BUSINESS TAX ACCOUNTING?

[charlot22]

I ANSWERED THEM JUST NEED TO KNOW IF I AM CORRECT PLEASE HELP!
1. A 42-year-old single taxpayer earning a salary of $125,000 a year can make which of the following IRA contributions if he is not covered by a plan at work?
A) $5,000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA
B) $4,500 to either a traditional IRA, a Roth IRA, or a nondeductible IRA
C) $5,000 to a Roth IRA only
D) $5,000 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA
2. Choose the correct statement. Passive losses
A) May not be used to offset passive income
B) May be used to offset portfolio income
C) Often result from the rental of real estate
D) If unused, are lost forever.
3. Which of the following statements is correct?
A) Contributions to Keogh plans by self-employed taxpayers are generally limited to the lesser of 15 percent of their net earned income (before the Keogh deduction) or $45,000.
B) The contribution limits for SEPs (Simplified Employee Pension) are the lesser of 20 percent of net self-employment income or $49,000 for a self-employed taxpayer
C) Employees may elect to make annual contributions to 401(k) plans up to the lesser of 15 percent of their net earned income (before the 401(k) deduction) or $45,000.
D) The contribution limits for SEPs are a maximum of $16,500 ($22,000 for taxpayers 50 or older).
4. Nancy has active modified adjusted gross income before passive losses of $125,000. She has a loss of $10,000 on a rental property she actively manages. How much of the loss is she allowed to take against the $125,000 of other income?
A) None
B) $2,500
C) $5,000
D) $10,000
5.Norm is a real estate professional with a real estate trade or business as defined in the tax law. He has $150,000 of business income and $50,000 of losses from actively managed real estate rentals. How much of the $50,000 in losses is he allowed to claim on his tax return?
A) $25,000
B) None
C) $50,000
D) $20,000
6.What is the deadline for making a contribution to traditional IRA or a Roth IRA for 2010?
A) April 15, 2011
B) December 15, 2010
C) April 15, 2010
D) October 15, 2010
7.Patrick owns a home on the beach in Daytona. He lives in the house for most of the year but leaves town during the big motor sports race that comes through every year. During that time he rents his home out for 3 weeks to race fans for $5,000. Which of the following is true?
A) Because Patrick rents the house for such a short period of time, the rental income is not taxable but he may deduct a percentage of expenses such as utilities and depreciation on the home.
B) Patrick did not rent the house for a long enough period of time to deduct a percentage of expenses such as utilities and depreciation on the home. The rental income he receives is taxable.
C) Because Patrick rented the home for more than 14 days, he must report the income. He is also allowed to deduct a percentage of expenses such as utilities and depreciation to the extent of the income.
D) If you live in your house for more than 50 percent of the year, then it is treated as a personal residence and you cannot deduct any expenses such as utilities and depreciation on the home.
E) None of the above is true.

1. B
2. B
3. A
4. C
5. C
6. A
7. B

[troyes]

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