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Started By
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OT accountants- Can you solve this? (tax)
Posted on 2/23/14 at 7:38 pm
Posted on 2/23/14 at 7:38 pm
got it, nevermind, thanks people
This post was edited on 2/23/14 at 9:22 pm
6
Posted on 2/23/14 at 7:39 pm to Tigerfan56
Move to money board
Posted on 2/23/14 at 7:44 pm to Tigerfan56
I hope you're a management major and not an acct or fin major.
Posted on 2/23/14 at 7:47 pm to southernelite
quote:
I hope you're a management major and not an acct or fin major.
Marketing major but we have to take a tax class here. Makes no sense really. Stuff is hard
Posted on 2/23/14 at 7:57 pm to Tigerfan56
Engineering or bust. Marketing is a joke. Learning these two problems actually will help you in life. Instead of asking the OT for help on your homework try applying the agile methodology process so you can use the process of application to solve these easy problems.
Posted on 2/23/14 at 8:14 pm to Tigerfan56
2 should be easy
Salary-interest (+/-) the income/loss from hobby. You can deduct taxes if u itemize your deductions rather than take the standard.
Salary-interest (+/-) the income/loss from hobby. You can deduct taxes if u itemize your deductions rather than take the standard.
Posted on 2/23/14 at 8:21 pm to Tigerfan56
i'll give you a hint on #2 but i ain't doing it for you lazy arse.
hobby income is recognized above the line. expenses related to the hobby (other than taxes, interest) are miscellaneous itemized deductions.
you're welcome.
hobby income is recognized above the line. expenses related to the hobby (other than taxes, interest) are miscellaneous itemized deductions.
you're welcome.
Posted on 2/23/14 at 8:27 pm to drexyl
That helps a lot, thanks
Posted on 2/23/14 at 8:30 pm to Tigerfan56
Shouldn't you have a text book?
Posted on 2/23/14 at 8:43 pm to HurricaneDunc
seriously these are pretty elementary questions.
Posted on 2/23/14 at 8:54 pm to drexyl
I figured out number 2
Posted on 2/23/14 at 8:57 pm to Tigerfan56
These are pretty straightforward.
1) "FIFO" means "first in, first out". Since she bought 200 shares to start with for $10,500, that is the cost of the first 200 shares she sells.
The cost of anything she sells above that depends on when she bought it. The next ten shares cost her $80/share, the next twenty cost her $970, and the next twenty after cost her $980.
But she only sold 100, which was less than the original purchase. So her basis is just half of her original purchase price.
If you want more help than that, you need to post pics of Blake.
2) I don't want pics of Reggie so GTFO.
1) "FIFO" means "first in, first out". Since she bought 200 shares to start with for $10,500, that is the cost of the first 200 shares she sells.
The cost of anything she sells above that depends on when she bought it. The next ten shares cost her $80/share, the next twenty cost her $970, and the next twenty after cost her $980.
But she only sold 100, which was less than the original purchase. So her basis is just half of her original purchase price.
If you want more help than that, you need to post pics of Blake.
2) I don't want pics of Reggie so GTFO.
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