Kathy, a single taxpayer, donates cash of $600 and also provides some gently-used clothing worth $150 to a local church, Kathy does not itemize deductions.What is the nature of any deduction for these items for Kathy in 20227Since Kathy does not✓itemize, she is entitled to a $Foodback600 X deduction for cash contributions in 2022.Check My WorkThere are currently four different charitable contribution limitations, all of which represent a percentage of the taxpayer's AGI.

Itemized deductions are expenses that taxpayers can report on their tax returns to reduce their…

Answered: or any Since Kathy does not for Kathy…

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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Hw.21. must present the procedures or formulas used to reach your final results Pepe Jose is a single taxpayer, age 34. In 2022, his salary is $69,400 and he has interest income of $12,500. In addition, he has deductions for adjusted gross income of $14,340 and he has $14,390 of itemized deductions. Calculated the following amounts: Gross Income Adjusted Gross Income Standard Deduction or Itemized Deduction Amount Taxable Income Taxes Liability
n 2021 Betty loaned her son, Juan, $10,000 to help him buy a car. In 2023, before he repaid the $10,000, Betty to Juan that she was "tearing up" the $10,000 note as a graduation present. How should Juan treat the amount forgi O A. taxable income in year of forgiveness B. excludible gift in year of forgiveness OC. taxable income in year of loan O D. excludible gift in year of loan
1. Perkins is a single individual. In 2020 she made a $13,000,000 taxable gift to her brother. Perkins never has been married. and has made no prior taxable gifts. compute gift tax liability using form 709 I need to fill the 709 form, IRS
Alicia, a resident alien, made the following donation: On Jan. 21, 2020, P4,000,000 to a friend as a wedding gift. On Dec.14, 2020, P2,500,000 worth of car to Maddie with a mortgage of 500,000 to be assumed by the latter. What is the donor's tax payable on: Jan. 21, 2020? Dec. 14, 2020?
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A9
During 2023, Anmol Frank had the following transactions: Alimony received (divorce occured in 2017) Interest income on IBM bonds She borrowed money to buy a new car Value of BMW received as a gift from aunt Federal income tax withholding payments The taxpayer's AGI is: a. $74,000. b. $76,000. c. $79,000. d.) $81,000. e. $90,000.
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Harriett is age 52, married, and reported AGI of $118,000 in tax year 2023. She is an active participant in her employer's pension plan. What is the maximum deductible IRA contribution she can make for her own account in 2023? Question options: $750 $6,750 $7,500 some other number
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or any Since Kathy does not for Kathy in 20227 ✔ itemize, she is entitled to a s 600 X deduction for cash contributions in 2022.