Gerald is a 67-yea
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- Shawnee is single. Her AGI is $72,067. She paid the following expenses: • Federal income tax withheld on her W-2: $8,648 State income tax withheld on her W-2: $5,041 • Local income tax withheld on her W-2: $718 • Real estate tax: $4,239 Personal property tax: $108 Home mortgage interest on her Form 1098: $11,962 • Cash charitable contributions: $4,710 How much is her total itemized deductions amount? $35,320 $26,778 $26,672 $35,426Saul Smith has a spouse, a dependent son who is 20 years old and a daughter who is 12 years old. Saul’s 2020 Net Income for Tax Purposes (Division B) is $70,000. Medical expenses for Saul, his spouse, and his daughter total $4,500. He also pays medical expenses for his son of $6,200. His spouse has Net Income for Tax Purposes (Division B) of $10,000 and his son has Net Income for Tax Purposes (Division B) of $9,200. Required: Determine Saul’s medical expense tax credit for 2020.Caprice is a single 42-year-old with income of $14,000 in 2018. She lacked minimum essential coverage for 7months in 2018. What is her individual shared responsibility payment amount?a. $0b. $405.44c. $695.00d. $50.00e. None of the above
- Sean, who is single, received social security benefits of $8,080, dividend income of $12,510, and interest income of $2,020. Except as noted, those income items are reasonably consistent from year to year. At the end of 2021, Sean is considering selling stock that would result in an immediate gain of $10,040, a reduction in future dividends of $1,010, and an increase in future interest income of $1,510. What amount of social security benefits is taxable to Sean? Retain Stock? Sell Stock?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. $7,3007
- 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?Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $305,000. He sold the home on January 1, 2020, for $326,400. How much gain must Troy recognize on his home sale in each of the following alternative situations? d. Troy rented out the home from January 1, 2007, through December 31, 2015. He lived in the home as his principal residence from January 1, 2016, through December 31, 2016. He rented out the home from January 1, 2017, through December 31, 2017, and lived in the home as his principal residence from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0.LO.4 During 2022, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The household is maintained by the uncle. The parties, all of whom file separate returns, have AGI as follows: father ($30,000), uncle ($50,000), and grandmother ($40,000). a. Who is eligible to claim Jenny as a dependent? b. Who has precedence to claim Jenny as a dependent?
- 47- Scott is 15 years old and qualifies as a dependent of his parents. During 2019 he earns $2,500 from a part-time job and also receives $800 of dividend income on stock given to him by his aunt. What is Scott’s taxable income?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?Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2019 traveling in Europe and was not a college student. He had gross income of $4,655 in 2019. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2019, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2019 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…
