13.Samir is single and 55 years of age, and has gross income of $58,000 in 2019. His expenses are as follows: Alimony paid (divorced in 2013) $15,000; Charitable contributions 3,000 Contribution to a traditional IRA 5,000, Interest on home mortgage and property taxes on residence 6,000; and State income tax 3,200. What is Samir's AGI for 20192 A.S19,800, B.$30,000. CS35,000. D.S38,000 E.None of these answers.

13.Samir is single and 55 years of age, and has gross income of $58,000 in 2019. His expenses are as follows: Alimony paid (divorced in 2013) $15,000; Charitable contributions 3,000 Contribution to a traditional IRA 5,000, Interest on home mortgage and property taxes on residence 6,000; and State income tax 3,200. What is Samir's AGI for 20192 A.S19,800, B.$30,000. CS35,000. D.S38,000 E.None of these answers.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1
Assume Edgar (age 45), a single taxpayer, has total itemized deductions of $19,252 for 2019, which includes 1. $10,000 of taxes (he paid $10,773 in state income taxes), and 2. qualified, deductible medical expenses. In 2020, Edgar receives a $414 refund of his 2019 state income taxes. How much of the refund must be included in his income for 2020? The standard deduction for 2019 for a single taxpayer was $12,200.
Compute the taxable income for 2022 for Emily on the basis of the following information. Her filing status is single. Salary Interest income from bonds issued by Xerox 1,100 Alimony payments received (divorce occurred in 2014) 6,000 Contribution to traditional IRA 6,000 Gift from parents 25,000 Short-term capital gain from stock investment Amount lost in football office pool Age $85,000 2,500 500 40
am.107.
For 2021, Casey, who is single, has itemized deductions of $15,000. The standard deduction for the single filing status is $12,550. If she receives a reimbursement in 2022 of $3,000 from her medical insurance company for expenses that she deducted in 2021, how much of the $3,000 is included in gross income for 2022?
Garrett Gibbons is an unmarried person who is 74 years old. He has the following income during 2020: Fully taxable pension Interest from First Bank Taxable portion of Social Security Benefits (in other words, don't calculate this!) $27,000 $2,000 $7.900 He has no Adjustments to Income and his itemized deductions are $4,500. What is Garrett's Income Tax Liability for 2020? USE THE TAX RATE SCHEDULES APPEARING IN APPENDIX A. DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER! IF YOU GET A DECIMAL AMOUNT IN YOUR FINAL ANSWER, ROUND UP THE ANSWVER TO THE NEXT WHOLE DOLLAR AMOUNT.
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $304,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part b (Algo) b. She sets up an individual 401(k).
Evan is single and has AGI of $277,300 in 2023. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the 7.5%-of-AGI limitation) Interest on home mortgage State income taxes Real estate taxes Charitable contributions $31,000 8,700 9,500 3,600 2,500 After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim? Do not round intermediate calculations. Round medical deduction and final answer to the nearest dollar. Evan's total itemized deduction is $ 26,403
Faith, a single taxpayer, age 81, forgot to take her 2021 required minimum distribution (RMD) from her traditional IRA. Her account balance on December 31, 2020, was $240,000. What is her excess accumulations penalty? $24,000 $13,408 $6,704 $0
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $314,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution
Subject - account Please help me. Thankyou .
For each situation listed indicate the amount to be included in income for current year. The federal interest rate of 5.5% is in effect. Linda collected $42,000 on a life insurance policy from her husband, Leon's death. The insurance policy was provided by Leon's employer, and the premiums were excluded from Leon's gross income as group term life insurance. The policy face value was $40,000.