Duke and Pat Collins have adjusted gross income.... Please give answer the general accounting question Duke and Pat Collins have adjusted gross incomeof $358,000. They have itemized deductions of$20,000 consisting of $8,000 in medical expensesthat exceed 10% of adjusted gross income, $3,000in property taxes, $4.000 in housing interest, and$5,000 in misc. itemized deductions that exceed2% of adjusted gross income. What is the amountof their itemized deductions?

Step 1: Define Gross IncomeGross income refers to an income earned from all the sources of income in…

Answered: Duke and Pat Collins have adjusted…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 41P

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Duke and Pat Collins have adjusted gross income of $358,000. They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 10% of adjusted gross income, $3,000 in property taxes, $4,000 in housing interest, and $5,000 in miscellaneous itemized deductions. What is the amount of their itemized deductions?
Jan, a single taxpayer, has adjusted gross income of $250,000, medical expenses of $10,000, home mortgage interest of $3,000, and property taxes of $2,000. View the standard deduction amounts. Requirement Should she itemize or claim the standard deduction? ... Select the labels and enter the amounts to calculate total itemized deductions. Then enter the standard deduction allowed. (Complete all input fields. Enter a "0" for amounts with a zero balance. Assume the tax year is 2023.) Itemized deductions Total itemized deductions
Sam and Diane are completing their federal income taxes for the year and have identified the amounts listed here. How much can they rightfully deduct? (Assume itemized deductions) AGI: $83,500 Medical and dental expenses: $9,350 State income taxes: $3,850 Mortgage interest: $10,900 Qualified charitable contributions: $1,650
Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? (LO3.2) Adjusted gross income, $42,140 Credit for child and dependent care expenses, $400 Amount for personal exemptions, $12,150 Itemized deductions, $11,240 Federal income tax withheld, $6,686 Tax rate on taxable income, 10 percent
Suppose that in the past year your only deductible expenses were $2000 in mortgage interest and $5000 in charitable contributions. If you are entitled to a standard deduction of $6100, then the maximum total deduction you can claim is how much? Choose the correct answer below. O A. $6100, because that is the sum of the deductible expenses O B. $6100, because that is the standard deduction OC. $7000, because that is the sum of the deductible expenses O D. $13,100, because that is the sum of the deductible expenses and the standard deduction O E. S7000, because that is the product of the deductible expenses O F. $13,100, because that is the product of the deductible expenses and the standard deduction
Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. Suppose your friend earned wages of $93,950, received $1,310 in interest from a savings account, and contributed $6,500 to a tax-deferred retirement plan. She is entitled to a personal exemption of $4050 and a standard deduction of $6,300. The interest on her home mortgage was $4,700, she contributed $2,300 to charity, and she paid $1,375 in state taxes. A) $95,260; $88,760; $78,410 C) $101,760; $97,710; $91,410 B) $101,760; $97,710; $89,335 D) $95,260; $88,760; $76,335
Assuming that Greg files as head of household and has an AGI of $205,000. His investment income includes $300 of taxable interest, $500 of dividends, and $5,000 of rental income. From these figures, determine his Medicare contribution tax.
Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction. A man is single and earned wages of $63,600. He received $390 in interest from a savings account. He contributed $510 to a tax-deferred retirement plan. He had $1650 in itemized deductions from charitable contributions. Solve His gross income is $ Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050
Find the gross income, the adjusted gross income, and the taxable income. A single man earned wages of $164,500, received $895 in interest from a savings account, and contributed $13,500 to a tax-deferred savings plan. He has itemized deductions totaling $19,150, which is more than the standard deduction of $18,800 for his filing status.
Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? (Do not round any intermediate calculations. Enter the amount as a positive value rounded to 2 decimal places.) Adjusted gross income Credit for child and dependent care expenses The result is a of $ 52,750 $ 480 Standard deduction Federal income tax withheld Tax rate on taxable income $ 24,800 $ 6,820 15 percent
If Samantha Jones had the followingitemized deductions, should she useSchedule A or the standard deduction? Thestandard deduction for her tax situation is$12.400.Donations to churchand other charities, $5,050Medical and dental expenses exceeding 10percent of adjusted gross income, $2,450Mortgage interest, $3,100State income tax, $2,920
Determine Jeremy's tax refund or taxes due. Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income Amount $ 106,000 0 (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability $ 106,000 21,900 (25,000) $ 106,000 (9) Child tax credit (10) Tax withholding Tax (refund) 2,000 10,000

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