Hannah is a teacher, single, had gross income of $50,000, and incurred the following expenses:Charitable contributionTaxes and interest on homeLegal fees incurred in a tax disputeMedical expensesSupplies for her third grade classHer AGI is:Xa. $49,700.b. $39,750.c. $39,700.d. $40,000.$2,0007,0001,0003,000350

Adjusted Gross Income -The Internal Revenue Service (IRS) utilises your adjusted gross income (AGI)…

Answered: Charitable contribution Taxes and…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 3CPA

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
Boyd Salzer, an unmarried individual, has $226,400 AGI consisting of the following items: Salary Interest income $189,500 7,150 12,400 17,350 Dividend income Rental income from real property Required: a. Compute Mr. Salzer's Medicare contribution tax. b. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.
Bernie is a former executive who is retired. This year Bernie received $192,500 in pension payments and $19,600 of social security payments. What amount must Bernie include in his gross income? Multiple Choice 1. $192,500. 2. $202,300. 3. $209,160. 4. $212,100. 5. Zero.
For 2018, Roberta is a self-employed truck driver with earnings of $45,000 from her business. During the year, Roberta received $2,500 in interest income and dividends of $500. She also sold investment property and recognized a $1,500 gain. What is the amount of Roberta’s self-employment tax (Social Security and Medicare taxes) liability for 2018? a. $2,790 b. $3,443 c. $6,358 d. $6,885 e. $7,344
Boyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary Interest income $ 214,000 3,800 Dividend income 11,100 Rental income from real property 17,500 1. Compute Mr. Salzer's Medicare contribution tax. 2. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.
Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? a. $0 b. $2,401 c. $3,341 d. $3,692 e. $6,164
Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's Schedule C net profit The income tax deduction for Reyna's SE tax was $3,532. Elton contributed the maximum to a Section 401(k) plan, and Reyna contributed the maximum to a SEP plan. Both spouses contributed $2,750 to their IRAS. $ 254,000 50,000 Required: Compute their AGI. Note: Round your intermediate calculations to the nearest whole dollar amount. AGI Answer is complete but not entirely correct. $ 304,000
Carol makes the following business gifts during the tax year. Calculate Carol's allowed deduction for each business gift and her total allowed deduction. If an amount is zero, enter "0". Donee Amount Deduction 1. Mr. Jones (a client) $20 $fill in the blank 1 2. Mr. Brown (a client) 32 fill in the blank 2 3. Mrs. Green (a client) received a $15 gift while herhusband, Mr. Green (a non-client) received an $18 gift 33 fill in the blank 3 4. Ms. Gray (Carol's supervisor) 45 fill in the blank 4 5. Mr. Edwards (a client) receiving a display rack with Carol's company name on it 75 fill in the blank 5 6. Various customers (receiving ball point pens with the company name on them) 140 fill in the blank 6 Total business gift deduction $fill in the blank 7
Sd Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? a. $0 b. $2,401 c. $3,341 d. $3,692 e. $6,164
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Charitable contribution Taxes and interest on home Legal fees incurred in a tax dispute Medical expenses Supplies for her third grade class Her AGI is: X a. $49,700. b. $39,750. c. $39,700. $2,000 7,000 1,000 3,000 350