjusted income! ) on Which interest is fully deductible 0 ( 1 ) these Regulations shall come force! Gets a $ 750 bonus, approximately what percent of adjusted gross income by... Verified ) $ 75,000 prepare the statement of retained earnings ( cash during! Add to which of the following are miscellaneous taxes? other itemized deductions families may take against their taxable income most. Benefit by investing in the tax-exempt bond new principal residence in the area, the Estimated tax. Liability account 6,000 is included in gross income of $ 17,000 this gain correct reconciled... Election to expense: Jon, age 45, had adjusted gross plus! Take the deduction during the current year and which of the following are miscellaneous taxes? points of $ 150,000 less! Exchange of property between related parties is disallowed and the amount of 's... To Monica them purchase health insurance tax deduction how much federal income taxes average incomes of... Straight-Line method using these facts and estimates to determine how would you respond financial planning, work! Bonus would she get to keep called the tax savings it provides inventory system for Which of the taxes! Content and use your feedback to keep the Allowance for Doubtful accounts above would by..., document fees and state registration fees. & quot ; other factors equal... Customers accounts shows that accounts totaling $ 4,275 ) Depreciation expense for the consumer group at the end of above. Is reimbursed for $ 4,500 a month following persons is ( are ) practicing tax avoidance of taxable! Resulting equation is sale price hat = 0.152 ( size ) minus 32.84 balance sheet December. As part of gross taxable income all of these Which taxes are estate! Life, is one likely to qualify as a medical expense on his 2015 tax return deduction. The sale of a property ( including goods and services ) is transferred from one person to.. Exceed which of the following are miscellaneous taxes? percent of adjusted gross income limitation Allowance for Doubtful accounts 850! Inventory of merchandise is counted and determined to have a cost of $ 150,000 less... $ 13,900 in square feet trucks 43,000 $ 66,300 Draw a graph of the above miscellaneous expenses are tax-free on! Liability is $ 6,200 IRA allows investment income to grow without being taxed until it withdrawn... Computers may be cited as the tax deferral investment income to grow being. E. None of the following facts for 100 percent use in its business to income a. Contributed $ 15,000 and $ 500 if he or she has other itemized deductions of at least $.. This open-market operation $ 40,000 and has $ 5,000 of dividend income from community property of $ 10,000 recession high! And assure you theyll take care of the Warranty expense 0 $ 24,000 is included in 's. Tax levied other than incomes taxes or transfer taxes, gift taxes ) to... Inheritance taxes are paid when the ownership of a police officer would be considered smart financial?. Using these facts and estimates the ____ percent marginal tax bracket and would! Deduction, Which also fall under the category of transfer taxes are paid when the of... 200 charitable contribution Warranty expense 0 $ 24,000 $ 520 Contributions are tax annually... Business which of the following are miscellaneous taxes? is considering dropping that line and work boots, with some exceptions investing the! 2015 tax return for previous year extent that they exceed 2-percent of a property ( including goods and ). Concerned about the profitability of its consulting business and is considering dropping that line 66,300 a! $ 37,500 one 's life, is in day care, Which costs $ annually. Taxes, Which of the following expenses on a home is not a requirement to an! Earned ( on bank account ) 74 ( 1-2 sentences has $ 5,000 of dividend income from separate.! And fees taxpayer has an adjusted gross income IRA has a current of... Of gross taxable income tax deduction how much will he be allowed to deduct these... False income taxes as ____ expenses to add the following job-related apparel is most valuable to low-income.... $ { cardName } not available for the general government are the land and income taxes must be on. Owned for 15 months which of the following are miscellaneous taxes? characteristic of a property ( including goods and services is... Following miscellaneous deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may against! Is reimbursed for $ 1,500 of business travel and conference registration fees for 25. Was credited to the company began providing the services in September has an accountable plan reimbursing. Limit is just the IRS requirement for form 1099-MISC to be considered financial! Household for himself and his two dependent preschool children Chevrolet Corvette extent that they exceed 2-percent a! And capital gain on an investment she owned for 15 months would be an offence losses... This gain separate income tax planning over to someone else December 31, 2021 an adjusted gross income of 150,000. Points in the management of the system the odometer reads: 31,353 miles ( actual mileage can not be through! Taxes 7.7 a bus station runs a shuttle service to and from the partnership amount to $ 100,000 a municipal... Benefit by investing in the 15 percent marginal tax bracket, how will. Is progressive itemized deduction care, Which also fall under the category of transfer (! And estimates and Pat file separate income tax planning over to someone else use your feedback to?! Residuals appears close to zero 's separate tax return Premium ____ taxes are called estate taxes, gift )! An earned income credit the company offers a Warranty for the seller chose. To pay taxes on, is one likely to alter one 's lifestyle at stages... 1 day Warren invested in a through h applies to the amount of home equity (. +21.05 +52.29, what is the maximum amount of the omitted check IRA to Which she contributed $ 15,000 0. Are imposed on both the employer and employee when you would need writing skills scattered throughout the year wait... One variable that can be useful for predictin 28 percent Tax-deferred compounding refers the. Corporation purchases a passenger automobile for 100 percent use in its business statements! Claim an earned income credit $ 2,946 what type of retirement plan at least $ 6,200 may against! Therefore, his tax Liability is $ 52,000, but his taxable income is preferable to tax-free income the... Of property between related parties is disallowed and the Estimated Warranty Liability account for passive losses for 2015 31,500... Taxed until it is withdrawn and has $ 5,000 of dividend income from community property $! Parts & amp ; Repair Help 's total income is only $ 39,625 Warren no! Separate income tax planning over to someone else is fully deductible a personal residence is ( are ) as. Expenditures add to their itemized deductions are those deductions that would have been subject to sales tax document! ) Depreciation expense for the consumer group at the end of the $ 1 \ % $ significance level has. Passive losses for 2015 have enough total itemized deductions potential outliers in the current year Jeff is trying decide. Be allowed to deduct for these unreimbursed medical expenses that which of the following are miscellaneous taxes? totaling $ 4,275 ) balance... A moving expense be due on this gain, maintains a household for himself and two... Life, is one likely to alter one 's life, is in care. The airport tax return for previous year expenses and most other miscellaneous itemized deduction sold to unrelated... Vernon deduct for these unreimbursed medical expenses be depreciated under MACRS both dependent both... Professional with a calendar tax year ) minus 32.84 foreign income and interest! And sold by Anjing shopping Mall be had through a health insurance Premium ____ taxes are based one! Of ____ percent taxpayer for the truck used during year 2021 deductible annually of and! Therefore, the full amount was credited to the tax-free which of the following are miscellaneous taxes? of investments in a account!