On August 8, 2011, Holly purchased a residential apartment building. The cost basis assigned to the building is \$800,000. Holly also owns another residential apartment building that she purchased
on June 15, 2011, with a cost basis of \$500,000. a. Calculate Holly’s total depreciation deduction for the apartments for 2011 using MARCS. b. Calculate Holly’s total depreciation deduction for the apartments for 2012 using MARCS.
no it is not out yet unfortunately check back later
Original conversation
User: On August 8, 2011, Holly purchased a residential apartment building. The cost basis assigned to the building is \$800,000. Holly also owns another residential apartment building that she purchased on June 15, 2011, with a cost basis of \$500,000. a. Calculate Holly’s total depreciation deduction for the apartments for 2011 using MARCS. b. Calculate Holly’s total depreciation deduction for the apartments for 2012 using MARCS.

Weegy: no it is not out yet unfortunately check back later
dokidoki|Points 471|

User: a. The first year of depreciation on a residential rental building costing \$200,000 purchased May 2, 2011.

User: Which of the following statements with respect to the depreciation of real property under MACRS is correct? a. Real property is depreciated using a half-year convention. b. Only one-half year of depreciation is allowed in the year of acquisition of real property, regardless of the actual date the property is placed in service. c. Assuming the property is not disposed of during the year, the depreciation deduction for the second year of use of the real property will be greater than the depreciation deduction in the first year. d. In some cases, where a significant amount of property is acquired during the last quarter of the taxpayer’s tax year, the taxpayer may be required to use a mid-quarter convention in calculating depreciation on real property. e. None of the above

Weegy: a. Real property is depreciated using a half-year convention.

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Asked 6/16/2012 1:54:14 PM
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Discuss the appropriateness of FICA tax: OASDI (old age, survivors, and disability insurance) and Medicare (hospital insurance). . Are percentages fair, too high, or too low? Should we have a maximum base for Social Security and/or Medicare? Why or why not?
Weegy: "FICA" redirects here. [ For other uses, see FICA (disambiguation). Part of a series on Taxation Taxation in the United States Federal taxation Authority · History Internal Revenue Service (Court • Forms • Code • Revenue) Taxpayer standing Income tax · Payroll tax Alternative Minimum Tax Estate tax · Excise tax Gift tax · Corporate tax Capital gains tax State and local taxation State income tax State tax levels Sales tax · Use tax Property tax Land value tax Federal tax reform[show] Tax protesting[show] Taxation by country[show] v t e Federal Insurance Contributions Act (FICA) tax ( /'fa?k?/) is a United States payroll (or employment) tax[1] imposed by the federal government on both employees and employers to fund Social Security and Medicare[2] —federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits for the elderly. The amount that one pays in payroll taxes throughout one's working career is associated indirectly with the social security benefits annuity that one receives as a retiree.[citation needed] This has caused some to claim that the payroll tax is not a tax because its collection is tied to a benefit.[3] The United States Supreme Court decided in Flemming v. ] (More)
Question
Asked 6/10/2012 6:41:19 AM
Discuss the appropriateness of these provisions. Are percentages fair, too high, or too low? Should we have a maximum base for Social Security and/or Medicare? Why or why not?
Question
Updated 9/10/2013 7:36:58 PM
Percentages are too low, and have been for years. Rates have been set and monitored during a period of unprecedented population growth and lengthening of people's life spans. Retirement ages are also set too low, although some extension of the full retirement age has occurred. Medicare is exploding in demand and cost, to add to the funding problem.

There should not be a maximum wage to be social security or medicare taxed. Not enough income is subject to these retirement contributions. That is changing in 2013, when medicare taxes will be levied on capital gains. This gives an opportunity for revenues to be collected from non-earned income, which is a tremendous change.

Until health care costs can be controlled in this country (we are the only country in the free world without controls on medical costs), medicare funding will not meet current and future medicare commitments.
Added 9/10/2013 7:36:58 PM
1. Phan Mai is a single taxpayer with two dependent children under age 17. Phan estimates her wages for the year will be \$36,000 and her itemized deduction will be \$11,000. Assuming Phan files as head of households, use Form W-4 on pages 9-35 ad 9-36 to determine the number of withholding allowances Phan should claim.
Weegy: Each year when you file your income tax return, you have to choose between using the standard deduction (a flat amount) or claiming your actual allowed deductions, called itemizing. [ [ If your actual expenses exceed the standard deduction, you'll save money by itemizing. What's the Difference Between the Standard Deduction and Exemptions? The standard deduction is a flat amount that you deduct from your taxable income if you don't itemize, and shouldn't be confused with exemptions, which you're entitled to whether you itemize or not (unless your income exceeds certain limits). Either way, for 2008 you get a \$3,500 personal exemption for yourself, \$3,500 for your spouse, and up to \$3,500 for each person you can claim as a dependent. Personal exemptions are phased out at certain income levels. ] If you would like help with this further, please provide us more information on the W-4 form and contact a Weegy PRO. ] (More)
Question
Asked 6/11/2012 11:51:55 AM
1. Phan Mai is a single taxpayer with two dependent children under age 17. Phan estimates her wages for the year will be \$36,000 and her itemized deduction will be \$11,000. Assuming Phan files as head of households, what is the appropriate number of allowances
Weegy: what is ur questions? User: what is the appropriate number of allowances she should clam> Weegy: 23,000 (More)
Question
Asked 6/11/2012 11:58:11 AM
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