Problem 14-13 (Static) [LO 14-3, 14-4, 14-5]Cole, an unmarried individual with no dependents, has the following income items:Interest income$ 24,20050.600Schedule C net profitCole has $9.300 Itemized deductions and the Schedule C Income is qualified business Income (non-service).Required:Compule Cole's income tax. Assume the laxable year is 2022. Use Individual Tax Rule Schedules and Standard Deduction Table.Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.AGITaxable incomeIncome TaxAmount$ 71.225

Adjusted gross income:Adjusted gross income refers to the income that is determined after adjusting…

Answered: Problem 14-13 (Static) [LO 14-3, 14-4,…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 30P

See similar textbooks

Similar questions

ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales assistant for Business Solutions: 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2015.
Kana is a single wage earner with no dependents and taxable income of $205,000 in 2019. Her 2018 taxable income was $155,000 and tax liability was $31,490. Calculate the following (note: this question requires the use of the tax tables in Appendix A): Kana's 2019 income tax liability $_______________ Kana's minimum required 2019 annual payment necessary to avoid penalty $______________
Estimating taxable income, tax liability, and potential refund. Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales representative for Planning Associates; 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2018.
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has 800 in dividends income and 1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is 10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is 500, and her interest income is 125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amount
H1.
Vinubhai
Cop
Problem 8-66 (LO 8-3) (Algo) Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $186,000. What are her self-employment tax liability and additional Medicare tax liability for 2022? Note: Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Self-employment tax liability Additional medicare tax liability $ 0
Exercise 12-24 (LO. 6) In 2022, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is X and she has a $ X deduction for AGI. Feedback ✓ Check My Work The tax on self-employment income is levied to provide Social Security and Medicare benefits (old age, survivors, and disability insurance and hospital insurance) for self-employed individuals.
Q. 5
Exercise 7-30 (Algorithmic) (LO. 7) Emily, who is single, sustains an NOL of $11,120 in 2023. The loss is carried forward to 2024. For 2024, Emily's income tax information before taking into account the 2023 NOL is as follows: Adjusted gross income. Itemized deductions": Medical [$6,672- (7.5% x $55,600)] Taxes Interest expense on home mortgage Taxable income Emily may use s 5,838 X $2,502 8,340 16,680 * The 2023 single standard deduction is $13,850; Emily's itemized deductions will exceed the 2024 single standard deduction (after adjustment for inflation). How much of the NOL carryforward can Emily use in 2024, and what is her adjusted gross income and her taxable income? 11,120 of the NOL, resulting in adjusted gross income of $ 44,480✔ and taxable income Feedback $55,600 (27,522) $28,078 Check My Work A net operating loss (NOL) in a particular tax year would produce no tax benefit if the Code did not provide for the carryback and carryforward of such losses to profitable years. To…

SEE MORE QUESTIONS

Recommended textbooks for you

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

PFIN (with PFIN Online, 1 term (6 months) Printed…

Finance

ISBN:

9781337117005

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

PFIN (with PFIN Online, 1 term (6 months) Printed…

Finance

ISBN:

9781337117005

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS