Tamara Moore is an unmarried, 37-year-old taxpayer. She will use the head of household filing status, and she has the following income for the year: Wages: $36,500. Bank interest: $375. Municipal bond interest: $215. Lottery prize: $500. Gift from her father: $5,000. Tamara contributed $1,500 to her traditional IRA, which she will deduct. What is her adjusted gross income?    $35,590  $35,875  $40,875  $41,090

Q: Sarah is a cash-method, calendar-year taxpayer, and she is considering making the following cash…

A: The objective of this question is to calculate the after-tax cost of each payment Sarah is…

Q: Mrs. Buckley, age 74, has $100,000 in a certificate of deposit paying 1.5% annual interest. In…

A: Tax-deferred refers to an investment or savings account in which taxes on income or gains are not…

Q: JUNII and Sahdy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha.…

A: Introduction A tax payer's net tax payable or refund is calculated by first determining gross tax…

Q: Dave and Alana are married and claim 4 exemptions. Last year Alana earned $31,300 and Dave earned…

A: Particulars Amount ($) A's salary 31,300 D's salary 25,100 Interest earned 2,600 Gross…

Q: Mary is age 33 and a single taxpayer with adjusted gross income for 2020 of $29,400. Mary maintains…

A: Taxable income:-These is that income that is liable for tax payment after providing deductions as…

Q: Lance, a single taxpayer, is a teaching assistant at Big State University and has W-2 income of…

A: SE termed as Self employment tax which is the tax imposed on SE individuals as well as small…

Q: Ciara had $78,000 of income from wages and $2,950 of taxable interest. Ciara also made contributions…

A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…

Q: American Opportunity tax credit

A: This is a multiple-choice question in which we have to select the correct option. This question is…

Q: Paige Turner files her

A: [1] Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Gross income…

Q: Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: Question 1 Bill =$20000 Tax rate =24% Tax payable =Income x tax rate =20000 × 0.24=$4800 Present…

Q: Tim and Kate attend St. Peter Roman Catholic Church were they contribute $75 each Sunday by check…

A: Generally , one can deduct contributions made by money or property to a qualified institution. A…

Q: Alex gross income is $104,000. He contributes $7,000 per year to a 401k plan. He takes the standard…

A: It is being considered that every individual who are working on a salary basis or using his own…

Q: Erik (52) and Donna (56) are married and filing jointly for 2022. Donna made $102,000 in 2022 and…

A: The question is asking us to determine the total amount that Erik and Donna can contribute to an…

Q: Avery, an unmarried taxpayer, had the following income items: $ 43,600 3,500 Salary Net income from…

A: The objective of the question is to calculate Avery's child tax credit and dependent care credit for…

Q: Compute the 2023 standard ded

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real…

A: First, we need to calculate the total itemized deductions. Jesse's itemized deductions were $9,000…

Q: Fletch and Cammie Gates are married with three dependent children and household income of $51,804 in…

A: Household income=$51,804 Health care insurance premium=$6800 Designated silver plan for family…

Q: Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year…

A: The Taxpayers are considered as unmarried sometimes even when they are not separated legally, then…

Q: Sal, single and age 72, is a participant of his employer’s qualified profit-sharing plan. For the…

A: IRA is an Individual retirement account. Individual can make contribution to this account, to have…

Q: Determine the final tax for Kim Johnson

A: In the United States, income tax is levied on all taxpayers for crossing the exemption limits. It’s…

Q: Joanna is single and has 3 dependent children. She earns a gross yearly salary of $66, 154. She will…

A: Income tax refers to the tax that is levied by the government on the income of individuals and…

Q: Grady received $8,200 of Social Security benefits this year. Grady also reported salary and interest…

A: Answer:- Gross Income  meaning:- Gross Income includes all gross pay before deduction by way of pay…

Q: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of…

A:

Q: Diego, age 88, married Dolores, age 60, in 2020. Their salaries for the year amounted to $47,230 and…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: ial Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent…

A: Introduction: Ashley Panda's Social Security number is 123-45-6777, and she resides at 1310 Meadow…

Q: For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a…

A: Monica received $ 500 as unreported tip and owes Social Security taxes on these tips. Total income…

Q: Aliya files her current year tax return on June 18 of the following year. On October 8 she pays the…

A: Late filling Penalities Internal Revenue Service imposes the late penalities whether the taxpayer is…

Q: In the current year, Sandra rented her vacation home for 75 days, used it for personal use for 22…

A: As per the Tax Court Method following rules shall apply. In case of Real Estate Tax and Mortgage…

Q: Compute the additional Medicare tax for the following taxpayers. If required, round your answers to…

A: Medicare tax is a tax that is deducted from the paybacks of people to cover medicare expenses.…

Q: Carol makes the following business gifts during the tax year. Calculate Carol's allowed deduction…

A: Business gift deduction mainly allowed within the limit of $25.

Q: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of…

A: After tax amounts are the net earnings which are left for the tax payer after paying all expenses,…

Q: Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following income:…

A: Income Tax- Income Tax refers to the charge which is calculated on the salary of a personal or a…

Q: Brenda pays the following property taxes in 2021.  $7,000 on her primary residense, $7,500 on her…

A: Answer:- the $10,000maximum amount is taxes that she may claim as an itemized dedution on Schedule…

Q: her child tax credit in 2021 is $

A: The adjusted gross income of a taxpayer is the net income after deducting certain allowable…

Q: Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: Given: Particulars Amount Service amount $35,000 Marginal tax rate 37% After tax rate of…

Q: Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: After-tax cost refers to the actual cost of an expense or payment once the impact of taxes has been…

Q: Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income:…

A: Kiddie tax is applicable on a dependent child if all the following requirements are met for the…

Q: Ben had $88,000 of income from wages and $4,350 of taxable interest. Ben also made contributions of…

A: Taxable income seems to be the part of an individual's personal or a firm's income which is used to…

Q: Review the following scenario. Use the information provided to answer questions about the taxpayer’s…

A: GIVEN   Evonne Williams (32) is filing as a single taxpayer. Evonne was the beneficiary of one of…

Q: LaTosha had $103,500 of income from wages and $3,550 of taxable interest. LaTosha also made…

A: Income tax is calculated on the taxable income which is equal to the total income less all the…

Q: Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on…

A: Real estate tax on lowa residence $ 3,800 Greater of sale tax or state income tax $ 1,750…

Q: Susan, who is a qualifying widow, has a monthly gross income of $5,750.78 Calculate her net earnings…

A:

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.