Katherine Green is single with $146,000 in gross income from her job at the Caitlin Bank. During the year she had $4,300 in adjustments. She had $23,000 in eligible 7.5% medical expenses and $14,000 in fully itemized deductions. She has 2 eligible children. She had $10,000 worth of taxes withheld throughout the year.
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- Carmen Reyes worked part -time last year while attending college and earned $4,288. The total withholding taxes she paid were $450. Carmen also earned $78 in interest and $16 in dividends. How much tax refund should she receiveNoah 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…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
- Simon Millstone is 48 years of age and has employment income of $81,000. His employer withheld the maximum Ei premium and CPP contribution. His wite, Candice, is 46 years old and has Net Income for Tax Purposes of $7,325, They have one child, Daisy, who is 11 years of age and has Income of $3,100. During the year, the family had eligible medical expenses of $2,050 for Simon, $1,950 for Candice and $500 for Daisy. Requirements: 1. Calculate Simon Millstone's minimum federal Tax Payable for 2020. Show your answer in good form with appropriate description of amounts. 2. Indicate any carry forward amount(s) available to him and his dependents and the carry forward provisions. For the toolbar, press ALTF10 (PC) or ALT+FN+F10 (Mac). B. Paragraph Arial 14pxVictor and Lorraine, ages 45 and 47, respectively, are married and are cash basis taxpayers. They had the following tax items for 2021: Salaries of $61,000 Bad debt of $3,000 from uncollected rent Collection of unpaid rent from a prior year of $4,000 Rental income of $60,000 (property is managed by Victor and Lorraine - does not include collection from above) Rental expenses of $53,000 (does not include bad debt above) Personal casualty loss (from one event; a flood after a storm) of $2,000; not in a Federally declared disaster area. There is not enough information to know if they are eligible to deduct the Qualified Business Income credit, so ignore this for now. Other itemized deductions of $21,000. They wish to file as married filing jointly. Calculate the following: 1) Adjusted Gross Income 2) Taxable incomeJen and Cassian earned $650,000 in salaries and $36,000 in interest income during the year. They had a $26,000 loss from a Schedule C and Rental income of $8,500. They had $53,000 in itemized deductions. Their employers withheld $169,000 of federal taxes from Their paychecks and they have no dependents. Use the 2021 tax rate schedules to determine Jen and Cassian’s taxes due or refund. Assume that in addition to the original facts, they have a long-term capital gain of $20,000 and qualifieddividends of $40,000. What is their tax due or refund including the tax on their investment income?
- Haley, 44, is unmarried, filing head of household with the following income for the year. Wages $32,275 dollars, Bank interest $380, Municipal bond interest $330, Lottery prize $800. Gift from her father's $4000. Haley also contributed $2500 to her traditional IRA, which she will deduct. Halley's adjusted gross income is $30,955. $30,955, $31,285, $34,485, $37,785.Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $100,000 in salary. She received $20,000 of dividend income. She received $4,100 of interest income on Home Depot bonds. She received $24,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,900. She received $15,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,700. Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. a) What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round…Jeremy (unmarried) earned $100, 800 in salary and $6,800 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,800 in itemized deductions, including $ 2,000 of charitable contributions to his church. (Use the tax rate schedules.) Required: Determine Jeremy's tax refund or taxes due. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,550. What is Jeremy's tax refund or tax due including the tax on the capital gain? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Assume the original facts except that Jeremy has only $4,500 in itemized deductions. Assume the charitable contribution deduction for non- itemizers applies to 2022. What is Jeremy's tax refund or tax due?
- Mike, not married without dependents, has a $400,000 salary, $100,000 short-term capital gains, and $100,000 private activity municipal bond interest income. Mike's itemize deductions are $10,000. Calculate Mike's tentative minimum tax for the current year excluding net investment income tax.Frankie lives in NJ, is divorced with one child, and made $80,000 last year. He qualified for several below the line, itemizable deductions (He paid $5,600 in mortgage interest, $9,500 in property taxes, and he donated $550 worth to charity during the year). Frankie can claim one child tax credit of $2,000. His ex-spouse agreed that he can claim head of household this year. Use the Income Tax Table Reference Sheet to answer the following questions. 1. Should Frankie itemize his taxes or take the standard deduction? * A. Itemize B. Standard Please answer very soon will give rating surelyJeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $10,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy’s tax refund or tax due including the tax on the capital gain?