Erik (52) and Donna (56) are married and filing jointly for 2022. Donna made $102,000 in 2022 and has a retirement plan at work. Erik is unemployed and had no income at all. How much can they collectively put into an IRA for the 2022 tax year and how much is deductible?
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Erik (52) and Donna (56) are married and filing jointly for 2022. Donna made $102,000 in 2022 and has a retirement plan at work. Erik is
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- Angelica cashed out her 401(k) in 2021 and the total distribution was $8,000. She used the money to take a cruise with her Mom and Dad. Angelica had no other income in 2021. Angelica is single, 30 years old, and subject to the Additional Tax of 10% for an early distribution. Does she have to file a Form 1040 for Tax Year 2021? O Yes O NoToby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $ $ 6,700 Nancy Filing Single $ $ $ 85,800Lauren, an unmarried taxpayer at 43 years old, is a participant in her employer's qualified retirement plan. In 2022, she had an AGI of $72,000, which was comprised of $68,000 in earned wages and $4,000 in interest and dividends. Given her participation in the qualified plan, what is the highest deduction Lauren can take for the current year for her traditional IRA?
- In 2022, Miranda records net earnings from self-employment of $102,000. She has no other income. Determine the amount of Miranda's self-employment tax. $15,825.10 $15,606.00 $14,412.14 $11,680.43 $12,325.54 $15,300Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2021 they have a total of $42,000 in wages and $300 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $6,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 a. What is the amount of Rahul and Ruby's adjusted gross income?Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2022, their AGI is $213,000. Jackson and Ashley each earned half of the income. How much can Ashley contribute to her Roth IRA if they file a joint return?
- Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2019. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b Date of original divorce or separation agreement (see instructions). _________3 Business income or (loss). Attach Schedule C. _________4 Other gains or (losses). Attach Form 4797. ________5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.…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.Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2020). In 2020, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is considering setting up a retirement plan.What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. She sets up a SEP IRA. b.She sets up an individual 401(k).
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