Ethel and Cletus are

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Ethel and Cletus are married but have been not speaking to each other for 6 months. Cletus moved out of their house in November of 2022. Although Ethel's CPA has advised her to file as married filing jointly on her 2022 tax return, she refuses to communicate with Cletus to accomplish the filing. So, she files her return as married filing separate and includes the following information on her tax return. Her CPA sent a copy to Cletus to help him in filing his return. Cletus has $50,000 in wages and only $3,500 in itemized deductions. What is Cletus's taxable income for 2022?

Ethel's Tax Information:

Gross Income

For AGI deductions:

AGI

From AGI deductions:

Itemized deductions

Taxable income Ethel):

$80,000

30.000

$50,000

7.000

$43.000

a. $24,100

b. $30,600

c. $37,050

d. $46,500 

Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education