eBook Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $124,000 in salary. She received $16,500 of dividend income. She received $6,000 of interest income on Home Depot bonds. She received $23,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $8,000. She received $9,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $5,800. Mary only has allowable itemized deductions of $5,800, so she will take the standard deduction of $12,400. The standard deduction is subtracted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. 1.) What is Mary's federal tax liability? Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to the nearest cent. $ 2.) What is her marginal tax rate? Do not round intermediate calculations. Round your answer to one decimal place. % 3.) What is her average tax rate? Do not round intermediate calculations. Round your answer to two decimal places. %

eBook Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $124,000 in salary. She received $16,500 of dividend income. She received $6,000 of interest income on Home Depot bonds. She received $23,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $8,000. She received $9,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $5,800. Mary only has allowable itemized deductions of $5,800, so she will take the standard deduction of $12,400. The standard deduction is subtracted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. 1.) What is Mary's federal tax liability? Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to the nearest cent. $ 2.) What is her marginal tax rate? Do not round intermediate calculations. Round your answer to one decimal place. % 3.) What is her average tax rate? Do not round intermediate calculations. Round your answer to two decimal places. %

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 2BCRQ

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In each of the following problems, identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify. Ariel has worked for Sander Corporation for 30 years. Sander has a pension plan in which it matches employee contributions by up to 5 percent of the employees salary. Ariel, who is single, retires during the current year when she is 66 years old. Her pension plan contains payments and earnings of 300,000, half of which are attributable to payments made by Ariel and half attributable to payments made by Sander. Under the plan, Ariel is to receive 2,000 per month until she dies.
How much taxable income should each of the following taxpayers report? a. Kimo builds custom surfboards. During the current year, his total revenues are 90,000, and he incurs 30,000 in expenses. Included in the 30,000 is a 10,000 payment to Kimos five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives 9,000 in salary and 8,000 in tips. In addition, she engages in illegal behavior, for which she receives 10,000.
Soong, single and age 32, had the following items for the tax year 2019: Salary of 30,000. Interest income from U.S. government bonds of 2,000. Dividends from a foreign corporation of 500. Sale of small business 1244 stock on October 20, 2019, for 20,000. The stock had been acquired two years earlier for 65,000. Business bad debt of 4,000. Nonbusiness bad debt of 5,000. Sale of small business 1244 stock on November 12, 2019, for 4,000. The stock had been acquired on June 5, 2019, for 800. Sale of preferred stock on December 4, 2019, for 40,000. The stock was acquired four years ago for 18,000. Total itemized deductions of 25,000 (no casualty or theft). a. Determine Soong's NOL for 2019- b. Assuming that Soong had taxable income for each of the last five years, deter mine to which years the 2019 NOL should be applied.
Mary Jarvis is a single individual who is working on filing her taxreturn for the previous year. She has assembled the following relevant information:●● She received $82,000 in salary.●● She received $12,000 of dividend income. She received $5,000 of interest income on Home Depot bonds.● She received $22,000 from the sale of Disney stock that was purchased 2 years priorto the sale at a cost of $9,000.●● She received $10,000 from the sale of Google stock that was purchased 6 monthsprior to the sale at a cost of $7,500.●● Mary receives one exemption ($4,050), and she has allowable itemized deductions of$7,500. These amounts will be deducted from her gross income to determine her taxableincome.Assume that her tax rates are based on the tax tables presented in the chapter.a. What is Mary’s federal tax liability?b. What is her marginal tax rate?c. What is her average tax rate?
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Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $120,000 in salary. • She received $16,000 of dividend income. • She received $8,700 of interest income on Home Depot bonds. • She received $23,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,000. • She received $10,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,200. • Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below.
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $96,000 in salary.She received $11,500 of dividend income.She received $9,000 of interest income on Home Depot bonds.She received $23,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $9,700.She received $9,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,700.Mary only has allowable itemized deductions of $6,700, so she will take the standard deduction of $12,400. The standard deduction is subtracted from her gross income to determine her taxable income.Assume that her tax rates are based on Table 3.5. Taxable income = 130,400 Tax Bracket: $85,525-163,300 Pay amount on base of bracket: $14,605.50 Plus this percentage on excess: %24 Average tax rate at top of bracket: %20.4 What is Mary's federal tax liability? Enter your answer as a…
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $100,000 in salary. She received $20,000 of dividend income. She received $4,100 of interest income on Home Depot bonds. She received $24,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,900. She received $15,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,700. Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. a) What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round…
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $116,000 in salary.She received $16,000 of dividend income.She received $5,200 of interest income on Home Depot bonds.She received $24,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,500.She received $12,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $4,000.Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations. What is her marginal tax rate? Round your answer to 1 decimal place. What is her average tax rate? Round your answer to 2 decimal places.
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $134,000 in salary. She received $20,000 of dividend income. She received $3,400 of interest income on Home Depot bonds. She received $21,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,900. She received $13,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,900. Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. Open spreadsheet What is Mary's federal tax liability? Round your answer…