Rate10%12%22%24%32%35%37%SingleSingleTax RatesHas to payRefund$0 - $9,875$9,875 - $40,125$40,125 - $85,525$85,525 $163,300$163,300 - $207,350$207,350 - $518,400$518,400 or moreStandard Deductionsx$12,400Find Caroline's taxable income. Round to the nearest cent.$ 2600Married Filing Jointly$0-$19,750$19,750 $80,250$80,250 - $171,050$171,050 - $326,600$326,600-$414,700$414,700 - $622,050$622,050 or moreMarried Filing JointlyCaroline is a 26-year-old, full-time college student sharing rent with a roommate who is filing separatelyfrom Caroline. Caroline made $15,000 at her part-time job in 2020. She does not have any adjustments oritemized deductions.Caroline qualifies for a $63 earned income tax credit. Compute Caroline's tax owed. Round to the nearestcent.$ 253.70$24,800Suppose Caroline's W-2 says that she paid $375 in taxes in 2020. Does Caroline owe taxes, or is she due arefund?Calculate Caroline's taxes owed or refund. Round your answer the nearest cent.$ 121.30x

Caroline's Gross Total Income is $ 15,000 from her part time job in 2020. She…

Answered: is a 26-year who is filr parately

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Phoebe sued Phyllis and was granted judgment on October 25, Year 1, totaling $9,741.62 inclusive of the judgment, prejudgment interest and costs. Postjudgment interest in accordance with the CJA rate of 3% per year was awarded. It is now May 15, Year 2. Year 2 is a leap year. What does Phyllis owe including post judgment interest?''
Elizabeth is single, reports the following items for 2019: Salary $145,000 Casualty loss on business property $12,000 Loss on sale of section 1244 stock $56,000 Federal disaster area personal casualty gains $16,000 Federal disaster area personal casualty losses (after $100 floor) $33,000 Determine Elizabeth’s: a. 2019 AGI b. Casualty loss deduction from AGI for 2019, assuming floor of 10%.
Alicia has been working for JMM Corp. for 32 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $570,000, $600,000, and $630,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020?
Sipho is a partner in a partnership. During the 2019 year of assessment, he received a salary of R860 000 from the partnership. His share of the partnership profit for the year was R500 000. During the year he sold an investment property and realised a taxable capital gain of R300 000. Sipho contributed 12% of his salary from the partnership to a pension fund. Calculate the amount of Sipho’s contribution to the pension fund that he may claim as a deduction.
Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM she is to receive 2 percent of the average salary of her three highest years of compensation from JMM. She retired on January 1, 2018. Before retirement, her annual salary was $579,000, $609,000, and $639,000 for 2015, 2016, and 2017. What is the maximum benefit Alicia can receive in 2018? Maximum benefit in 2018
During the current year, Eleanor Shellstrop, a married individual who files a joint return, reports the following items of income and loss: Salary 125,000 Income from Activity A Loss from Activity B (55,000) Loss from Activity C (25,000) Loss from Activity D (15,000) Activities A, B, C and D are all classified as Active Rental Real Estate passive activities. 1. What is Eleanor's AGI for the year? Salary Deductible PAL AGI 2. What is the amount of suspended losses (if any) that may be carried over with respect to each activity? Activity Bi Activity C 50,000 Activity D
Paulina Morales, a single taxpayer, had wage income of $68,950 in 2019. Her only other income was ordinary dividend income reported to her on Form 1099-DIV. She is required to file Schedule B, Interest and Ordinary Dividends, if her dividend income exceeds a threshold amount of: $350 $1,200 $1,500 $2,500
Alicia has been working for JMM Corporated for 32 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2021. Before retirement, her annual salary was $570,000, $600,000, and $630,000 for 2018, 2019, and 2020. What is the maximum benefit Alicia can receive in 2021? Maximum benefit in 2021
Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $591,000, $621,000, and $651,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Answer is complete but not entirely correct. Maximum benefit in 2020 $ 409,860
Evan participates in his corporate employer's qualified defined benefits plan and will be entitled to receive an annual pension upon retirement in five years. Required: a. What is the maximum contribution that the employer can make to the plan on Evan's behalf assuming that his average compensation for the three highest compensation years is $145,000? b. What is the maximum contribution that the employer can make to the plan on Evan's behalf assuming that his average compensation for the three highest compensation years is $250,000?
2. Fauzana owns a business that makes and sells pets clay. during the financial year ended 31 july 2020, she incurred the following items of expenditure. state whether each of the belownis capital expenditure or revenue expenditure

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