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- Taylor, age 14, is claimed as a dependent by her parents. For 2023, she has the following income: $3,200 wages from a summer job, $1,755 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ Feedback Check My Work $ 3,600 ✔ . To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student) and has unearned income of more than $2,500. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. 1,755 X 0 X.…Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures related to Todd's support: Auto insurance premiums $ 1,700 Room and board at Todd’s school 2,200 Health insurance premiums (not through an exchange) 600 Travel (to and from school) 350 What amount can Ned include in his itemized deductions?Noah and Olivia Anderson are a married couple in their early 20s living in Dallas. Noah Anderson earned $73,000 in 2018 from his job as a sales assistant. During the year, his employer withheld $4,975 for income tax purposes. In addition, the Andersons received interest of $350 on a joint savings account, $750 interest on tax-exempt municipal bonds, and dividends of $400 on common stocks. At the end of 2018, the Andersons sold two stocks, A and B. Stock A was sold for $700 and had been purchased four months earlier for $800. Stock B was sold for $1,500 and had been purchased three years earlier for $1,100. Their only child, Logan, age 2, received (as his sole source of income) dividends of $200 from Hershey stock. Although Noah is covered by his company’s pension plan, he plans to contribute $5,000 to a traditional deductible IRA for 2018. Here are the amounts of money paid out during the year by the Andersons: Medical and dental expenses (unreimbursed) $ 200State and local property…
- In 2019, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax return with AGI of $26,100. During the year they incurred the following expenses: Medical insurance premiums $1,300 Premiums on an insurance policy that pays $100 per day for each day Margaret is hospitalized 400 Medical care lodging (two people, one night) 65 Hospital bills 2,100 Doctor bills 850 Dentist bills 200 Prescription drugs and medicines 340 Psychiatric care 350 In addition, they drove 80 miles for medical transportation, and their insurance company reimbursed them $800 for the above expenses. On the following segment of Schedule A of Form 1040, calculate the Murphy’s medical expense deduction.Sam and Margaret are 62 and 59 respectively. They are married, lived together all year, but prefer to file taxes separately. Both work and each have a traditional IRA. Sam is mostly retired but Margaret works full-time. In 2022, Sam earned $4,500 in wages from working at Walmart as a Greeter. He also received $29,000 in annuity income. Margaret earned $65,000 in wages. What is the maximum Sam can contribute to his IRA?Please answer all parts! William and Annette Johnson (both age 45) are married taxpayers who file a joint return. They have a son, Sean, age 7. During the tax year, they had the following receipts: 1 Salary ($75,000 for William, $62,000 for Annette) $137,000 2. Interest Income · City of Normal school bonds $1,000 · Ford Motor Company bonds 1,200 · PNC Bank certificate of deposit 600 2,800 3. Annual gift from parents 26,000 4. Lottery winnings 1,000 5. Short-term capital loss (from stock investment) ( 5,000) 6. Federal income tax refund from last year return 2,400 7. Child support from Annette's ex-husband 8,000 8. State income tax refund from the prior year (they used standard deduction in the prior year) 700 They also have the following facts related to their…
- Lane is single and has two dependent children. Financial records show the following items in the current year: Gift from a friend Dividends received on stock $12,000 $1,200 $1,000 $35,000 $6,000 $12,000 Price won in state lottery Salary from employer Child support received from ex-spouse Alimony received from ex-spouse How much is Lane's adjusted gross income for the current year? a. $47,000. b. $48,200. c. $49,200. d. $67,200.Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Grady files married separate and reports salary of $23,540 and interest income of $740This year Diane intends to file a married - joint return. Diane received $188,300 of salary and paid $8,150 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $9,000 and $28,700 of alimony to her ex-spouse, Jack, who she divorced in 2013. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. What is Diane's adjusted gross income?
- Janet and James purchased their personal residence 15 years ago for $412,500. For the current year, they have an $103,125 first mortgage on their home, on which they paid $5,156 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $144,250. They paid interest on the home equity loan of $14,425 for the year. Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current year. a. Qualified residence acquisition debt interest b. Qualified home equity debt interestGrady received $8,760 of Social Security benefits this year. Grady also reported salary and interest income this year.What amount of the benefits must Grady include in his gross income under the following five independent situations? Grady files single and reports salary of $13,500 and interest income of $390.Reggie, who is 55, had AGI of $36,400 in 2022. During the year, he paid the following medical expenses: Drugs (prescribed by physicians) Marijuana (prescribed by physicians) Health insurance premiums-after taxes Doctors' fees Eyeglasses Over-the-counter drugs $585 1,485 1,300 1,335 460 285 Required: Reggie received $585 in 2022 for a portion of the doctors' fees from his insurance. What is Reggie's medical expense deduction?
