29. Use the information below to compute the 2020 taxable income and tax liability for an unmarried taxpayer (age 52 with no dependents). Prepare an analysis showing each item and amount under the appropriate headings of (1) income, (2) gross income exclusions, (3) total gross income, (4) deductions for AGI, (5) AGI, (6) deductions from AGI, and (7) taxable income. Cash Received Interest on savings account Gift of money from parent Rent from farmland owned Proceeds of life insurance policy received upon parent's death Nondegree candidate fellowship, granted 8/20/18, of $450 per month for four months Net pay received (Gross salary of $33,000 less $7,440 state and federal income taxes, $2,046 social security taxes, and $479 Medicare taxes) Employer's share of health insurance premiums, $4,260 De minimis employee fringe benefits valued at $25 Company provided parking costing employer $300/month for 12 months Total cash received $ 1,728 1,000 30,000 40,000 1,800 23,035 $97,563 Cash Payments Expenses of farmland rental (real estate taxes) Personal living expenses Total cash payments $ 1,750 26,600 $28,350

29. Use the information below to compute the 2020 taxable income and tax liability for an unmarried taxpayer (age 52 with no dependents). Prepare an analysis showing each item and amount under the appropriate headings of (1) income, (2) gross income exclusions, (3) total gross income, (4) deductions for AGI, (5) AGI, (6) deductions from AGI, and (7) taxable income. Cash Received Interest on savings account Gift of money from parent Rent from farmland owned Proceeds of life insurance policy received upon parent's death Nondegree candidate fellowship, granted 8/20/18, of $450 per month for four months Net pay received (Gross salary of $33,000 less $7,440 state and federal income taxes, $2,046 social security taxes, and $479 Medicare taxes) Employer's share of health insurance premiums, $4,260 De minimis employee fringe benefits valued at $25 Company provided parking costing employer $300/month for 12 months Total cash received $ 1,728 1,000 30,000 40,000 1,800 23,035 $97,563 Cash Payments Expenses of farmland rental (real estate taxes) Personal living expenses Total cash payments $ 1,750 26,600 $28,350

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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