Tax Form Exercises

Question

Question 1: Calculate the alternative tax measured by income plus compensation:
A. Add the unallocated entire net income from line 81 and the total salaries and compensation paid to the officers and stockholders from line 61. If line 81 is a loss, subtract it from line 61.
B. Deduct \$15,000 (or a proportionate part if the return is for a period of less than one year) from the amount computed at item A above.
C. Multiply the result of item B above by 30% (.30).
D. Multiply the amount in item C above by the allocation percentage from line 45.
E. Multiply the result by 9% to compute the tax.

Question 2: Review this New York return and locate the taxable amount. (hint: it is also the limitation)

Question 3: Go to Schedule D.
Please calculate the missing number on lines 48, 49, and 52.
Line 48
Line 49
Line 52

Question 4: Please read the return instructions and figure out the amount for lines 7, 9a, and 9c. You will need your answers above to complete this question.

Line 7 Line 9a Line 9c Part 3
1. You are on the phone with a client and the client begins to explain their dissatisfaction with the software and/ or service they previously received. How do you address this situation?

2. There is a question about how a particular portion of a tax return should calculate and the instructions are not specific. How would you handle this situation and ensure that you are calculating and interpreting the form correctly?

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