Introduction to Federal Taxation - Week Three

For a 24-year-old taxpayer with two dependents who is qualified to use the filing status of "head of household," what is the California AGI that will cause him to be required to file a tax return for 2022? a. $41,988 • b. $46,171 c. $58,724 • d. $40,000 Answer: a. $41,988

Writing Exercise  The following taxpayer letter was sent to you for a response. After reviewing the "Information Needed to Respond to Letter" below, write a response to the taxpayer.  Date of your response: September 30, 2023  Address of the taxpayer: 123 Main Street, Apt. 2, Madison, WI 53713 September 1, 2023 To Whom It May Concern: I am a 19 year old college student and worked two jobs in 2022. The total amount earned at those jobs was $7,500. I also had interest income of $460 from my bank account. My parents claimed me as a dependent on their tax return for 2022. Do I need to file a Wisconsin tax return? I have always been a resident of Wisconsin. Any help you can provide would be much appreciated. Sincerely, Jane Taxpayer Below are the Wisconsin filing requirements if you are a single person, full-year resident and claimed as a dependent: If either of the following applies you must file a Wisconsin income tax return: (1) Your gross income (total unearned income and earned…

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Question 13 of 15. A single taxpayer who is a dependent under age 65 has to file a tax return if their unearned income exceeds more than which amount? $1,100 $1,200 $4,200 $4,400 Mark for follow up

Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00

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Problem 3-37 (LO. 3, 7) Question Content Area Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800 interest from a money market account, and $300 interest from City of Chicago bonds. If an amount is zero, enter "0". Click here to access the 2022 tax rate schedule. a.   Determine the following:Taylor's standard deduction for 2022 is $fill in the blank a3fdd107d05dff8_1. Taylor's taxable income for 2022 is $fill in the blank a3fdd107d05dff8_2.   Question Content Area b.  Compute Taylor's "net unearned income" for the purpose of the kiddie tax.$fill in the blank 03fd17f9ef9a055_1 Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]$fill in the blank 03fd17f9ef9a055_2

Problem 3-30 (LO. 2) Determine the amount of the standard deduction allowed for 2023 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $13,600 from repairing cars. Amount of the Standard Deduction

Activity 5Answer the following questions below using the graduated tax table. Write your answer on the space provided after every questions.a. How much is the tax due on a taxable income of P150,000?Answer:b. How much is the tax due on a taxable income of P290,000?Answer:c. Ms. Carol earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms. Carol? Answer:d. Mrs. Emily married earns compensation income of P460,000 during 2019. How much 1s the tax due of Mrs. Emily? Answer: Week 5 ACTIVITIES 5 29 Fundamentals of Accountancy, Business and Management 2e. The payslip of Mr. Budoy shows the following information:Basic salary P348,000SSS contribution 6,976PhilHealth contribution 4,500Pag-IBIG contribution 1,210How much is the tax due to Mr. Budoy?Answer:

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Question 1 (150 word)                   Required: Discuss briefly whether the following amounts are deductible for the taxpayer (citing authority where appropriate).  The taxpayer runs a furniture delivery business, and due to speeding when delivering furniture, received a $200 fine. The taxpayer is a property developer that pays a bribe of $50,000 to a government official so that the property owned by the developer can be rezoned, meaning that the taxpayer will be able to have apartments built on it. A landlord pays $250 for a portable heater for their current and future tenants to use in the landlord’s investment property. The taxpayer is an engineering business and pays for a $400 restaurant dinner for a potential client and her husband in the hope that they will become long-term clients of the taxpayer.

Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Tax Liability Rua head of household $195,200

the form 1099 r evonne recieved has a code 4 in box 7 what amount it any will she need to pay as an additional tax on early distrutions

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Problem 1-15 Filing Status and Tax Computation (LO 1.5) Each of the following taxpayers has 2023 taxable income before the standard deduction as shown. Determine from the tax table provided, the amount of the income tax (before any credits) for each of the following taxpayers for 2023: Taxpayer(s) Filing Status Single MFS Allen Boyd Caldwell Dell Evans MFJ H of H Single Taxable Income Before the Standard Deduction $36,000 38,200 64,020 50,922 59,003 Income Tax $

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Schedule Z-If your filing status is Head of household If your taxable income is: The tax is: of the But not amount over- Over- over- $0 $13,850 10% $0 13,850 52,850 $1,385.00 + 12% 13,850 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,700 12,962.00 + 24% 84,200 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 45,210.00 + 35% 204,100 510,300 152,380.00 + 37% 510,300 Write the equation of the 5th row in y=mx+b form