Please solve this question Janice is single, had a gross income of$38,000, and incurred theexpenses:Charitable contributionTaxes and interest on homefollowing$2,5009,000Legal fees incurred in a tax dispute 1,000Medical expenses incl. a contributionto her HSA of $2,500Student Loan InterestHer AGI is:a. $21,300b. $28,800c. $35,300d. $37,8004,000200

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Answered: Janice is single, had a gross income of…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 3BCRQ

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Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's salary Reyna's Schedule C net profit The income tax deduction for Reyna's SE tax was $3,532. Elton contributed the maximum to a Section 401(k) plan, and Reyna contributed the maximum to a SEP plan. Both spouses contributed $2,750 to their IRAS. $ 254,000 50,000 Required: Compute their AGI. Note: Round your intermediate calculations to the nearest whole dollar amount. AGI Answer is complete but not entirely correct. $ 304,000
Boyd Salzer, an unmarried individual, has $226,400 AGI consisting of the following items: Salary Interest income $189,500 7,150 12,400 17,350 Dividend income Rental income from real property Required: a. Compute Mr. Salzer's Medicare contribution tax. b. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.
Boyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary Interest income $ 214,000 3,800 Dividend income 11,100 Rental income from real property 17,500 1. Compute Mr. Salzer's Medicare contribution tax. 2. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.
Hannah is a teacher, single, had gross income of $50,000, and incurred the following expenses: Charitable contribution Taxes and interest on home Legal fees incurred in a tax dispute Medical expenses Supplies for her third grade class Her AGI is: X a. $49,700. b. $39,750. c. $39,700. d. $40,000. $2,000 7,000 1,000 3,000 350
Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
am.101.
From the following information determine Steve's gross income for tax purposes. salary: 32,000 interest checking account:25 Cash received as birthday gift 1,000 dividends (mutual funds) 5,500 Child support payments received from ex wife-$24,000 Life insurance benefits received after aunt's death:50,000
Taxpayer:Gregory and Brenda Morris, filing 1040Filing Status:married, filing jointlyExemptions:2 childrenTaxes withheld:$5,300Income:Mr. Morris: $32,000Mrs. Morris: $20,000Interest income: $500Bonus for Mr. Morris: $4,000Deductions:● Medical expenses:Drugs: $400Hospitalization insurance: $1,000Doctor bills: $2,000Dentist bills: $1,600Eyeglasses: $200Medical supplies: $800● Interest expenses:Home mortgage: $6,000● Contributions:Calvary Church: $5,000Oakdale Children's Home: $1,000 How much is the taxable income? Do they owe additional taxes, or do they get a refund? How much?
is a head of household, earned wages of $86,500, received $4800 in interest from a savings account, contributed $6700 to a tax-deferred retirement plan, and had itemized deductions totaling $19,950. Find the gross income, adjusted gross income, and taxable income. Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household 10% up to $9950 up to $19,900 up to $9950 up to $14,200 12% up to $40,525 up to $81,050 up to $40,525 up to $54,200 22% up to $86,375 up to $172,750 up to $86,375 up to $86,350 24% up to $164,925 up to $329,850 up to $164,925 up to $164,900 32% up to $209,425 up to $418,850 up to $209,425 up to $209,400 35% up to $523,600 up to $628,300 up to $314,150 up to $523,600 37% above $523,600 above $628,300 above $314,150 above $523,600 Standard Deduction…
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