[jeff]

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

[WANNABE_CPA]

@mamabear, do you have a note on this..Social security % of exclusion as per marginal tax rate?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[WANNABE_CPA]

Lets get it down then… I ll post the %

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

My notes say:

If income > $34K, use the lesser of

1. 85% of SS benefits received

2. 85% of excess of provisional income (modified AGI + SS benefit) > $34K PLUS the smaller of A. 1/2 SS benefit or B. $4,500

My shorter version of the ninja explanation. Still not sure how to memorize that one. I hate long formulas with OR and LESSER OF. Bleh

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

I dnt have any, i am trying to make a quick one..

Low income :below 25000/32000 None taxable

Lower middle income :Less than 50% are taxable

Middle income:above 25000/32000 :50% is taxable

Upper middle income: 50%-85% taxable

upper income: 34000/44000 : 85% taxable

Thats what becker says…but i dnt undestand the in between categories

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

I've never seen a question with anything less than 85% taxable so do you think it is a good idea to just know the 85% one and not try to memorize the rest of them?

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

I think just say if income less than 34K then btw 50%-85% or if 32k -34k then 50%.

Either 85% or 50% , rest we can work out with question and see what looks right

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

Sounds good. You ready for another one?

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

4–Klein, a master's degree candidate at Briar University, was awarded a $12,000 scholarship from Briar in 2014. The scholarship was used to pay Klein's 2014 university tuition and fees. Also in 2014, Klein received $5,000 for teaching two courses at a nearby college. What amount is includible in Klein's 2014 gross income?

A. $0

B. $5,000

C. $12,000

D. $17,000

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

yup bring it on….lol

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[WANNABE_CPA]

4. B ?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

Nailed it! B is correct!

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

5–Clark bought Series EE U.S. savings bonds after 1989. Redemption proceeds will be used for payment of college tuition for Clark’s dependent child. One of the conditions that must be met for tax exemption of accumulated interest on these bonds is that the: A. purchaser of the bonds must be the sole owner of the bonds (or joint owner with her or his spouse).

B. bonds must be bought by a parent (or both parents) and put in the name of the dependent child.

C. bonds must be bought by the owner of the bonds before the owner reaches the age of 24.

D. bonds must be transferred to the college for redemption by the college rather than by the owner of the bonds.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

Hello????? Frozen again. This is going to be a long night if it does this at the bottom of every page.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

yes it did froze…

5.A?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

You're on a roll!

6–Smith is a member of the U.S. Armed Forces (an enlisted person) and is assigned to service in Iraq (a designated combat zone) for a period that begins on January 20 of the current year and ends on May 5 of the current year. How many months of military pay may Smith exclude from gross income for the current year?

A 3

B. 4

C. 5

D. 12

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Author]

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