[jeff]

I’ve had a few requests for April/May Study Groups…March will be here before you know it.

In order to take an early April exam, you should begin studying…now. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Lindrobe]

@On2Sum, hopefully 5/27 is a lucky day for both of us! I scheduled that day so that I will have the long holiday weekend for final review.

FAR 12/3/14, 87
AUD 2/3/14, 90
BEC 4/1/14, 88
REG 5/27/14, 94

Licensed CPA, Indiana

"Successful people do things that unsuccessful people don't want to do"

[MikeHoncho]

@golfball Good luck tomorrow

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[golfball7773]

Thanks! I am thinking of taking it easy tonight and reading through my notes.

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[Lindrobe]

Good luck, golfball! You can do it!

FAR 12/3/14, 87
AUD 2/3/14, 90
BEC 4/1/14, 88
REG 5/27/14, 94

Licensed CPA, Indiana

"Successful people do things that unsuccessful people don't want to do"

[zxiao]

Rescheduled on 28th.I'm so scared about this test. Good luck to everyone.

For people who's using Becker, I have a question about R1, the 8th one in the second problem on Sim 1.

Schedule C revenues of 50,000, COGS of 10,000, Office Supplies of 1,000, Business Meals of 4,000, FICA taxes of 2,600, and Salary to the Sole Proprietor of 25,000. The question is asking what amount is included in tax return and what amount is excluded. The answer for included is 37,000, solved by: 50,000-10,000-1,000-2,000. For the excluded one, I don't really see an answer. The solution is: FICA taxes of 5,200 is approximate (actual is 5,228), 50% is an adjustment to arrive at AGI and 50% is nondeductible. Salary to self is a draw (not a deduction). Does this mean the answer is 0 for excluded amount?

Thank you

I Can Do This!!!!!

BEC: 89
AUD: 99
REG: 93
FAR: 8/2/2014

[Topsya]

Hey @zxiao

Im really confused by your example from Becker.

What does this mean????

” FICA taxes of 5,200 is approximate (actual is 5,228), 50% is an adjustment to arrive at AGI and 50% is nondeductible.”

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[zxiao]

@Topsya That's exactly what the solution writes…

I Can Do This!!!!!

BEC: 89
AUD: 99
REG: 93
FAR: 8/2/2014

[Topsya]

so weird…..

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[zxiao]

I don't know where the actual FICA comes from. And I thought 2,600 is the total FICA (both employer's and employees parts). It seems that the FICA is already deducted by half… I'm so confused with FICA problems, are we supposed to know how to calculate it? SS and medicare?

I Can Do This!!!!!

BEC: 89
AUD: 99
REG: 93
FAR: 8/2/2014

[JMOR]

I think what they are trying to say is that the self employment tax (FICA) is not deductible as a business expense, 50% of it is deductible to arrive at AGI. The only other thing excluded is 50% of the business meals ($2,000).

REG - 86
FAR - 74,
BEC - 72,
AUD -73,

[h0wdyus]

@Topsya.

Individuals normally deduct one-half of their total self Employment tax FOR AGI. In 2011 and 2012 though the deduction for AGI equals 59.6% of 10.4% of OASDI tax , plus one-half of their 2.9% Medicare Tax.

OASDI is 4.2% of self employment income ( Cap on wages110100) + 1.45% of self employment income is Medicare Tax. THIS is for the employee. The employer continues to deducte 6.2% of OASDI and 1.45 % for Medicare Tax.

The OASDI total is 10.4% ( 4.2% and 6.2% ) and Medicare total is 2.9%( 1.45%+ 1.45%). Grand total is 13.3%.

So 13.3% of self employment income is self employment Tax. In year 2012 only 59.6% of 10.4% is deductible while 50% of 2.9% is deductible. Wiley Mod 35 Page 461 2013 book.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[Anonymous]

Anyone have a link or document listing the Q2 exemption amounts?

[zombiecpa]

Confused…

Does sec. 351 property includes CASH?

(in order to qualify for 80% tax free transfer)

FAR 85
AUD 83
BEC 76
REG 90

[Topsya]

@Sunni there are links for that?

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[Topsya]

@zombiecpa yes it does. Only SERVICES excluded

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[Author]

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