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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Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $49,100 870 110 39744.5 3,650 7,880 1,860 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Taxable income
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Using the formula and methodology demonstrated in class, calculate the income tax for an individual who has: • $171,691.00 of income from all sources • $3,877.00 in Exclusions • $12,167.00 in Adjustments • $14,865.00 in below-the-line Deductions • $730.00 in Credits For the purposes of this question, assume this is an individual taxpayer. Also assume a standard deduction of $12,550.00. In calculating the tax, use the following tax rates and brackets: Answer: Income Up to $9,950 $9,951 to $40,525 Rate 10% 12% $40,526 to $86,375 22% $86,376 to $164,925 24% $164,926 to $209,425 32% $209,426 to $523,600 35% $523,601 and more 37% 32,872.42 x (27,078.44)
Jared Goff, of Los Angeles, determined the following tax information: gross salary, $85,000; interest earned, $2,500; IRA contribution, $4,500; and standard deduction, $12,200. Filing single, calculate Jared's taxable income and tax liability.

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