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- An individual is a head of household. What is her standard deduction? a.$18,350 b.$24,800 c.$12,400 d.$18,650 e.None of these choices are correct.Exercise 12-24 (LO. 6) In 2023, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s X and she has a s X deduction for AGI.a-1. Assume Shauna's AGI is $132,000. Determine Shauna's taxable income. Note: Round your intermediate calculations to the nearest whole dollar amount.
- We already know that Ian and Isabella’s (federal) gross income for 2020 is $101,000 and their AGI is $99,000 Please Loot at the image and find out 1. What is the amount of Ian and Isabella’s total itemized deductions in 2020 (including the deductible taxes of $10,000 and all other itemized deductions)? (*Note: the answer is not $13,000 or $15,000) 2. What is Ian and Isabella's 2020 taxable income? They have no QBI deduction.Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: $ 1,270 Insurance Advertising expense Mortgage interest Property taxes Repairs & maintenance 710 6,300 1,150 800 Utilities 840 Depreciation 10,950 During the year, Natalie rented out the condo for 98 days, receiving $31,250 of gross income. She personally used the condo for 40 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.)In July 2021, Cassie purchases equipment for $55,000 to be used in her business. Assuming Cassie has a small net loss from her business prior to the deduction, what is the maximum amount of cost recovery Cassie can deduct? a. $55,000 b. $7,860 c. $27,500 d. $31,430
- A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state income taxes paid. They have $4,000 from their Form(s) W-2 and they paid an outstanding balance in the current year for the prior year's balance of $2,500. What is the total amount of Line 5 income taxes that they can itemize? (Do not consider SALT limitations for this question) 2500 4000 6500Problem 10-37 (Algorithmic) (LO. 6, 7, 8, 9, 10, 11) Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's tax basis capital account has a balance of $736,000, and the LLC has debts of $478,400 payable to unrelated parties. All debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. The following information about AM's operations for the current year is obtained from the LLC's records. Operating income W-2 wages Depreciation expense Interest income Long-term capital loss Long-term capital gain Charitable contribution (cash) Cash distribution to Amy Unadjusted basis of partnership property immediately after acquisition $1,104,000 200,000 300,000 11,040 7,360 22,080 11,090 55,200 1,600,000 Operating income equals revenue less operating expenses (other than…1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this be a refund or an additional amount due? For what amount?
- Your employer asks you to consult on the better approach to a decision. What should the corporation pay for an asset that will return them $150,000 at the end of year 1, then zero in year 2, then $400,000 in years 3 & 4, then zero in year 5, then $200,000 in years 6-10, assuming their discount rate is 3% (ignoring taxes) ?If C retired and received ₱90,000 as a retirement price, how much will be the adjusted capital of A under bonus method?How much is the OSD (assuming taxpayer opted to use OSD)? a. 1,240,000 b. 1,280,000 c. 1,288,000 d. 1,320,000