ACCT460 University of Rhode Unemployment Tax Act Accounting Questions

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please help me for this 10 question, each question needs to be 1-2 paragraph. if use information that is not common knowledge remember to cite properly

1. When taxpayers violate the tax laws, what civil penalties might they expect to incur?

2. What payroll taxes did the Federal Insurance Contributions Act and the Federal Unemployment Tax Act create?

3. What tax-advantaged investment options are available to taxpayers?

4. Joe, a self-employed individual, earns $150,000 in self-employment income. How much self-employment tax will Joe owe for 2013? For 2014?

5. Cindy sold 300 shares of XYZ stock for $5,200. She had paid $3,000 for the stock. Commissions of $300 on the sale and $180 on the purchase were paid. What is Cindy’s amount realized and her gain realized, respectively, on this sale?

6. Don, age 61, incurred $28,000 of medical expenses in the current year. His insurance company reimbursed him $6,000. Assuming his AGI is $100,000, what is the amount of medical expense deduction Don can claim for the year?

7. Pablo, a single individual, purchased a new personal residence for $375,000. Pablo sold the property 12 months later for $550,000 so he could take a new job that involved a promotion. How much gain must Pablo recognize?

8. Susan filed her tax return 70 days after the due date. She remitted a check for $8,000 that represented the balance of the tax due. Calculate her total failure-to-file and failure-to-pay penalties.

9. Jim is in the 33% marginal income tax rate, and he would like to invest in State of Louisiana bonds. If similar taxable investments yield 9%, how much must Jim earn to make this a worthwhile investment?

10. Susan, a single taxpayer, sold her home because she has a new job in another city. On the sale date, she had owned the home and used it as a personal residence for 18 months. What is the maximum gain that Susan can exclude on the sale of the residence?

 
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