Open Question: Business Taxation Class Problem?

PROBLEM 1
Walt provides you with the following information.
Bank interest income 5,000
Business debt forgiven3,000
Business property taxes2,500
City of Troy Bond Interest9,000
DPAD 3,200
Earned Income110,000
Interest paid on business loan1,800
Life insurance proceeds50,000
Long-term capital gain3,000
Home interest expense5,000
Personal property taxes2,300
Political Contributions1,500
Business rental expense24,000Paid rent for 2 years, this year and next year
Prepaid interest income 8,000Prepaid interest for 3 years, the is year and next 2 years
Sale to solely owned Corporation (4,500)
Short-term capital loss11,000
State personal income taxes4,200
Stock value increase3,300
Tax penalties900
Charitable Contributions: All given to qualified charities
DescriptionFMVAdj. Basis
Computers* 12,0008,000
Jewelry#6,0001,000
Clothes*1,5006,000
Stock (C/G prop)#5,0003,000
Car (C/G prop)*2,00017,000
* used in charitable function
# not used in charitable function

A.Assuming that Walt is single, determine the following:
Gross Income:
Adjusted Gross Income:
From AGI Deductions:
Taxable Income:
Carryovers:

B. If Walt was a corporation rather than an individual, what would be its taxable income and carryovers (assume that the corporation would not have the personal expenses but would have the charitable contributions)?

C.If the “Earned Income” was Walt’s salary, compute FICA, Medicare, and FUTA (3%) paid by Walt’s employer?

D.Suppose that in the next year, Walt receives a state tax refund of $1,000. How is this treated for tax purposes?

E. What is the highest (marginal) tax rate for Walt on his ordinary income and capital gains in part A?

F. What is the highest (marginal) tax rate for Walt Corporation’s ordinary income and capital gains in part B?
This wasn’t homework. It’s optional just so I can practice how to do them before the test in two weeks. I just thought I’d get a headstart and if someone could show me a way to do it that would really help. This isn’t graded, it was just for my knowledge.

Thanks anyway.

Open Question: Do you know of a Company or a website that deals with personal loans for bad to poor credit?

I want to hear from people that have ACTUALLY received a loan. No links or advice please!!!!!

Open Question: where can you get personal loans if you have bad credit?

I’ve been unexpectadly out of work due to going into preterm labor. The average 6 weeks for maturnity leave has turned into 6 months. As hard as i’ve tried both my loans that were in good standing are now in default, I would only need 4000 to get out of debt but my bank wont loan me anything because they are in default. They’ve now reposesed my car, and with a new baby, a special needs baby with triple the doc appointments i cant be without a car. What are my other loan options other than my local bank?

Resolved Question: can someone explain this credit card to me?

Me and my partner are trying to get our credit score up so that we can get a mortgage this time next year, we have never had anything on hire purchase or had a credit card or a loan

this is the credit card we are looking at : http://www.natwest.com/personal/credit-cards/g1/platinum.ashx?view=int&DCMP=ILC-PEROLBWLPlatCC-0pc#tabs=section4

so basically, if we pay off what we spend by the end of the month, we will get no charges? it just seems dodgy to me as I don’t see how they make money if you pay it off on time :/

thankyouu x

Open Question: Graduates from Le Cordon Blue heads up.?

I just started classes at Le Cordon Blue Culinary Arts classes. I took out a loan to enroll.
Can anyone give me any tips on what to expect.
Also, should the loan take care of my personal needs as well as my educational needs? Are there any other grants that I can apply for in addition to the loan. If there is. Where do I start? When you first enrolled, what were some of the important things that you found out later that
you didn’t know in the begining? Your help would truly be appreciated.
Thank You.

Open Question: horrible credit installment loan in canada?

need to get an installment loan in alberta canada.. unfortunately i have some money issues and because i really screwed up my credit when i was younger and i need to get a consolidation loan or installment personal loan to get it all caught up.. i can make the payments i just need to find somwhere willing to lend me..

payday loans are out of the question they are too small and they need to be payed back too soon.. i need something that is at least 3 months to a year

Open Question: Installment loan in canada?

i need to get an installment loan in alberta canada.. unfortunately i have some money issues and because i really screwed up my credit when i was younger and i need to get a consolidation loan or installment personal loan to get it all caught up.. i can make the payments i just need to find somwhere willing to lend me..

payday loans are out of the question they are too small and they need to be payed back too soon.. i need something that is at least 3 months to a year

Open Question: Math homework…Please help?

1.Samantha’s student loans total $20,000. Part was a personal loan at 12% interest; the other was a Stafford loan at 10%. After one year the loans accumulated $2160 in interest. What was the amount of each loan?

I am so stomped by this problem. Please help.

Open Question: Bankruptcy question husband only filing, is home equity safe?

John & Mary are married. They own a home together and both signed for and on the mortgage. The home is worth 200K, they owe 100K, have 100K equity.
John loses good job, but Mary can keep the mortgage payments up with her income, plus incidental expenses.
John has debt in his name only, unsecured, owes 18K
John got a small businees loan (not SBA) for 100K in his name only and purchased a business in his name only for 100K. John has a few other unsecured debts, totaling 8K.
John business is failing, he cannot make the payments, there is now not a market for his business to resell, there is little business inventory of value.
John wants to file bankruptcy for 130K owed on the unsecured loans only.

Mary is concerned that they can come after the equity in the home that they own and owe on jointly.
John doesn’t think they can do this. They live in Indiana.

A side note, the business loan is in the name of a LLC Corp. that John set up, but John also signed as a personal guarantor for this 100K loan. Mary is in no way connected to the business or loan. Nor are there any other partners.

Open Question: I need a $5000 personal loan?

I have poor credit but will be able to re-pay in 60 days when I receive my bonus. Can repay back the $5000 plus 20% but I need the funds right away.

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