Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,400 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is Camille's taxable income?
Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,400 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is Camille's taxable income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Comprehensive Problem 4-57 (LO 4-1, LO 4-2, LO 4-3) (Algo)
[The following information applies to the questions displayed below.]
Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in
Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of
$82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 of
alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,400 of expenditures that
qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.)
Comprehensive Problem 4-57 Part-a (Algo)
a. What is Camille's taxable income?
Description
Ar
(1)
Gross income
(2) For AGI deductions
(3) Adjusted gross income
$
(4) Standard deduction
(5) Itemized deductions
(6)
Taxable income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F55f7e17a-bf33-4c09-981d-d6d267ec0a99%2F3641aa3a-ec59-49ea-a7e8-5025bd27dc08%2Fs05ushc_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Comprehensive Problem 4-57 (LO 4-1, LO 4-2, LO 4-3) (Algo)
[The following information applies to the questions displayed below.]
Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in
Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of
$82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 of
alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,400 of expenditures that
qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.)
Comprehensive Problem 4-57 Part-a (Algo)
a. What is Camille's taxable income?
Description
Ar
(1)
Gross income
(2) For AGI deductions
(3) Adjusted gross income
$
(4) Standard deduction
(5) Itemized deductions
(6)
Taxable income
Transcribed Image Text:2020 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over: But not over:
The tax is:
$
$ 9,875
$ 40,125
$ 85,525
$163,300
$207,350
$518,400
$ 9,875
$ 40,125
$ 85,525
$163,300
$207,350
$518,400
10% of taxable income
$987.50 plus 12% of the excess over $9,875
$4,617.50 plus 22% of the excess over $40,125
$14,605.50 plus 24% of the excess over $85,525
$33,271.50 plus 32% of the excess over $163,300
$47,367.50 plus 35% of the excess over $207,350
$156,235 plus 37% of the excess over $518,400
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over:But not over:
The tax is:
$
$ 19,750
$ 80,250
$ 19,750
$ 80,250
$171,050
10% of taxable income
$1,975 plus 12% of the excess over $19,750
$9,235 plus 22% of the excess over $80,250
$29,211 plus 24% of the excess over $171,050
$66,543 plus 32% of the excess over $326,600
$171,050
$326,600
$414,700
$326,600
$414,700
$622,050
$94,735 plus 35% of the excess over $414,700
$167,307.50 plus 37% of the excess over $622,050
$622,050
Schedule Z-Head of Household
If taxable income is over:But not over:
$ 14,100
$ 53,700
$ 85,500
$163,300
$207,350
$518,400
The tax is:
10% of taxable income
$ 14,100
$ 53,700
$ 85,500
$163,300
$207,350
$518,400
$1,410 plus 12% of the excess over $14,100
$6,162 plus 22% of the excess over $53,700
$13,158 plus 24% of the excess over $85,500
$31,830 plus 32% of the excess over $163,300
$45,926 plus 35% of the excess over $207,350
$154,793.50 plus 37% of the excess over $518,400
Schedule Y-2-Married Filing Separately
If taxable income is over: But not over:
The tax is:
$
$ 9,875
$ 40,125
$ 85,525
$163,300
$207,350
$311,025
$ 9,875
$ 40,125
$ 85,525
$163,300
$207,350
10% of taxable income
$987.50 plus 12% of the excess over $9,875
$4,617.50 plus 22% of the excess over $40,125
$14,605.50 plus 24% of the excess over $85,525
$33,271.50 plus 32% of the excess over $163,300
$47,367.50 plus 35% of the excess over $207,350
$83,653.75 plus 37% of the excess over $311,025
$311,025
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