Wgu Problems in Accounting Aca1 -Complete Course All 6 Tasks Essay

4126 Words Oct 29th, 2014 17 Pages
WGU Problems in Accounting ACA1 -COMPLETE COURSE All 6 Tasks

IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwnerd.com/WGU-Problems-in-Accounting-ACA1-COMPLETE-COURSE-All-6-Tasks-1791.htm?categoryId=-1 If You Face Any Problem E- Mail Us At Contact.Hwnerd@Gmail.Com This tutorial contains the attachments for the entire ACA1 Problems in Accounting course. These attachments passed the Taskstream evaulations.
Task 1 is based on the financials of Fan Company A and includes the calculations necessary to complete the financial statements and a brief discussion commenting on the need for reconciling book income for a partnership to taxable income for that partnership for tax purposes.
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Book income and taxable income may vary due to different accounting methods used (accrual vs. cash) or from various temporary and permanent differences. These occur because of the different reporting rules between GAAP which is used in reporting book income and the Internal Revenue Code which is used in reporting taxable income. It is important to reconcile these two forms of reporting income in order to prevent errors resulting in improper tax payments and/or improper partnership distributions. ACA1 TAX TREATMENTS FOR INDIVIDUAL RETURNS (TASK 302.2.3) Recommended Tax Filing Status: There are five filing statuses available for taxpayers according to the IRS. They are:
Married Filing Separately
Married Filing Jointly
Head of Household
Qualifying Widow(er) with dependent child The recommended tax filing status for this couple is married filing jointly. This couple will qualify for 2 personal exemptions and 3 dependency exemptions for their 3 children. They are allowed exemptions for all 3 children because they are all under the age of 19 and all live in the household. They are not allowed exemptions for Spouse B’s mother because they did not provide over half of the support for her for the year. Her rent, food, and other family contribution to her support totals $7,000 and she gives them $7,920 per year from her Social Security income. A1. Recommendation Explained The married filing jointly status is most

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