I will post this several times, dont answer it if you already answer it! I will mark down the second SAME answer if ever. Mr. A and Mrs. B are manried and have two dependent children. X & Y, They also fully supportMrs. B's mother who lives with them and has no income. Their 2012 tax and other relatedinformation is as follows:ParticularsAmount in $Value of premiums for $ 100000 of group term life insurance provided by employerGift from A'S parents2,00060,000Dividend income-from ABC stock,8,00020,000Loan from A'S parentsTotal salariesBank account interest incomeGain from the sale of qualified small business stock acquired in 2010640,00014,00060,000Total itemized deductions64,000Municipal bond interest incomeValue of employer provided medical insuranceRequired: Compute Mr. A and Mrs.B Taxable income. (Show all calculations in proper /good form.)6,00022,000Solution:

The taxable income is the amount on which taxpayers’ tax liability is determined. The taxable income…

Mr. A and Mrs. B are maried and have two dependent children. X & Y, They also fully support Mrs. B's mother who lives with them and has no income. Their 2012 tax and other related information is as follows: Particulars Value of premiums for $ 100000 of group tem life insurance provided by employer Gift from A'S parents Dividend income from ABC stock, Loan from A'S parents Total salaries Bank account interest income Gain from the sale of qualified small business stock acquired in 2010 Total itemized deductions Municipal bond interest income Value of employer provided medical insurance Required: Compute Mr. A and Mrs.B Taxable income. (Show all calculations in proper /good form.) Amount in $ 2,000 60,000 8,000 20,000 640,000 14,000 60,000 64,000 6,000 22,000 Solution:

Mr. A and Mrs. B are maried and have two dependent children. X & Y, They also fully support Mrs. B's mother who lives with them and has no income. Their 2012 tax and other related information is as follows: Particulars Value of premiums for $ 100000 of group tem life insurance provided by employer Gift from A'S parents Dividend income from ABC stock, Loan from A'S parents Total salaries Bank account interest income Gain from the sale of qualified small business stock acquired in 2010 Total itemized deductions Municipal bond interest income Value of employer provided medical insurance Required: Compute Mr. A and Mrs.B Taxable income. (Show all calculations in proper /good form.) Amount in $ 2,000 60,000 8,000 20,000 640,000 14,000 60,000 64,000 6,000 22,000 Solution:

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 33P

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Please use microsoft excel for calculations.
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