Quantitative Reasoning or Search and Find? :)
Accurate Acronyms
Know your IRC Sections and your terms...of endearment?
Grab Bag
732
Marginal Federal income tax rate for Fred, a single filer with $90,000 in taxable income.
What is 24%?
732
CDCC stands for THIS.
What is Child and Dependent Care Credit?
732
At the Federal level it's called Medicare; at the state level it's called THIS.
What is Medicaid?
732
This component of the distribution normally becomes taxable if withdrawn from a Roth during the 5-year period from the inception of the Roth.
What is EARNINGS?
1683
The marginal Federal income tax rate for joint filers X and Y, who have $200,000 in AGI, $2,500 in student loan interest, and are taking the standard deduction.
What is 22%?
1683
MSRRA stands for this.
What is -
Military Spouse Residency Relief Act?
1683
THIS IRS notice provides relief from taxation to those receiving qualifying Medicaid waiver payments.
What is IRS Notice 2014-7?
1683
Final deposit in Webserve Auto Debit (this just means TY23) record for customer with case number 1530121968.
What is $5,972.30?
2761
Capital gains tax rate for Castor and Pollux, who are taking the standard on a joint return and have $40,000 in taxable income before considering their $300,000 in net long-term capital gains.
2761
UPE stands for this.
What is Unreimbursed Partnership Expenses?
2761
The adjustment under THIS section/subsection of the IRC is easy to do on your customer's tax return; it's the accompanying Form 3115 that's kind of a pain.
Need both the section (a number) and the subsection (a letter, in parentheses).
What is Section 481(a)?
2761
The EIN for Uber Technologies, Inc.
What is 45-2647441?
3959
If you take some time to make sure Zenobia claims $1,000 in interest expense on her Schedule C vehicle, approx how much does she get to save on her Federal 1040 thanks to your advice? Assume 24% marginal Federal income tax rate and below FICA wage base.
What is $390 (or $400)
24% + 15% = 39%
39% of $1,000 is $390
this is approx only
basic value of deduction only
3959
AMTI stands for this.
What is Alternative Minimum Taxable Income?
3959
The difference between ISO purchase price and the applicable stock's FMV at date of purchase is known as THIS.
What is the BARGAIN ELEMENT?
3959
2023 Federal refund amount in EFE for customer with auth ID 13563577615090449.
What is $1,149?
6279
Laverne and Shirley have $98,959 in Line 15 taxable income on their 2023 joint return. This is their tax, per the IRS Tax Table.
What is $12,390?
6279
FEEI stands for this.
What is Foreign Earned Income Exclusion?
6279
A day trader can make a mark-to-market election under THIS section/subsection of the IRC.
Need both the section (a number) and the subsection (a letter).
What 475(f)?
6279
2023 Federal refund amount in EFE for customer with auth ID 123145728322917.
What is $6,610?