Colonel Dundee is domiciled in California. In 2022, he was stationed in Texas all year on permanent change of station orders. His only income was $93, 600 in military pay. Is he a resident or nonresident of California and is he required to file a California tax return? Resident. Yes. Resident. No. Nonresident. Yes. Nonresident. No.
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- Paige is a commissioned Navy officer and a lifelong Oregon resident. In 2021, she earned $8,400 in nontaxable combat pay while stationed overseas in a combat zone. She earned an additional $9,800 while stationed in South Korea. In May, she was transferred back to Oregon where she earned $29,000. Paige included $38,800 of her military pay in her federal AGI. How much is Paige's military pay subtraction on her Oregon return? $9,800 $15,800 $18,200 $38,800Mr. Victor, Age 66, retired in 2022. He is single. Prior to retiring, Mr. Victor received a $5,000 bonus plus $8,400 in wages. After he retired, he received $12,000 in Social Security benefits. Does Mr. Victor have to file a 2022 income tax return? Why or why not? Yes. Victor is required to file because he made in excess of $5,000 which is the required filing threshold. O Yes, Victor must file because he received earned income. No. Victor's does not have to file because his gross income is less than the standard deduction. O No. Victor does not have to file because he is over age 65 and retired and you are not required to file.During 2022, a divorced taxpayer with no dependents received or paid the following in 2022: 1. Wages (teacher) 2. Municipal bond interest 3. Qualified dividends 4. Inheritance from mother 5. Student loan interest paid 6. Gambling winnings 7. Gambling losses 8. Unemployment compensation 9. HCC tuition scholarship 10. Alimony paid to ex-spouse (divorced 2021) 11. Qualifying medical expenses 12. State income tax withholding 13. Personal property taxes on car 14. Charitable contributions 15. Rental property expenses Required: Using the letter code only, identify the tax treatment for each of the above numbered items as (a) inclusion, (b) exclusion, (c) for AGI deduction, (d) itemized deduction, (e) not deductible, (f) preferred tax treatment. More than one letter code may apply to a given numbered item. If a limitation applies to any of the numbered items, state the primary relevant dollar or percentage limitation.
- Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry’s gross salary in 2022:$96,000 ignore non-refundable tax credits for this problem Using Table A, 2022 tax rates, calculate Gerry’s taxes payable Gerry’s Taxes Payable Calculate Gerry’s average tax rate and marginal tax rate: Tax calculation Average tax rate Marginal tax rate Table AWhich dependent must file a 2022 California income tax return? Jackson (5), is an unmarried dependent of another taxpayer. His California gross income is $1,600 and his California adjusted gross income (AGI) is $1,600 (all from interest). Levi (16), is an unmarried dependent of another taxpayer. His California gross income is $1,300 and his California AGI is $1,300 (all from wages). Theo (17), is an unmarried dependent of another taxpayer. His California gross income is $1,500 and his California AGI is $1,500 ($1,400 wages plus $100 interest). Wyatt (18), is an unmarried dependent of another taxpayer. His California gross income is $3,500 and his California AGI is $3,500 ($3,250 wages plus $250 ordinary dividends).in 2023 (for 2022 tax returns filed in 2023), Taxpayer X and Taxpayer Y each agree to pay their tax preparer, Randy, from the refund they receive from the IRS. Upon presenting their refund checks to Randy, Randy pays them the difference in cash. Randy then endorses both checks and deposits them into his account. Randy has a Power of Attorney for Taxpayer X, but no Power of Attorney for Taxpayer Y. A. Randy is subject to a penalty of $110 B. Randy is subject to a penalty of $55 C. Randy is a subject to a penalty of $560 D. Randy is a subject to a penalty of $1,120
- In 2023, Jack, age 12, has interest income of $6,540 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $88,150 and file a joint return. Assume that no parental election is made. Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is 2,200 X 264 X. 264 X.Toni is single, aU.S. citizen, and she is 32 years old. Toni works for Alled Insurance in New York City. On January 1, 2020, she was transferred lo Alled Insurance's Tororto, Caneda office and ved and worked in Toronto for the next 345 days. For 2020, Toni has only one source of income, her salary of $182,000, and has no itemized deductions. Per the IRS, the Foreign Eamed Income Exclunion for 2020 is $107,600. 1) Calculate Toni's Foreign Income Exclusion for 2020. 2) Calculate Toni's Adjusted Gross Income (AGI) for 2020. 3) Calculate Toni's Taxable Income for 2020. 4) What is Toni's income tax expense for 2020. MacBook AirIn 2022, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability rounded to the nearest dollar, totals $_____. Explain.