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ACC 307 Week 1 Chapter 5 Homework

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Chapter 5: 17, 25, 35, 40, and 57

Question 17

Wilbur has been offered a job at a salary that would put him in the 25% marginal tax bracket. In addition to his salary, he would receive health insurance coverage. Another potential employer does not offer health insurance but has agreed to match the first offer on an after-tax and insurance basis. The cost of health insurance comparable to that provided by the other potential employer is $9,000 per year. How much more in salary must the second potential employer pay so that Wilbur’s financial status will be the same under both offers?


Question 25

Dolly is a cash basis taxpayer. In 2014, she filed her 2013 South Carolina income tax return and received a $2,200 refund. Dolly took the standard deduction on her 2013 Federal income tax return, but will itemize her deductions in 2014. Molly, a cash basis taxpayer, also filed her 2013 South Carolina income tax return in 2014 and received a $600 refund. Molly had $12,000 in itemized deductions on her 2013 Federal income tax return, but will take the standard deduction in 2014. How does the tax benefit rule apply to Dolly’s and Molly’s situations? Explain.


Question 35

Adrian was awarded an academic scholarship to State University for the 2014–2015 academic year. He received $6,500 in August and $7,200 in December 2014. Adrian had enough personal savings to pay all expenses as they came due. Adrian’s expenditures for the relevant period were as follows:

  • Tuition, August 2014 $3,700
  • Tuition, January 2015 3,750
  • Room and board
    • August–December 2014 2,800
    • January–May 2015 2,500
  • Books and educational supplies
    • August–December 2014 1,000
    • January–May 2015 1,200

Determine the effect on Adrian’s gross income for 2014 and 2015.


Question 40

Mauve Corporation has a group hospitalization insurance plan that has a $200 deductible amount for hospital visits and a $15 deductible for doctor visits and prescriptions. The deductible portion paid by employees who have children has become substantial for some employees. The company is considering adopting a medical reimbursement plan or a flexible benefits plan to cover the deductible amounts. Either of these plans can be tailored to meet the needs of the employees. What are the cost considerations to the employer that should be considered in choosing between these plans?


Question 57

Fran, who is in the 35% tax bracket, recently collected $100,000 on a life insurance policy she carried on her father. She currently owes $120,000 on her personal residence and $120,000 on business property. National Bank holds the mortgage on both pieces of property and has agreed to accept $100,000 in complete satisfaction of either mortgage. The interest rate on the mortgages is 8%, and both mortgages are payable over 10 years. What would be the tax consequences of each of the following alternatives assuming that Fran currently deducts the mortgage interest on her tax return?

a. Retire the mortgage on the residence.

b. Retire the mortgage on the business property.

Which alternative should Fran select?


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