Gary, who is single, has adjusted gross income of $ 105,000 anditemized deductions of $15,000. He is considering making a charitablecontribution of $5,300 and he is in the 24% tax bracket. Gary could alsospend $5,300 on a postsecondary education course that qualifies forthe Lifetime Learning Credit. Which is the best tax choice to reduce hisoverall liability?Make a charitable contributionSpend on a postsecondary educationcourseBest Tax ChoiceReduction in tax liability$LA$#

In 2023, monetary donations can constitute up to 60% of your Adjusted Gross Income (AGI). The…

Answered: Gary, who is single

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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b. Assume that David and Ruby get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Gross income and AGI Standard deduction (married, filing jointly) Taxable income Income tax Married 766 Filing Jointly 75,400 27,700 47,700 5,260 c. How much income tax can David and Ruby save if they get married in 2023 and file a joint return?
Tony and Nancy are married. Both are under age 55. For all of 2022, Tony has self-only coverage under a hig deductible health plan (HDHP) with a $2,000 annual deductible. He has no other health coverage. Nancy ha non-HDHP family coverage for herself and the couple's two dependent children. Tony is not covered by Nancy non-HDHP. Because he has no health coverage beyond his own HDHP, Tony is eligible to contribute up to wh amount to a health savings account (HSA) for the 2022 tax year? A. $1,400 B. $3,650 C. $7,050 D. $7,300
Shaan and Anita are married and have two children, ages 8 and 10. Anita is a "nonworking" spouse who devotes all of her time to household activities. Estimate how much life insurance Shaan and Anita should carry. Insurance need
7
Rodney is 67, is filing as single. He is diagnosed legally blind. What amount of standard deduction does Rodney qualify for on his 2023 return?
Godo
Sebastian and Sunny are married. They are currently contemplating filing as married filing separately. Under current law, spouses filing separately must A) use the standard deduction if the other spouse uses the itemized deductions or vice versa. B) both use standard deduction. C) both use itemized deductions. D) either both use itemized deductions, or both use standard deduction.
50. Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left the following: a. Property inherited by Mr. O from his father who died February 14, 2013 b. Property inherited by Mrs. O from her father who died February 14, 2014 c. Property inherited by Mr. O from his mother who died February 14, 2015 d. Property inherited by Mrs. O from her mother who died February 14, 2016 c. Property acquired thru the labor of P3,000,000 1,200,000 1,800,000 1,400,000 Mr. O Mrs. O Mr. & Mrs. O (family bome) 2,000,000 1,500,000 2,400,000 1,600,000 f. Other personal property Deductions claimed by the estate: a. Funeral expense b. Unpaid mortgages on property in letters: a 500,000 c. Claims against the estate d. Accrued taxes (before the death of Mr.O) 220,000 b. 300,000 c. 180,000 d 200,000 170,000 80,000 Determine the net taxable estate assuming 1. Conjugal partnership of gains 2. Absolute community of property
None
Mark (age 55 in 2020) and his late wife, Mary, were married in 1990. Mark and Mary have a son, Matt, who was born in 2009. Mary passed away on October 4, 2020. Mark has not remarried. Mark maintained a household for Matt, his dependent child (qualifying child), for all of 2020 & 2021. What allowable filing status would be most beneficial for Mark to use in 2020?
18 Sandy is seeking child support under the Divorce Act from her former husband, Raymond. Her daughter, Kalia is a normal healthy child who attends daycare while Sandy works. Sandy hopes that the court will order an amount in addition to the basic amount to help her defray some of her unique expenses. Which of the following purchases or expenses may result in Raymond having to pay an amount greater than the basic amount under the federal Child Support Guidelines? a) expenses for Kalia's daycare b) Kalia's new clothes c) the loan on Sandy's new car, which has a built-in car seat for Kalia Od) the child-sized, electric Barbie-mobile that Sandy bought for Kalia's third birthday

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