Practice: Chapter 03 Preparing Your Taxes Chapter 3 Critical Thinking Case 2 Julian Thomas: Walter or Tax Expert? Julian Thomas, who is single, goes to graduate school part-time and works as a waiter at the Bay Grill in San Francisco. During 2018, his gross income was $20,500 in wages and tips. He has decided to prepare his own tax return because he cannot afford the services of a tax expert. After preparing his return, he comes to you for advice. Here's a summary of the figures he has prepared thus far: Gross income: Wages Tips Adjusted gross income (AGI) Less: Standard deduction Taxable income $12,400 +8,100 $20,500 $12,000 $8,500 Julsan believes that if an individual's income falls below $23,000, the federal government considers him or her "poor" and allows both itemized deductions and a standard deduction. He has found $2,300 in potential itemized deductions. 1. Calculate Julian Thomas' taxable income. Assume that the standard deduction for a single taxpayer is $12,000 Note that personal exemptions were suspended for 2018.

Practice: Chapter 03 Preparing Your Taxes Chapter 3 Critical Thinking Case 2 Julian Thomas: Walter or Tax Expert? Julian Thomas, who is single, goes to graduate school part-time and works as a waiter at the Bay Grill in San Francisco. During 2018, his gross income was $20,500 in wages and tips. He has decided to prepare his own tax return because he cannot afford the services of a tax expert. After preparing his return, he comes to you for advice. Here's a summary of the figures he has prepared thus far: Gross income: Wages Tips Adjusted gross income (AGI) Less: Standard deduction Taxable income $12,400 +8,100 $20,500 $12,000 $8,500 Julsan believes that if an individual's income falls below $23,000, the federal government considers him or her "poor" and allows both itemized deductions and a standard deduction. He has found $2,300 in potential itemized deductions. 1. Calculate Julian Thomas' taxable income. Assume that the standard deduction for a single taxpayer is $12,000 Note that personal exemptions were suspended for 2018.

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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