church $ 2,500 real estate taxes on primary residence $ 5,000 mortgage interest paid on primary residence (<$im) $ 8,000 steven's business revenue $60,000 steven's business expenses $15,000 required: using the tax formula format, determine the following for the post's 2020 tax year (show all calculations): a. all income b. income exclusions (if any) c. gross income (including steve's se profit)
steven (age 40) and lori (age 39) post are married. lori works as a retail manager and steven is a self-employed architect (he does not qualify for the qbi deduction) and does not maintain a home office. their 2020 tax and other information are as follows: salary — lori $90,000 federal income tax withholding on salary $18,000 ct state income tax withholding on salary $ 6,000 ct municipal bond interest $ 2,000 savings account interest $ 1,500 inheritance from steven's father's estate $ 7,000 dividends from rgr, inc (all are non-qualified) $ 4,000 interest paid on loris's personal car loan $ 2,000 child support paid to steven's ex-wife $10,000 alimony paid to steven's ex-wife. divorced in 2010 $ 6,000 qualified out of pocket medical expenses $ 5,000 donations to church $ 2,500 real estate taxes on primary residence $ 5,000 mortgage interest paid on primary residence (<$im) $ 8,000 steven's business revenue $60,000 steven's business expenses $15,000 required: using the tax formula format, determine the following for the post's 2020 tax year (show all calculations): a. all income b. income exclusions (if any) c. gross income (including steve's se profit) d. deductions for agi e. adjusted gross income f. itemized deduction or standard deduction amount g. qualified business deduction federal income taxes midterm exam h. taxable income income tax liability j. self-employment tax liability k. net tax due or refund (show calculation) remember: this is for the 2020 tax year. you must use appropriate 2020 amounts for standard deduction, exemptions, and tax calculations. you are not required to use tax forms. show all calculations print your name on your mid-term. all mid-terms are printed and graded manually.
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