Question 46 (1 point) Jocelyn Martin is a single young professional with a gross income of $51,000. Jocelyn has no adjustments to gross income, but she does have itemized deductions totaling $4,275. If the standard deduction is $13,850, what is Jocelyn's taxable income? $34,525 $37,150 $46,725 $51,000

Question 46 (1 point) Jocelyn Martin is a single young professional with a gross income of $51,000. Jocelyn has no adjustments to gross income, but she does have itemized deductions totaling $4,275. If the standard deduction is $13,850, what is Jocelyn's taxable income? $34,525 $37,150 $46,725 $51,000

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

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

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

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 2FPE: ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and...

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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.
Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?
Question 16 In 2020, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len: a. Adjusted gross income b. Standard deduction c. Taxable income d. Tax liability e. Explain the tax treatment of the loss from the stock sale
QUESTION 19 Mark, age 66, is single and has no dependents. His AGI is $56,000 and his itemized deductions are $12,850. He is not claimed as a dependent by anyone else. a. How much is Mark's standard deduction? b. How much is Mark's taxable income? Please do NOTenter any commas in your answers. If the answer is zero, please enter the word NONE, not the numeral 0. QUESTION 20 Benjamin, age 18, is claimed as a dependent by his parents in 2021. He has dividend income of $1,000 and earns $1,700 from a part- time job. a. How much is Benjamin's AGI? b. How much is Benjamin's standard deduction? c. How much is Benjamin's taxable income? Please do NOT enter any commas in your answers. If the answer is zero, please enter the word NONE, not the numeral 0.
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Question 16: What is the maximum amount of dependent care benefits an employee who files as Single on his tax return can receive in a year? Answer: A. O S2,500 В. O 5,000 С. O 57,500 D. O $10,000
Q. 5
Exercise 15-19 (LO. 3, 4) In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $fill in the blank 1Tax liability (round to the nearest dollar): $fill in the blank 2
Problem 6-19 (Algorithmic) Special Rules for High-Income Taxpayers (LO 6.8) Rachel is single and has wages of $173,750 and dividend income of $104,250. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay. Round your answer to the nearest whole dollar. 10,564 x
Question 8 Jerrod Smith's gross earnings this pay period were $1350. Jerrod is paid weekly and he is single with 2 withholding allowances. His year-to-date is $59,875. Find his social security, medicare, and federal income tax deduction for this pay period.