afstnent35. A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed $3500 to atax-deferred retirement plan. He was entitled to a personal exemption of $3800 and a standard deduction of $5950. Theinterest on his home mortgage was $8400, he contributed $2700 to charity, and he paid $1250 in state taxes. Find hisgross income, adjusted gross income, and taxable income. Base the taxable income on the greater of a standard(Simpily your anawer.) < 54,400+1200= 55,600(Simplily your answer)55,600 -350 0 =52,100(Simplity your answer.)- 52,100 - (12350t 3800)deduction or an itemized deduction.Iteuize dedu ch asHis gross income is $55,60084002700l250His adjusted gross income is $52,100(Simplify your answer.)His taxable income is $35,950The prmoneinalis borrotheremp In question # 35, how much isthe total itemized deductionthat is used to find taxableincome? What is taxableincome?

Itemized deduction includes: 1. Interest expense: Home Mortgage interest on acquisition in debtness.…

Answered: A man earned wages of $54,400, received…

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.Kevone is single and works for a local tech firm. He earned $87,000 last year in taxable wages, had $850 in interest on his savings. He contributed $3500 to an IRA. For deductions, he paid $8500 in real estate taxes, paid $2000 in sales taxes, paid $1500 for memberships in professional organizations, and made a $1000 gift to charity. He is eligible for $4000 in various tax credits. (Use the table below for marginal tax rates, standard deductions and exemptions.) Tax Rate Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption $4050 (per person) Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 (b) What is Kevone's AGI? $4050 (a) What is Kevone's gross income? Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350…
Malcolm Moore, single, had medical expenses of $5,000 last year and was able to deduct $3,000 of them. He was reimbursed $4,500 of these expenses this year by his insurance company. His total itemized deductions last year were $19,000. What amount must he include in this year's tax return as gross income?
Shafron, Inc. is a calendar year-end, cash method taxpayer. It provides consulting services for various clients in the local community. Shafron, Inc. had the following transactions in 2020. Determine the tax treatment for each transaction. For credit, you must round your answer to the NEAREST DOLLAR. Do NOT enter the dollar sign in your answer - only enter the numbers (e.g., X,XXX). For example, one thousand dollars should be entered as 1,000. Enter zero (i.e., “0”) where necessary. (a) On March 15, 2020, Shafron, Inc. received $30,000 from JBD, Inc. for business consulting services. Shafron, Inc. estimated the project will take 6 months and began working on the project on April 1, 2020. How much (if any) of the payment is included in Shafron, Inc.’s gross income? $ (b) Shafron, Inc. purchases an 18-month liability insurance policy. Per the contract with the insurance company, Shafron, Inc. paid the entire cost of the insurance coverage ($36,000) on November 1, 2020. The coverage…
1. Alfred Morneau earned gross pay of $640. Each period he makes a 401(k) contribution of 7% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $58,300.Total Social Security tax = $ 3. Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $158,900.Total Social Security tax = $
Suppose you made $70,390 of income from wages and $178 of taxable interest. You also made contributions of $6400 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 3900 and the exemption is 5900 per exemption. What is your Taxable Income? Answer to the nearest dollar.
A man earned wages of $49, 700 received $1300 in interest from a savings account, and contributed $3700 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3800 and had deductions totaling $7140. Find his gross income, adjusted gross income, and taxable income. His gross income. His adjusted income. His taxable income.
A man earned wages of $35,000, received $2,500 in interest from a savings account, and contributed $3,800 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3,200 and had deductions totaling $5,220. Find his taxable income.
A woman earned wages of $ 54500. She recieved $ 2900 in interest from a savings account. Contributed $ 3600 to a tax deferred retirement plan. she was entitled to a pesonal exemption of $ 3300 and had deductions totaling $ 5130. Find her gross income Adjusted Gross Income Taxable Income
An investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865
During 2021, taxpayer, who is not self-employed, paid the following expenses: $13,000 for health insurance premiums, $3,000 to doctors and hospitals for medical treatment. $1,250 for prescription drugs, $130 for over-the-counter cold remedies, and $4,000 for cosmetic surgery to improve Taxpayer's appearance. In addition, Taxpayer received $2,000 in reimbursements from their health insurance company during the year. If Taxpayer's AGI is $110,000, determine the amount of itemized deduction for medical expenses Taxpayer may deduct after all applicable limitations. $7,000 $7,130 $8,250 $9,000 $11,000
Suppose you made $59,065 of income from wages and $639 of taxable interest. You also made contributions of $2700 to a tax deferred retirement account. You have 1 dependents and file as single. The standard deduction is 12800 and the exemption amount is 4400 per exemption. What is your Gross Income? Answer to the nearest dollar. hp
You are filling out your 1040 form for tax season. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax table, you find you should have paid $3,016 in Federal Taxes. Do you get a refund or do you owe the government money? Why?

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