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4. In 20x4, Taxpayer is single with net investment income of $18,000 and modified adjusted gross income of $270,000. What is the amount of Taxpayer's net investment income tax for the year? A $2,660 B 0 C 690 D 760 E None of the above 5. Taxpayers, filing as married joint, report adjusted gross income of $198,000 for 20x9. During 20x9, Taxpayer redeems several Series EE U.S. savings bonds, receiving $20,000 of principal and $4,000 of interest income. Assuming that Taxpayer has $15,000 of qualifying higher education expenses, how much of the $4,000 of interest income may she exclude on her 20x9 federal income tax return? A $2,500 4,000 6. B C 0 D 2,000 E None of the above Judith Jones, single, reports four sales of capital assets during 20x3, as set out below. Long-term capital gain Long term capital loss $4,000 12,000 Short term capital loss 1,000 Short term capital gain 2,000 Taxpayer's only other income for the year was salary of $80,000. What is Taxpayer's AGI for the year? ABCDE $80,000 73,000 86.000 70,000 None of the above

4. In 20x4, Taxpayer is single with net investment income of $18,000 and modified adjusted gross income of $270,000. What is the amount of Taxpayer's net investment income tax for the year? A $2,660 B 0 C 690 D 760 E None of the above 5. Taxpayers, filing as married joint, report adjusted gross income of $198,000 for 20x9. During 20x9, Taxpayer redeems several Series EE U.S. savings bonds, receiving $20,000 of principal and $4,000 of interest income. Assuming that Taxpayer has $15,000 of qualifying higher education expenses, how much of the $4,000 of interest income may she exclude on her 20x9 federal income tax return? A $2,500 4,000 6. B C 0 D 2,000 E None of the above Judith Jones, single, reports four sales of capital assets during 20x3, as set out below. Long-term capital gain Long term capital loss $4,000 12,000 Short term capital loss 1,000 Short term capital gain 2,000 Taxpayer's only other income for the year was salary of $80,000. What is Taxpayer's AGI for the year? ABCDE $80,000 73,000 86.000 70,000 None of the above

FINANCIAL ACCOUNTING
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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4. In 20x4, Taxpayer is single with net investment income of $18,000 and modified adjusted gross income of $270,000. What is the amount of Taxpayer's net investment income tax for the year? A $2,660 B 0 C 690 D 760 E None of the above 5. Taxpayers, filing as married joint, report adjusted gross income of $198,000 for 20x9. During 20x9, Taxpayer redeems several Series EE U.S. savings bonds, receiving $20,000 of principal and $4,000 of interest income. Assuming that Taxpayer has $15,000 of qualifying higher education expenses, how much of the $4,000 of interest income may she exclude on her 20x9 federal income tax return? A $2,500 4,000 6. B C 0 D 2,000 E None of the above Judith Jones, single, reports four sales of capital assets during 20x3, as set out below. Long-term capital gain Long term capital loss $4,000 12,000 Short term capital loss 1,000 Short term capital gain 2,000 Taxpayer's only other income for the year was salary of $80,000. What is Taxpayer's AGI for the year? ABCDE $80,000 73,000 86.000 70,000 None of the above
Transcribed Image Text:4. In 20x4, Taxpayer is single with net investment income of $18,000 and modified adjusted gross income of $270,000. What is the amount of Taxpayer's net investment income tax for the year? A $2,660 B 0 C 690 D 760 E None of the above 5. Taxpayers, filing as married joint, report adjusted gross income of $198,000 for 20x9. During 20x9, Taxpayer redeems several Series EE U.S. savings bonds, receiving $20,000 of principal and $4,000 of interest income. Assuming that Taxpayer has $15,000 of qualifying higher education expenses, how much of the $4,000 of interest income may she exclude on her 20x9 federal income tax return? A $2,500 4,000 6. B C 0 D 2,000 E None of the above Judith Jones, single, reports four sales of capital assets during 20x3, as set out below. Long-term capital gain Long term capital loss $4,000 12,000 Short term capital loss 1,000 Short term capital gain 2,000 Taxpayer's only other income for the year was salary of $80,000. What is Taxpayer's AGI for the year? ABCDE $80,000 73,000 86.000 70,000 None of the above
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