[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

[Anonymous]

@Bill Knight (not sure how to link you either!)

That's my understanding as to why they get the credit, because they're old. Same reason they get add'l deductions for being old + blind.

[demarcon]

@hasy I used Roger for BLaw, he's pretty good at explaining everything.

I don't think I am breaking any disclosure rules when I say know your separately stated items!!!!!

[Bill Knight]

@emsmith06 that makes sense. I'm going to do my best to remember individual AMT and just hope I don't get anything on the corporate side. Good luck

[HoosierCPA]

Well @demarcon…how'd it go?!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[demarcon]

@dtatham10 Gleim sims are really good, Gleim MCQs are totally unnecessary. Know your basis and know your separately stated items. I had a few surprises that I had no idea about, hopefully those were pretest… And two of my SIMs were kinda vague. I'm 50/50 on how I did, which makes sense because I had a lot of 50/50 questions.

[HoosierCPA]

@demarcon doesn't sound too bad. How were mcq's?

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[demarcon]

About as tricky as Ninja MCQs. It's hard to determine since they don't give you the correct answer right after you choose an answer lol

[HoosierCPA]

haha true. Well congrats on getting the test over with! I don't know how much studying I will be doing tomorrow-I've typically always taken the day off before an exam to decompress but I think I might study till noon and call it quits seeing as how this exam has had my number.

I'm hunting and pecking through Gleim to find basis sims and separately stated items!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[RE2PECT]

@demarcon- Sounds like you rocked it! How many times did you go through the Gleim sims? I agree that the mcq's are way over the top. I was averaging 72 on Ninja after a little over 3000 attempts and I'm only averaging 65 with Gleim.

@StickyNicky- Saw your post in the exam thread. Looks like you might pull it off!

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[demarcon]

@RE2PECT I went through each tax/property basis sim twice and the law/ethics once.

Don't go too nuts on AMT. Just know what's not allowed at a high level. Watch Jeff's video on YouTube

[HoosierCPA]

I feel like @demarcon can't objectively answer my questions anymore!

But does anyone think its necessary to memorize this? I was given wages paid to the employee and it wants me to calc the taxes paid on that employee by memorizing all these tax rates. Seems like a lot.

Cash paid to an employee is deductible by the employer. Additionally, the employer may deduct the cost of FICA and FUTA taxes paid. The employer must pay 6.20% of the first $118,500 of wages paid for Social Security tax plus 1.45% of all wages for Medicare tax. FUTA tax is 6.00% of the first $7,000 of wages paid to each employee. Thus, Post has deductible FICA tax expense of $9,087 [($118,500 × 6.20%) + ($120,000 × 1.45%)] and deductible FUTA tax expense of $420 ($7,000 × 6.00%). Therefore, Post has gross profit of $70,493 ($200,000 revenue – $120,000 compensation – $9,087 FICA taxes – $420 FUTA taxes)

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[539Mayor]

So is the target exam results Dec 16th?

I took the exam yesterday and am back to studying until I see the results.

I think I'm just going practice 4-6 sims (and review what I didn't get right) and do 1 or 2 comprehensive 30 mcq sessions.

[Namstut]

@dtatham, I didn't have one single question in Becker review course that would include all these numbers! I am not even going to read through the detail you posted! My test is tomorrow, the head is crowded as it is and I think at this point for every new piece of information I will be losing one for one of what I've retained. 🙂

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[HoosierCPA]

@namstut haha I agree. If we are unlucky enough to get this question then so be it..I'll take my chances and spend my time focusing on other areas.

Good luck on your exam tomorrow!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Namstut]

@dtatham10, I was searching for something that would put ordinary income and seprately stated items together in an easy format. Here ya go!

Ordinary Income/Expense Items
Gross Profit
Ordinary Income from Form 4797
Salary and wages (nonpartners)
Guaranteed Payments (partners)
Repairs and Maintenance
Bad Debts
Rent
Taxes and Licenses
Interest Expense
Depreciation
Retirement Plans
Employee Benefits
other Ordinary Expenses

Separately Stated Income/Expense Items
Net Income from Rental Real Estate
Net Income from Other Rentals
Interest Income
Tax-Exempt Income
Guaranteed Payments (partners)
Dividends
Capital Gains and Losses
Royalty Income
Section 1231 Gains and Losses
Charitable Contributions
Section 179 Expense
Tax Credits

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Author]

Replies