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QC 51.
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- In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________Desmond is 25 years old, and he participates in his employer's 401(k) plan. During the year, he contributed $3,000 to his 401(k) account. What is Desmond's saver's credit in each of the following alternative scenarios? (Use Exhibit 13-8) Note: Leave no answer blank. Enter zero if applicable. a. Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $40,000. b. Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $17,500. c. Desmond files as a head of household and has an AGI of $44,000. d. Desmond and his spouse file jointly and report an AGI of $30,000 for the year.Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,895 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary and $7,970 dividend income. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. IRA deduction 6,000 $
- Grady received $8,200 of Social Security benefits this year. Grady also reported salary and interest income this year. Grady files single and reports a salary of $22,000 and an interest income of $600. What amount of the benefits must Grady include in his gross income? (NOTE: Leave no answer blank. Enter zero if applicable.)Desmond is 25 years old, and he participates in his employer’s 401(k) plan. During the year, he contributed $3,000 to his 401(k) account. What is Desmond’s saver’s credit in each of the following alternative scenarios? (Use Exhibit 13-8) (Leave no answer blank. Enter zero if applicable.)a. Desmond is not married and has no dependents. His AGI after deducting his 401(k) contribution is $34,000.Jane Binyan is single with one dependent and files as head of household. She is the chief financial officer at the university where she works, and her salary is $173,400. She has other income of $2800, interest income of $8400, and adjustment to income of $6000 for a 401K retirement plan at work. Her itemized deductions are $14,380 in mortgage interest, $4820 in state income tax, $7800 in real estate taxes, and $6800 in charitable contributions. What is the amount of her tax? A)$28,450 B)$28,100 C)$28,775 D)$28,669
- In 2021, Ivanna, who has three children under age 13, worked full-time while her husband, Sergio, was attending college for nine months during the year. Ivanna earned $47,000 and incurred $6,400 of child care expenses. Click here to access the percentage chart to us for this problem. Determine amount of Ivanna and Sergio's child and dependent care credit. 900 XTaylor, age 17, is claimed as a dependent by her parents. For 2021, she has the following income: $3,800 wages from a summer job, $1,755 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Taylor's standard deduction for 2021 is $________ Taylor's taxable income for 2021 is $______ b. Compute Taylor's "net unearned income" for the purpose of kiddie tax. _______ Compute Taylor's tax liability. [Her parents file a joint return and have a taxable income of $135,000 (no dividends or capital gains).______Andrea is an employee of Fern Corporation and single. She also has her own business working as a life coach. For 2022, Andrea's wages from Fern were $210,000. Her self-employment income was $30,000. If required, round any computations to two decimal places. Round final answers to the nearest dollar. Question Content Area a. Compute the total payroll, self-employment, and additional Medicare taxes for Andrea for 2022.
- Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer qualified retirement plans. Their total AGI in 2021 is $201,000, and they earn salaries of $89,000 and $95,000, respectively. Click here to access Exhibit 9.1. Compute the following amounts. If an amount is zero, enter "0". Do not round intermediate computations. a. b. C. The amount each can contribute to a regular IRA. The amount each can deduct for regular IRA contributions. The amount each can contribute to a Roth IRA. d. The amount each can deduct for Roth IRA contributions. AmountAmy earns an income of 50,000 this year as an employee of rooster enterprises. She pays the following amounts during the year: Contribution to Traditional IRA : 5000 PreTax Cuts and Jobs Act Alimony she paid to her ex husband: 10,000 Medical expenses: 6000 What is Amy's Adjusted Gross Income? (AGI) a. 29000 b. 34000 c. 35000 d. 39000Taylor, age 14, is claimed as a dependent by her parents. For 2023, she has the following income: $3,200 wages from a summer job, $1,755 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ Feedback Check My Work $ 3,600 ✔ . To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student) and has unearned income of more than $2,500. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. 1,755 X 0 X.…
