Ava who files single, has AGI of $58,000 and incurred the followingmiscellaneous itemized deductions this year:Union dues and work uniforms: $350Home office expenses: $1,200Unreimbursed employee expenses: $415Gambling losses to the extent of gambling winnings: $890.What is Ava's total itemized deduction (after any percentage limit)

Union Dues and Work Uniforms: These expenses were previously deductible under miscellaneous itemized…

Answered: Ava who files single, has AGI of…

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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Amir, who files single, has AGI of $58,000 and incurred the following miscellaneous itemized deductions this year:Union dues and work uniforms: $350Home office expenses: $1,200Unreimbursed employee expenses: $415Gambling losses to the extent of gambling winnings: $890.Amir's total miscellaneous itemized deduction after any limitation is
An employee works 47 hours (47 - 40 were overtime hours) during a workweek in October of 2023. The employee earns $46/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $1163,050 during the present year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $
This year Riley files single and reports modified AGI of $81,000. Riley paid $1,200 of interest on a qualified education loan. What amounts can Riley deduct for qualifying education interest? Multiple Choice The deduction for qualifying education interest is $1,200, The deduction for qualifying education interest is $1,000 The deduction for qualifying education interest is $720
Ann files single and reports AGI of $40,000. This year she has incurred the following medical expenses: Speech therapy 500 Dentist charges $ 1,000 Physicians' fees 2,800 Knee surgery 400 Cost of eyeglasses 250 Hospital charges 1,330 Prescription drugs 300 Over-the-counter drugs 75 Medical insurance premiums (not through an exchange) 1,200 Calculate the amount of medical expenses that will be included with Ann's itemized deductions.
c. Clem paid self-employment tax of $15,300 (the employer portion is $7,650), and Wanda had $3,000 of Social Security taxes withheld from her pay. Deductible amount for AGI
Tina Chatwood is single with no dependants. During the year she had the following amounts deducted from her salary of $70,000: CPP premiums 2,898 El premiums 856 Income tax 4,300 Based on this information, what amount is closest to Tina's total federal tax credits for 2020 that can be claimed on her return. $0 $750 $2,734 $2,547
s
Karen is single. Last year she earned $37,300 in wages. Additional tax information for the year is as follows: interest earned: $135; capital gains from sale of stock: $1,650; penalty on early withdrawal of savings: $400; contributions to Keogh retirement fund: $1,800; real estate taxes paid: $3,000; mortgage interest paid: $3,500. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Find the taxable income for the year.
At the end of the first pay period of the year, Sofia earned $4,000 of salary. Withholdings from Sofia's salary include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $500 of federal income taxes, $160 of medical insurance deductions, and $10 of life insurance deductions. Compute Sofia's net pay for this first pay period. Gross pay FICA Social Security FICA Medicare Federal income taxes Medical insurance deduction Life insurance deduction Total deductions Net pay
Benito has $5,486 carry-forward balance from unused RRSP contribution room in the prior year. He had a salary income of $62,867 last year. The maximum contribution for the year is the lesser of $26,500 or 18% of prior year's earned income. He and his employer each contributed 3% of his salary to a defined contribution pension plan. Investment income totaled $6,500 from interest and dividends in the prior year. How much could Benito contribute to his RRSP this year?
An employee works 51 hours (51 - 40 were overtime hours) during a workweek in December of 2021. He earns $10,000/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $144,100 during the year. He has requested that his employer withhold 9% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $
Mary Matthews made $950 during a biweekly pay period only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company's 401k. Determine Matthews take home pay if she is married and claims 2 allowances. (Use Wage Bracket Method) Round your answer to two decimal place.

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