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NEW QUESTION: 1
Tom and Joan Moore, both CPAs, filed a joint 1994 federal income tax return showing $70,000 in taxable income. During 1994, Tom's daughter Laura, age 16, resided with Tom. Laura had no income of her own and was Tom's dependent.
Determine the amount of income or loss, if any that should be included on page one of the Moores'
1994 Form 1040.
Tom's 1994 wages were $53,000. In addition, Tom's employer provided group-term life insurance on Tom's life in excess of $50,000. The value of such excess coverage was $2,000.
A. $0
B. $2,500
C. $1,300
D. $3,000
E. $900
F. $500
G. $1,250
H. $10,000
I. $1,500
J. $50,000
K. $75,000
L. $25,000
M. $2,000
N. $55,000
O. $1,000
Answer: A
Explanation:
Explanation
"N" is correct. $55,000. The value of employer-provided group term life insurance for which the face amount exceeds $50,000 is taxable income to the insured employee and the $53,000 in wages would both be included on page one, Form 1040.
NEW QUESTION: 2
Where do we define the requirement for packing relevance of an item in the delivery?
A. Material master
B. Item category
C. Warehouse number
D. Sales order
Answer: B
NEW QUESTION: 3
Which components must be configured for the BGP Route Reflector policy to take effect?
A. access policies and profiles
B. leaf fabric interface overrides and profiles
C. spine fabric interface overrides and profiles
D. pod policy groups and profiles
Answer: D