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Nigel and Sylvia ar

Nigel and Sylvia ar

FINANCIAL ACCOUNTING
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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Nigel and Sylvia are married and are both residents of, and domiciled in, California. On August 31 of 2022, they separated and filed for divorce with no intentions of reconciling. Nigel earned $4,000 each month during the year and Sylvia earned $2,000 a month from June through the end of the year. A joint bank account paid them interest of $200 each month. They will file married/RDP filing separately. How much income will be reported on Sylvia's tax return? Nigel $4,000/m x 12 $48,000 + $1,000 = 849,200 $1,200 $7,000 $8,200 $28,200 $32,200 Mark for follow up Sylvice $2,000/m x = $200/m x/2 $2,400 519,000 20 13,008) 2,000 X 7= $14,000 + 200 X 12 12,000 200 X 12
Transcribed Image Text:Nigel and Sylvia are married and are both residents of, and domiciled in, California. On August 31 of 2022, they separated and filed for divorce with no intentions of reconciling. Nigel earned $4,000 each month during the year and Sylvia earned $2,000 a month from June through the end of the year. A joint bank account paid them interest of $200 each month. They will file married/RDP filing separately. How much income will be reported on Sylvia's tax return? Nigel $4,000/m x 12 $48,000 + $1,000 = 849,200 $1,200 $7,000 $8,200 $28,200 $32,200 Mark for follow up Sylvice $2,000/m x = $200/m x/2 $2,400 519,000 20 13,008) 2,000 X 7= $14,000 + 200 X 12 12,000 200 X 12
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