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- Elijah has $66,000 of salary and $11,500 of itemized deductions. Eriana has $99,000 and 18,100 of itemized deductions. They are married and under age 65. Requirement B - Compute their taxable income if they file jointly. Assume their total itemized deductions equals the sum of their separate itemized deductions.Identify the transfers subject to Federal gift tax. a. Direct payment of medical expenses of $42,000 for a niece who is not a dependent. b. Frank conveys title to his home to himself and his daughter Susan as joint tenants. Under state law, Frank cannot regain title to Susan’s interest without her consent. The value of the home is $475,000. c. Direct payment to a college for nephew’s tuition expenses or $9,500 and $5,500 for room and board.Taylor, a single taxpayer, has $16, 700 AGI. Assume the taxable year is 2023. Use Standard Deduction Table. Married filing jointly and surviving spouses $27,700 Married filing separately 13, 850 Head of household 20,800 Single 13, 850 Compute taxable income if Taylor's AGI consists entirely of interest income. Taylor is 70 years old and lives with his grown child who provides more than one-half of Taylor's financial support.
- Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment expenses. They also incur $3,000 of investment interest expense during the year. The Porters' income for the year consists of $150,000 in salary and $2,500 of interest income. b. What would their investment interest expense deduction be if they also had a ($2,000) long-term capital loss?In 2010, A created two (2) trusts for his daughter, B. During the year, the two trusts earned net income as follows: Trust 1 P 4,000,000 Trust 2 P 6,000,000 Each of the trust filed their own income tax return and paid the corresponding income tax due as computed in their separate returns. How much is the consolidated tax due of the Trust?From the following information determine Steve's gross income for tax purposes. salary: 32,000 interest checking account:25 Cash received as birthday gift 1,000 dividends (mutual funds) 5,500 Child support payments received from ex wife-$24,000 Life insurance benefits received after aunt's death:50,000
- Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $760 with his state income tax return for the previous year. During the year, Tim had $4,250 of state income tax and $15,450 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,030 and $1,560 for state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $385 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction? Deductible taxesMickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,050 in investment expenses. They also incur $4,750 of investment interest expense during the year. The Porters' income for the year consists of $171,000 in salary and $3,970 of interest income. a. What is the amount of the Porters' investment interest expense deduction for the year?Jane is a single taxpayer with a current year AGI of $181,000 and current year income tax liability of $39,610. Her AGI in the prior year was $150,400 and prior year tax li-ability was $32,182. Jane earns her income ratably during the year. In order to avoid penalty, the smallest amount of required annual withholding and estimated payments is: a. $39,610 b. $32,182 c. $35,649 d. $35,400 e. $43,571
- Andrew is an Australian resident adult individual taxpayer entity. During the income year, he derived and received: Wages totalling $100,000. Rent totalling $20,000. During the income year, Andrew incurred and paid the following outgoings: Interest totalling $30,000 on the loan used to buy his residential rental property. Council rates, emergency services levy, land tax & water charges totalling $5,000. Insurance of $2,000 for insurance cover for the rental property. Property management fees of $2,000. Andrew’s taxable income for the income year is: Group of answer choices $39,000 $61,000 $81,000 $91,000 $100,000 $120,000During the year, Maxine pays the following amounts related to her residence: Mortgage interest $8,000 Real estate taxes 4,000 Painting of exterior 2,000 Utilities 3,400 New roof 10,000 She also paid the following for her daughter's house: Real estate taxes (owned and used by daughter) $1,500 a. Which expenses are deductible by Maxine if she is eligible to itemize her deductions? b. Calculate the total dollar amount. c. Are the deductions "For" or "From" AGI?In the current year K gifted shares of a public corporation to his spouse. The shares, that originally cost $15,000, had a value of $20,000 at the time of the gift. During the year, K's spouse received an eligible dividend of $600 from the public corporation. What amount, if any, is included in K's net income for tax purposes in the current year?
