provide answer General Account - Dorothy Fonda is an unmarried head ofhousehold with the following income for the year: Wages,$34,500; Bank interest, $275; Municipal bond interest, $115;Lottery prize, $325; Gift from her father, $5,000. Dorothycontributed $1,250 to her traditional IRA, which she willdeduct. Compute her AGI.a. $33,250.00b. $33,575.00c. $33,850.00d. $33,965.00

Step 1: Include Taxable IncomeWages: $34,500 (fully taxable).Bank Interest: $275 (fully…

Answered: General Account - Dorothy Fonda is an…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 6BCRQ

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Case study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00 contributed to a traditional IRA $3,000.00 Belinda Johnson - Annual Income $94,000.00 contribued to 401(k) $3,000.00 Earned Interst - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the Johnson's reportable gross income on their joint tax return? 2. What is their adjusted gross income?
Case Study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00 contributed to a traditional IRA $3,000.00 Belinda Johnson - Annual Income $94,000.00 contribued to 401(k) $3,000.00 Earned Interst - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the total value of their exemptions? 2. How much is the standard deduction for the Johnsons?
Frank established a Roth IRA at age 25 and contributed a total of $131,244 to it over 38 years. The account is now worth $376,000. How much of these funds can Frank withdraw tax-free? a. $0. b. $131,244 c. $244,756 d. $376,000
Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53 C. $86,849.86 D. $87,949.86
Subject - account Please help me. Thankyou.
Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. $95,037.72$103,940.74 $112,256.00$113,556.00
Seth starts an IRA (Individual Retirement Account) at the age of 3232 to save for retirement. He deposits $450$⁢450 each month. Upon retirement at the age of 6565, his retirement savings is $488,809.01$⁢488,809.01. Determine the amount of money Seth deposited over the length of the investment and how much he made in interest upon retirement.
Melinda opened a savings account for her daughter on ? the day she was born, depositing $1,000: Each year on her birthday she deposits another $1,000 making the last deposit on her 21st birthday. The асcount рays 9.5% interest compounded annually. Find the total amount accumulated in the account at the end of the day on the daughters 21st birthday. (answer in whole number)
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1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?
Godo
Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000

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