What is nadiyah's adjusted gross income? Nadiya (28) is single. She paid $2,000 ineligible student loan interest during the year.She also received income from the followingsources:$35,000 in wages.Unemployment income of $4,320.$300 in gambling winnings from a winninglottery ticket.What is Nadiyah's adjusted gross income?a) $35,000b) $35,300c) $37,620d) $39,620

Step 1: Define Adjusted Gross IncomeThe income derived after subtracting "for adjusted gross income…

Answered: Nadiya (28) is single. She paid $2,000…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

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Jane Binyan is single with one dependent and files as head of household. She is the chief financial officer at the university where she works, and her salary is $173,400. She has other income of $2800, interest income of $8400, and adjustment to income of $6000 for a 401K retirement plan at work. Her itemized deductions are $14,380 in mortgage interest, $4820 in state income tax, $7800 in real estate taxes, and $6800 in charitable contributions. What is the amount of her tax? A)$28,450 B)$28,100 C)$28,775 D)$28,669
Karen is single. Last year she earned $36,300 in wages. Additional tax information for the year is as follows:interest earned: $125; capital gains from sale of stock: $1,650; penalty on early withdrawal of savings: $300;contributions to Keogh retirement fund: $1,900; real estate taxes paid: $3,000; mortgage interest paid: $3,100.Find the taxable income for the year. Group of answer choices $26,075 $35,275 $29,175 $37,475
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20. Karen is single. Last year she earned $35,300 in wages. Additional tax information for the year is as follows: interest earned: $135; capital gains from sale of stock: $1,650; penalty on early withdrawal of savings: $300; contributions to Keogh retirement fund: $1,900; real estate taxes paid: $3,000; mortgage interest paid: $3,600. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Find the taxable income for the year. a.$16,285 b.$22,885 c.$36,950 d.$37,085
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 receive
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Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $34,000 from County Bank and paid interest of $2,040. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher-education loans under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. b. Lionel's AGI before deducting interest on higher-education loans is $84,000. Answer is complete but not entirely correct. $ Interest deduction 1,496 X
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