Please use microsoft excel for calculations. ontLO.1 Compute the taxable income for 2020 in each of the following independent situations:a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependentchildren, they have AGI of $125,000 and itemized deductions of $27,000.b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in anursing home. She has AGI of $80,000 and itemized deductions of $8,000.c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as hisdependents. He has AGI of $75,000 and itemized deductions of $10,100.d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGIof $58,000 and itemized deductions of $10,650.e. Dale, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies asDale's dependent. Dale has AGI of $64,000 and itemized deductions of $9,900.

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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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Please use microsoft excel for calculations.

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LO.1 Compute the taxable income for 2020 in each of the following independent situations:
a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent
children, they have AGI of $125,000 and itemized deductions of $27,000.
b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a
nursing home. She has AGI of $80,000 and itemized deductions of $8,000.
c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his
dependents. He has AGI of $75,000 and itemized deductions of $10,100.
d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI
of $58,000 and itemized deductions of $10,650.
e. Dale, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as
Dale's dependent. Dale has AGI of $64,000 and itemized deductions of $9,900.

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Taxable Income

Taxes at the federal and state levels are imposed on the income of people, businesses, estates, and trusts. Each has a unique tax system that is distinct from the other.

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