In 2020 Morgan is unmarried and has no dependents. She has self-employment income of $80,000 and $5,000 in dividend income. Her tax return also shows: $1,700 for self-employed health insurance premiums $11,304 for self-employment taxes $7,500 in medical expenses not related to her self employment $9,000 in charitable contributions of property not related to her self employment Based on this information, what is her adjusted gross income? Select one: a. $79,348 b. $71,996 c. $55,496

Q: Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real…

A: Answer:- Taxable income meaning:- Taxable income is defined as income that is subject to taxation…

Q: Jerry is single, age 60, and had adjusted gross income of $120,000 in 2020. His deductible expenses…

A: The following computations are done for Jerry who is a single tax payer.

Q: Compute Monica 's 2020 AGI, taxable income and tax liability on the basis of the following…

A: Taxes are calculated on the AGI.

Q: Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real…

A: Taxable income is the income eligible for tax liability and on which tax is calculated as per the…

Q: In 2022, Allison is single, had gross income of $60,000, and incurred the following expenses:…

A: Itemized deductions are expenses that taxpayers can subtract from their adjusted gross income (AGI)…

Q: Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in…

A: Taxable income:- Income of an individual liable for paying tax is known as the taxable income of an…

Q: In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Since you have posted question with multiple sub parts, we will provide the solution only to the…

Q: Henrich is a single taxpayer. In 2022, his taxable income is $482,500. What are his income tax and…

A: Taxable income refers to the sum value of money earned by a taxpayer that is subject to a compulsory…

Q: Sheila and Joe Wells are married with no dependent children. During 2020, they have gross income of…

A: This question deals with the calculation of tax refund for year 2020As per US tax code,first we need…

Q: Caleb is age 51 and works for Helena Corporation, where he earned $110,000. Celeste (age 48), his…

A: For 2020, the total contribution in a year which can be made to all traditional and Roth IRA cannot…

Q: In 2022, Jack, age 12, has interest income of $7,860 on funds he inherited from his aunt and no…

A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…

Q: Jane Binyan is single with one dependent and files as head of household. She is the chief financial…

A: Gross income:  Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: In 2022, Miranda records net earnings from self- employment of $158,500. She has no other gross…

A: Self-employed people and small company owners who do not otherwise pay withholding taxes are subject…

Q: Sam had $69,487 of income from wages and $215 of taxable interest. Sam also made contributions of…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Melody (48) is single, with a modified adjusted gross income of $72,000 (all from wages). She is…

A: For the tax year 2022, for a taxpayer covered under the employer-sponsored retirement plan, the…

Q: In 2022, Miranda records net earnings from self- employment of $158,500. She has no other gross…

A: Self-employment income is money made by someone who works for themselves. This includes earnings…

Q: Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their…

A: Taxable income:Taxable income refers to the income that is subject to tax. The Taxable income is…

Q: In 2022, Jack, age 12, has interest income of $7,500 on funds he inherited from his aunt and no…

A: Answer:- Taxable income meaning:- The amount of revenue that is subject to the taxation, is called…

Q: LaTosha had $103,500 of income from wages and $3,550 of taxable interest. LaTosha also made…

A: Income tax is calculated on the taxable income which is equal to the total income less all the…

Q: Alice is single and

A: Self-employment tax is defined as the amount a proprietor is obliged to pay to the revenue…

Q: . John, age 26, married Diane, age 25, in 2021. Their salaries for the year amounted to $47,230 and…

A: Particulars Amount $  Amount $ Gross income:     Salary $ 47,230   Interest $ 3,500   Gross…

Q: Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is…

A: Self-employment tax is defined as the amount a proprietor is obliged to pay to the revenue…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Introduction: Medical expenses include all costs associated with the prevention or treatment of…

Q: ar locco'r proce e un

A: The income that is subject to taxation and on which the appropriate tax bracket is…

Q: In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation…

A: The dividends are grossed up by "15%" for non-eligible dividends in the year 2021. To calculate the…

Q: Emily, who is single, sustains an NOL of $10,080 in 2021. The loss is carried forward to 2022. For…

A: Lets understand the basics.The term taxable income refers to any gross income earned that is used to…

Q: Heather, an individual, reported the following items of income and expense during the current year:…

A: Working notes :-                              Alimony , Post -TC…

Q: In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Tax liability refers to the amount of tax that is owed by an individual or corporation in a given…

Q: . Wilma received the following income in 2022.  What amount of her income is taxable?   Wages…

A: The objective of the question is to determine the taxable income of Wilma for the year 2022. Taxable…

Q: In 2023, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Kiddie tax is a rule to prevent parents from avoiding tax liability by transferring large amounts to…

Q: Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real…

A: Taxable income is the income eligible for tax liability and on which tax is calculated as per the…

Q: Kenneth owns Sheffield Company and has the following revenue and expenses. Calculate the after-tax…

A: Taxable Income = Taxable Revenue − Deductible Expenses + Tax-Exempt RevenueTaxable Income = $117,000…

Q: In 2023, Jack, age 12,

A: Answer:-      Taxable income meaning:- The amount of revenue that is subject to the taxation, is…

Q: Eva received $73,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $16,000 in…

A: Step 1: Eva is a self-employed contractor, Eva can file the return after receiving considerable…

Q: Sam, not married and does not maintain a home for a dependent, has $50,000 salary and $5,000…

A: Tax liability:The amount of tax that is payable or due to the government or the tax authority is…

Q: Jamie is single. In 2023, she reported $100,450 of taxable income, including a long-term capital…

A: Tax brackets 2023Tax RateSingle10%$0 to $11,000.12%$11,001 to $44,725.22%$44,726 to…

Q: In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income.…

A: The profitability of the company can be arrived from the income statement prepared by the management…

Q: Mario, a single taxpayer with two dependent children, has the following items of income and expense…

A: Part( a )Mario's taxable income or loss for 2020. Adjusted Gross Income :-  Gross receipts from…

Q: Joyce Leslie lives with her spouse and 21-year-old blind son, Keith, who qualifies for the…

A: A tax credit is a direct reduction in the  quantum of income tax that an individual or business owes…

Q: Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is

A: Taxable income: The amount of revenue that is subject to taxation, is called taxable income. It is…

Q: Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is…

A: Self-employment tax is required to be paid by small businesses to support social security as well as…

Q: In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Taxable income refers to any individual or business compensation that is used to determine tax…

Q: Calculate Sally’s deduction for qualified business income.

A:

Q: Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in…

A: Eva is subjected to self employment tax on her self employment income. The 92.35% of the…

Q: W is single. The following amounts were reported on her 2020 income tax return: Wages $40,000, net…

A: Net operating loss is considered as ordinary loss for the taxpayer that means all the losses which…

Q: What is her gross tax liability? (Use Tax Rate Schedule, Standard deduction, Estates and Trusts.

A: According to US taxation laws, any income earned over $1000 is taxable.

Q: In 2023, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: The  "dependent" means a person who satisfies specific requirements and can be claimed as an…

Q: Farrah earns

A: For the 2023 tax year, you'll pay 15.3% of your net freelance income in self-employment taxes. That…