Answered: 1. Daniel Rockland arrived at the… | bartleby

CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 43P

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1. Daniel Rockland arrived at the following tax information:
Gross salary, $52,740
Dividend income, $120
Standard deduction, $13,850
Interest earnings, $55
Contribution to IRA, $1,000
What amount would Daniel report as federal taxable income? (LO3.2)

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Daniel Simmons arrived at thefollowing tax information:Gross salary,$62,250Dividend income,$140Standarddeduction, $12,400Interest earnings,$75Adjustments toincome, $850 What amount would Daniel report astaxable income?
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