1. Using the information below, fill in the blanks in the far right column with the amount of each item that is included inAdjusted Gross Income. These may either be additions to or subtractions from AGI (or neither). Calculate Kim'sAdjusted Gross Income, Standard or Itemized deductions, Taxable Income (TI), Tax on Taxable Income (Tax Liability), andAmount Due or Refund for 2022. Kim is single, 42 years old, and blind. Kim's employer withheld $10,500 of federalincome tax from her wages. Then answer questions 2-5.Item DescriptionSalaryInterest received on Marathon Oil Corp (MRO) bondsInterest received on City of Whitewatergeneral revenue bonds.Alimony receivedGift from parentsLoss gambling in the office pool for the NFL playoffsAdjusted Gross Income (AGI)AmountTaxable Income:73,0001,1007258,5009,000-500Standard (basic + additional) or Itemized deduction (greater of)Notesreported on W2reported on 1099 INTreported on 1099 INTdivorced in 2021Tax amount from the tax tables (not the tax rate formula)(You will find the tax tables in the textbook appendix, or in the form 1040 instructions)Tax Due or refund (please write "due" or "refund" next to the amount.)Amount includedin taxable income

Rate[a]Single Individual[b]Tax on income [axb]10%$10,275 or less 1027.5012%Over…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Rate[a]	Single Individual[b]	Tax on income [axb]
10%	$10,275 or less	1027.50
12%	Over $10,275	41,775-10,275=31,500x12%=3,780.00
22%	Over $41,775	67,500-41,775=25,725x22%=5,659.50
Total	Tax	10,467.00
	T

2022 Standard Deductions

The deduction set by the IRS for the 2022 tax year is as follows:

$12,950 for single filers.

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