2019 Taxable Income   Gross income   Less: Adjustments to income   Adjusted gross income   Less: Deductions

Q: Six years ago in January, Janet contributed $4,800 to a spousal RRSP for her husband, Chris. Two…

A: RRSP is a retirement plan savings account which helps in tax savings. This plan can be purchased for…

Q: his year, Janelle received $200,000 in life insurance proceeds. The proceeds related to a life…

A: Taxable income is the portion of an individual's or a company's income that is used to determine how…

Q: Kai is a single filer. For each of the next two tax years (2023 and 2024), Kai expects to report AGI…

A: The taxable income is the amount of income which is used to calculate an individual's or entity's…

Q: On 1 July 2019 Mary acquired a little boat for $12343. It was for her personal use. Mary borrowed…

A: Capital gain/loss refers to any gain or loss on sale a capital asset. A qualifying asset is an asset…

Q: A woman earned wages of $48,200, received $2100 in interest from a savings account, and contributed…

A: Gross income - The gross income refers to the income which is earned before taxes or other…

Q: 28. In 2020, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program.…

A: Hi student Since there are multiple questions, we will answer only first question

Q: K Chuck has $58,000 of salary and $11,850 of emized deductions. Casey has $86,000 of salary and…

A: Tax refers to the amount charged by the government from the individual and organisation on the…

Q: Calculate Adjusted Gross

A: You generally must include in your gross income all amounts you receive as rent. Rental income…

Q: Required information [The following information applies to the questions displayed below.] Jackson…

A: For the total contributions you make each year to all of your traditional IRA and  Roth IRAs can't…

Q: Mr. and Mrs. Garcia paid $6,900 to Mrs. Garcia's mother for the entire year to take care of their…

A: The expenses done on children which are dependent on you may claim as deductions in the income tax…

Q: In 2020, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real…

A: By taking ordinary income and incorporating disallowed items and credits including state and local…

Q: Keith's employer reimbursed him $5,000 as part of a employee educational assistance plan. How much…

A: Under current tax laws in the United States, certain employer-provided educational assistance…

Q: or any Since Kathy does not for Kathy in 20227 ✔ itemize, she is entitled to a s 600 X deduction for…

A: Itemized deductions are expenses that taxpayers can report on their tax returns to reduce their…

Q: Katherine's only income for 2020 consisted of 60000 in wages and 2000 in interest income. She is 50…

A: Individual Retirement Account (IRA) is defined as an account in which individuals invest their…

Q: 10. Eileen pays $14,000 of interest related to her purchase of investments. During the current year,…

A: When you borrow money and invest in investment products than some interest expenses can be deducted…

Q: 22.Which of the following gifts would probably be taxable to the person receiving the gift? One…

A: 22.Which of the following gifts would probably be taxable to the person receiving the gift? Answer…

Q: 1. In 2020, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She…

A: Qualified tuition Program (QTP) Contribution in the QTP including earnings is exempt if it used to…

Q: During 2022, Marvin had the following transactions. Marvin does NOT itemize his deductions. Salary…

A: After certain deductions have been taken into account, a person's adjusted gross income (AGI) is…

Q: Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries…

A: Particulars  Amount ($) Salary received by Omran & Salama 150,000 Less: Interest on Capital…

Q: Wendy is a single taxpayer and pays tuition of $7,800 in 2020. Her 2020 AGI is $66,000. What is the…

A: (1) As per the provisions of IRS in 2020 the Single Taxpayers whose AGI up to $ 65,000 can claim a…

Q: .  What is Donna's charitable contribution deduction? The stock is treated as ordinary income…

A: Charitable contribution: Charitable contribution can be defined as donation made to any non-profit…

Q: Problem 4-29 Part-a (Algo) a. Determine Jeremy's tax refund or taxes due. Description (1) Gross…

A: The gross income means the total of all the incomes that are earned by the taxpayer. The gross…

Q: n 2019, Sarah makes taxable gifts aggregating $295,000. Her only other taxable gifts amount to…

A: Tax liability refers to the net amount of tax imposed and due on the income earned by an entity or…

Q: Real estate taxes Mortgage interest expense Utilities & maintenance Depreciation $6,200 $12,000…

A: Rental Income -: Rental Income in financial Terms is simply the earning earned from a property that…

Q: Joanna, age 44, defers $24,000 in a qualified Solo § 401(k) plan in 2020.   What amount must be…

A: 401(k) plan: It is a plan designed to fund the retirement benefits of the employees. Under this…

Q: In 2023. Steven and Elyse withdrew $5.000 from a 529 plan (qualified tuition plan) to pay for their…

A: 529 plan is a plan which is created to help for educational expenses. The plan is of two types. One…

Q: For the holidays, Marty gave a watch worth $25,000 to Emily and jewelry worth $40,000 to Natalie.…

A: Tax is a charge levied by the government on the income earned by individuals. Taxes are levied on…

Q: Sonja (47) took a distribution of $20,000 from her 401(k) plan in 2022 and used the funds to help…

A: When withdrawals are made from a retirement plan before age 59.5 years, the amount is taxed at 10%…

Q: Q1.  Maria donated $80,000 cash to a public charity in 2020.

A: Ans to Q 1.           As per IRS provisions for public charity for individuals…

Q: Darlene, age 35, and Devin, age 36, are martied. Darlene earns $48,000, and Devin earns $41,000.…

A: Correct option is C i.e contribution $12,000 & deduction $6000

Q: Compute the appropriate amount of 2019 additional Medicare tax for Mario, a single individual. His…

A: Additional Medicare Tax charged 0.9% on wages in excess of $200,000 for persons.

Q: Rachel died in 2023 and her executor is finalizing her estate tax return. The executor has…

A: Estate tax planning refers to designating the successor or nominee for one's estate after their…

Q: akes out a $200,000 home equity loan to put an addition on the main home.  Both loans are secured by…

A: Income interest is a borrowing expenditure that may be deducted from taxable income by filing a…

Q: Ellen, made a cash contribution to a local homeless shelter (a 501(c)(3) charity) in 2022. If Ellen…

A: The annual gross income means the total of the all the incomes that is earned by the taxpayer. The…

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: Tax benefit rule has been provided by Internal Revenue Service. This tax benefit rule provides that…

Q: Ellen, made a cash contribution to a local homeless shelter (a 401(c)(3) charity) in 2021. If Ellen…

A: If Donation is made to Qualified public charity then and the Assessee itemized deduction then he can…

Q: Jack a widower, died late last year (2020) with a gross estate of $10 million. Jack made one taxable…

A: The federal estate tax is computed after the death of the taxpayer to calculate the tax liability on…

Q: Grady is a member of a large family and received the following payments this year. For each payment,…

A: Realized income refers to the actual amount of income that an individual or entity has earned and…

Q: Calculate Mrs. Salmon's minimum taxable benefit for the use of the automobile.

A: When an employee is given access to a company car and the employee uses it for personal purposes a…

Q: Assume Edgar (age 45), a single taxpayer, has total itemized deductions of $19,252 for 2019, which…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: What is Garrett's Income Tax Liability for 2020?

A: Garrett's Income Tax Liability for 2020: Total Income= $36,900 (27,000+2,000+7,900) Itemized…

Q: Every year, John makes a donation to the United Way. She gave $3,250 in 2020. Calculate her…

A: Donations: Donations are the amounts made to charitable institutions like public trusts,…

Q: Chad has $65,000 of salary and $11 450 of itemized deductions Catin has $92,000 of salary and…

A: Taxable income refers to the amount on which tax is to be charged and paid to the state, local and…

Q: Sonia contributed $110,000 to superannuation as a non-concessional contribution in 2021/22.…

A: Superannuation is just a retirement plan as well as the investment plan. It is compulsory for the…

Q: sjjajahwbwb

A: Step 1:SEP IRA Meaning is given belowSEP(Simplified Employee Pension) IRA is specially designed for…

Q: In 2019, Madison makes taxable gifts totaling $5.25 million. Her only other taxable gifts amount to…

A: * As per Bartleby policy, if multiple questions are asked then answer first three only. 1. Total…

Q: Barbara purchased a new Honda Clarity electric vehicle in 2019 for $36,000. Her federal tax credit…

A: Tax credits means a rebate provide by the  by the government on some special circumstances. It is…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.