for tax year 2023, a taxpayer has the following income items: $200,000 wages, sales of primary residence for $250,000, $40,000 alimony paid, $25,000 life insurance proceeds, $4,500 traditional ira contribution. What is the adjusted gross income for the taxpayer?

for tax year 2023, a taxpayer has the following income items: $200,000 wages, sales of primary residence for $250,000, $40,000 alimony paid, $25,000 life insurance proceeds, $4,500 traditional ira contribution. What is the adjusted gross income for the taxpayer?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 35P

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Determine from the tax table in Appendix A the amount of the income tax for each of the following taxpayers for 2019:
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A taxpayer needs help identifying and understanding their Adjusted Gross Income (AGI) for the tax year of 2022. Filing status: Single Their total income consists of the following: Wages $20,000 Capital Gains $5,000 Pension Income $5,000 The taxpayer paid alimony in the amount of $5,000 for a divorce decree dated 2017, $5,500 of student loan interest, and $3,000 for child care. Is this the AGI?
1.
In tax year 2023, a married taxpayer with AGI of $300,000 had gross investment income of $6,150 (which included a long-term capital gain of $3,500 and interest income of $2,650), brokerage commissions of $75, and tax preparation fees of $210. Calculate the amount of net investment income tax the taxpayer is required to pay? Please explain what would need be deducted.