b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 2022?Maximum deductible IRA contribution Required information[The following information applies to the questions displayed below.]In 2022, LeSean (age 60 and single) has earned Income of $3,600. He also has $35,800 of unearned (capital gainIncome.a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in2022?Maximum deductible IRA contnbution

Employer-sponsored program: The employer-sponsored program is the benefit plan for the employee…

Answered: In 2022, LeSean (age 60 and single) has…

Business

Accounting

In 2022, LeSean (age 60 and single) has earned Income of $3,600. He also has $35,800 of unearned (capital gain Income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses 180,000 Net capital gain 22,000 Interest income 3,000 Itemized deductions (state taxes, residence interest, and contributions) 24,000 a. Determine Mario's taxable income or loss for 2020. Adjusted gross income Less: itemized deductions Less: Deduction for qualified business income Loss b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts Business Expenses Net capital gain Interest income Itemized deductions c. Determine Mario's NOL for 2020. Mario's NOL is ?
Kim's net worth at the beginning of the year is $250,000. Across the year she earns $60,000 before tax and pays tax of $15,000, spends $30,000, and makes a capital loss on her assets of $10,000. By the end of the year, her net worth is
Tyrone, who is single and under age 65, had the following income in 2022: $59,800 in wages $200 in interest $10,000 in gambling winnings $5,000 in short-term capital gains. Tyrone filed a Schedule A, Itemized Deductions, for 2022. While preparing that schedule, Tyrone, who had no above-the-line deductions, listed the following below-the-line deduction items he had incurred during the year: $2,500 in medical expenses $9,000 of mortgage interest paid on a mortgage of $300,000 $4,000 in real estate taxes $2,600 in state taxes $12,000 in gambling losses $3,400 in unreimbursed employee business expenses. What is the total amount of Schedule A itemized deductions that Tyrone can report in 2022?
In 2022, Tom and Alejandro Jackson (married filing jointly) have $232.000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2022, they sold a painting (art) for $114,000 that was inherited from Grandma on July 23, 2020. The fair market value on the date of Grandma's death was $92,000, and Grandma's adjusted basis of the painting was $25,800. b. They applied a long-term capital loss carryover from 2021 of $10,400. c. They recognized a $12,200 loss on the 11/1/2022 sale of bonds (acquired on 5/12/2012). d. They recognized a $4,240 gain on the 12/12/2022 sale of IBM stock (acquired on 2/5/2022). e. They recognized a $17,960 gain on the 10/17/2022 sale of rental property (the only 51231 transaction), of which $8,640 is reportable as gain subject to the 25 percent maximum rate and the remaining $9.320 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2016). f. They…
In 2023, Mickey and Minnie Mouse are married, and their taxable income is $600,000, which includes $100,000 of unrecaptured $1250 gains from the sale of real estate (taxed at a maximum rate of 25 %) and $200,000 of long-term capital gain from the sale of stock. SHOW YOUR WORK. Questions 1. What is the Mouse's ordinary income for 2023? 2. What is the Mouse's ordinary tax liability for 2023? on the gain from selling the real estate in 2023? the net long-term capital gain from the sale of stock in 2023? Mouse's total income tax liability in 2023? 3. What is the Mouse's tax 4. What is the Mouse's tax on 5. What is the
1.Charles, who is single and age 61, had AGI of $400,000 during 2020. He incurred the following expenses and losses during the year. Medical expenses before AGI floor$28,500State and local income taxes15,200Real estate taxes4,400Home mortgage interest5,400Charitable contributions14,800Unreimbursed employee expenses8,900Gambling losses (Charles had $7,400 of gambling income)9,800Compute Charles's total itemized deductions for the year. 2.For the following exchanges, indicate which qualify as like-kind property.a.lnventory of a sporting goods store in Charleston for land in Savannah.b.lnvestment land in Virginia Beach for office building in Williamsburg.c.Used automobile used in a business for a new automobile to be used in the business.d.Investment land in Paris for investment land in San Francisco.e.Shares of Texaco stock for shares of Exxon Mobil stock.
Kay turned 73 on March 17th of Year 2 (which was after the year 2023 and before the year 2033). Her profit-sharing account balance was $500,000 at the end of Year 1 and $550,000 at the end of Year 2. Her beneficiary is her favorite granddaughter, Jordan, who turned 12 years old on July 23rd of Year 2. Assume that the joint life expectancy factor for a 73-year-old and a 12-year-old is 73 and the joint life expectancy for a 74-year-old and a 13-year-old is 72. Also, assume that the life expectancy factor based on the uniform lifetime table for someone who is 72, 73 and 74, is 27.4, 26.5, and 25.5, respectively. Kay takes a distribution of $10,000 in November of Year 1 and in Year 2. What is the Kay's minimum distribution for Year2? $18,868. $6,849. $20,073. $20,755.
In 2019, Michael has net short-term capital losses of $1,500, a net long-tern capital loss of $27,000, and other ordinary taxable income of $45,000. a. calculate the amount of michael deduction for capital losses on his tax return for 2019. b. Calculate the amount and nature of his capital loss carry forward. Long-tern capital carryforward. Short-term capital loss carryforward.
John, age 40, is single and has the following income and expenses for 2020: Salary $170,000 Net rental income $7,200 Dividend income (qualified) $4,000 Interest from TD bank $65 Interest from City of Phila bonds $1,200 Loss on sale of section 1244 stock purchased directly from the Corporation $40,000. Alimony payment (divorce finalized December 30, 2018) $12,000. Loss on personal auto as a result of an auto accident $2,500 Contribution to traditional IRA $5,000 Charitable contributions $750 Mortgage interest on personal residence $12,000 Real estate taxes $4,500 State income taxes $5,219 Parking ticket (occurred during work related meeting) $100. Medical expenses (not reimbursed) $4.980. Calculate John’s AGI, taxable income and tax liability for 2020.
In 2020, Mackenzie had employment income of $40,000, property income of $3,000, a business loss of $22,000, an allowable business investment loss of $5,000, income from an RRSP withdrawal of $2,000, and a capital loss of $40,000 on the sale of shares in a public corporation. Mackenzie hopes that the losses will result in a net income for tax purposes of $O. Required: A) Determine Mackenzie's net income for tax purposes in accordance with Section 3 of the Income Tax Act. B) Based on your answer in Part A, explain to Mackenzie why there will or will not be a tax liability this year, assuming that the taxable income will be equal to the net income for tax purposes. C) How would your answer change in Part A if Mackenzie realized a taxable capital gain of $30,000 in 2020?
In 2024, Lora Fernandez had employment income of $50,000, a capital gain of $26,000, and a business investment loss of $30,000. What is the amount of Lora's Taxable Income for 2023? $46,000 $50,000 $48,000 $58,000
Aiden is married and has salary income of $80,000 and total itemized deductions is $30,000. During the year, he sold two investments resulting in a $5,000 long-term capital gain and a $15,000 short-term capital loss. He calculated his AGI to be $70,000 (80,000 -10,000) and his taxable income to be $40,000 (70,000-30,000). Based on the tax formula and the net capital loss rules, comment on whether or not the adjusted gross income and taxable income are correct. Explain and provide support for your position.