ACCTG (ACCTG15)

ACCTG 15 Exam 3 Ch 12-13 - Accounting. In theory, all individual taxpayers subject to the Federal income tax are subject to AMT. Whether a taxpayer has an AMT liability depends on a number of factors, including the taxpayer's income, geographic location, and family situation as well as the exclusions, deductions, and credits utilized in the calculation of their regular Federal income tax liability. Answers: $74,221; $11,741; $3,053. In calculating regular taxable income, gross income is re...

ACCTG 15 - Exam 2 (Ch. 6-11) Falcon, Inc., paid salaries of $707,200 to its employees during its first year of operations. At the end of the year, Falcon had additional unpaid salaries of $70,720. a. Calculate the salary deduction if Falcon is a cash basis taxpayer. $ b. Calculate the salary deduction if Falcon is an accrual basis taxpayer. $ 1 a. Calculate the salary deduction if Falcon is a cash basis taxpayer. $ 2 b. Calculate the salary deduction if Falcon is an accrual basis taxp...