Adjusted gross income
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A:
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Q: Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer…
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Q: Roquan, a single taxpayer, is an attorney and practices as a sole proprietor. This year, Roquan had…
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Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022.…
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Bob Paris is the promotions director for Power 105, a local radio station. He is single and claims two exemptions. Last year Bob earned a salary of $2,450 per month from the station and received a $3,500 Christmas bonus. In addition, he earned royalties of $3,250 from a song he wrote, which was recorded and made popular by a famous musical group. Bob's itemized deductions amounted to $1,850 and he is entitled to a tax credit of $1,765. If the radio station withheld $325 per month for income tax, what is Bob's: Adjusted gross income
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- Bill is a CPA practicing as a sole proprietorship and files Form 1040, Schedule C. He attended a 3-day conference in 2020 in Washington DC on the new tax law. His wife Carol and their two children joined him on the trip. They stayed two extra days for sightseeing in Washington DC. Costs included the conference registration $600, airfare $500 roundtrip per person, taxi $50 from airport to hotel for the group (no additional costs for extra passengers), taxi $70 from hotel to airport for the group (no additional costs for extra passengers), hotel $350 per night for the group (would have been only $275 had only one person been staying at the hotel), meals $100 per day per person (ignore any standard per diem rates that might apply for meals). They also went to a Washington Capitals hockey game at the end of the first day of the conference, at a cost of $800 total for the group. What deduction, if any, is Bill entitled to report on his Schedule C?HansabenCharlotte Taylor is 24 years old and single, lives in an apartment, and has no dependents. Last year (2018) she earned $53,000 as a sales assistant for Office Furniture Rentals; $6,810 of her wages was withheld for federal income taxes. In addition, she had interest income of $234. The standard deduction in 2018 was $12,000 for single. Note that personal exemptions were suspended for 2018. Refer to Exhibit 3.3 for the appropriate tax rate schedule. a. Estimate her taxable income.$ b. Estimate her tax liability. Round the answer to the nearest cent. Use unrounded values in later calculations. (Hint: Use the tax rate schedules given in Exhibit 3.3 to determine her tax liability.)$ c. Estimate her tax refund or tax owed. Enter tax owed, if any, as negative amount. Round the answer to the nearest cent.$
- Jack is a commission salesperson. Jack is required to pay his own expenses and does not receive an allowance from his employer. During the year his gross salary was $60,000 and he received $20,000 in commissions. He incurred and paid the following expenses earning the income: Description Advertising Client entertainment Travel Costs Amount $10,000 11,000 10,000 What is Jack's maximum employment expense deduction under section 8 for 2022? Do not use commas or dollar signs. A/ What is Jack's maximum employment expense deduction under section 8 for 2022, if Jack does not receive commission income?Kyle provides landscaping services to a number of clients. In filing his current-year income tax return, Kyle excluded revenue received from cash customers. If Kyle is found guilty of fraud, he may be subject to all of the following except: a. Other penalties as provided by law. b. A fine for not more than $250,000. c. Being held responsible for the costs of prosecution. d. Imprisonment for not more than 2 yearsMoose received a Form W-2 for $60,000 which showed his federal income tax withheld amount was $7,000. Suzie has a residential rental property (cost basis $270,000) which was rented for the whole year for $2,000 per month. Property taxes on the residential rental property: $3,700 and property insurance: $1,785. Suzie spent $500 fixing the sprinklings system and $5,000 for a new roof after a hailstorm. Moose got lucky and won $4,000 gambling on a trip to Las Vegas. Suzie sold her old car for $4,000. She had originally paid $8,000 for it. She also sold a parcel of land for $7,500 on March 7, 2022. She purchased it on January 5th of 2000 for $5,000. What is the taxable income?
- Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021 income tax computation. He provided you with the following information: Gross salary $7,000,000 per year. As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted. He sold shares held in NCB for $200,000. Making a gain of $35,000. As part of his compensation, he receives a meal allowance of $6,000 per week. The company also pays his son school fees for $70,000 per term. (Assume three terms) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. 7. He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. 8. During the year he paid quarterly estimated tax totaling $80,000 Required List the filing and…Jeremy (unmarried) earned $100, 800 in salary and $6,800 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,800 in itemized deductions, including $ 2,000 of charitable contributions to his church. (Use the tax rate schedules.) Required: Determine Jeremy's tax refund or taxes due. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,550. What is Jeremy's tax refund or tax due including the tax on the capital gain? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Assume the original facts except that Jeremy has only $4,500 in itemized deductions. Assume the charitable contribution deduction for non- itemizers applies to 2022. What is Jeremy's tax refund or tax due?Mr A is a florist. He owns a delivery van which is primarily used for collecting supplies and making deliveries to customers. However, outside of regular business hours, Mr A uses the van for personal errands, such as shopping and driving his children to school. Throughout the Tax Period, Mr A recorded the mileage of his business and personal journeys. The mileage records revealed that journeys made for a business purpose accounted for 60% of the use of the van, while the remaining 40% of use related to Mr A’s personal use of the van. Mr A’s accounting income for the tax period is AED 4,500,000. Vehicle expenses were calculated to be AED 120,000. What is Mr A's tax liability?
- Mr. A is in the trading business. On June 2, 20A, he purchased an office equipment with a useful life of three years for P950,000, VAT not included. How much was the input tax?Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well Resort. He has requested that your firm assist with the preparation of his 2021 income tax computation. He provided you with the following information: a) Gross salary $7,000,000 per year. b) As a retired teacher, he receives a monthly pension of $75,000 from the Accountant General. PAYE of $225,000 was deducted. c) He sold shares held in NCB for $200,000. Making a gain of $35,000. d) As part of his compensation, he receives a meal allowance of $6,000 per week. e) The company also pays his son school fees for $70,000 per term. (Assume three terms) f) Income from the rental of his personal investment property was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. g) He receives dividend of income of 127,500 (net) form investment held at JMMB. $22,500 withheld at source. h) During the year he paid quarterly estimated tax totaling $80,000 Required 1.…Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $10,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy’s tax refund or tax due including the tax on the capital gain?
