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- Myers, who is single, has compensation income of $73,200 in 2022. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Of the $6,000 contribution, how much can Myers deduct?Wilson and Joan, both in their 30s, file a joint income tax return for 2020. Wilson's wages are $18,000 and Joan's wages are $90,000 for the year. Their total adjusted gross income is $108,000, and Joan is covered by a qualified pension plan at work but Wilson is not. What is the maximum amount that Wilson can deduct for contributions to his traditional individual retirement account in 2020? What is the maximum amount that Joan can deduct for contributions to her traditional individual retirement account in 2020?Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Grady files married separate and reports salary of $23,540 and interest income of $740
- Jeremy (unmarried) earned $100,300 in salary and $6,300 in interest income during the year. Jeremy’s employer withheld $10,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,300 in itemized dedications, including $2,000 of charitable contributions to his church. -Determine Jeremy’s tax refund or taxes due. -Assume that in addition to the original facts, Jeremy had a long term capital gain of $5,050. What is Jeremy’s tax refund or tax due including the tax on the capital gain? -Assume the original facts except that Jeremy has only $7,000 in itemized deductions. Assume the charitable contribution deduction for non-itemized applies to 2022. What is Jeremy’s tax refund or tax due?alaries and Wages (LO 2.2) Kristen, a single taxpayer, receives two 2020 Forms W-2 from the two employers she worked for during the year. One Form W-2 lists her wages in Boxes 1, 3, and 5 as $18,700. Her other employer's Form W-2 has $43,000 in Box 1 but only $46,500 in both Box 3 and Box 5. Kristen participated in the second employer's 401(k) plan. She also received health care from her second employer. Lastly, her second employer provided $30,000 of group term life insurance to Kristen. a. What amount should Kristen report as taxable wages in 2020?$fill in the blank e77cb3fccfa703d_1 b. What could explain the difference between Box 1 wages and Boxes 3 and 5 on her second employer's W-2? It would appear that Kristen made $fill in the blank b48564f5cfeb03e_1 of contributions toward her employer's 401(k) plan. The health care and group term life create a difference between Box 1 and wages taxable for Social Security and Medicare in Boxes 3 and 5.K a married taxpayer, makes the following gifts during the current year (2022): $18,000 to her church, $72,000 to her daughter, and $44,000 to her husband. Requirement What is the amount of Hannah's taxable gifts for the current year (assuming she does not elect to split the gifts with ther spouse)? (To arrive at taxable gifts, a $16,000 annual exclusion is allowed per donee for 2022. Complete all input fields Enter a "0" for any zero amounts.) Gift to daughter Gift to husband Total gift given ... Taxable gift
- Final- Sharon contributes 5% of her annual earnings of $40,000.00 to her defined contribution pension plan. Her employer matches her contributions. Calculate Sharon's pension adjustment.Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made contributions of $2,300 to a tax-deferred retirement account. Paige has 4 dependents and files as head of household.What is Paige's total income?What is Paige's adjusted gross income?For Paige's filing status, the standard deduction is $18,000. What is Paige's taxable income?At death, Francine owns an interest in a passive activity property (adjusted basis of $160,000, suspended losses of $16,000, and fair market value of $170,000). What is deductible on Francine’s final income tax return?
- Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return for 2021. Their income from salaries totals $50,000, and they received $8,000 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Brock and Erin's deductions for adjusted gross income amount to $2,500, and they have itemized deductions totaling $19,250. Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 Click here to access the tax tables. Calculate the following amounts: a. Gross income 66,000 b. Adjusted gross income c. Itemized deduction or standard deduction amount d. Taxable income e. Income tax liability (before any credits)Ms Rivera with four qualified dependent children had a net taxable compensation income of P 450,000 after deducting the personal exemption during 2018. Compute the income tax due.Mr. and Mrs. Zikalasa, both resident citizens, had the following data on the death of Mr. Sta Cruz in 2019: Exclusive property of husband, P2,720,000 Exclusive property of wife, P1,250,000 Conjugal property of couple, P4,800,000 Ordinary deduction on property of husband, P1,290,000 Ordinary deduction on property of wife, P560,000 Ordinary deduction on conjugal property of couple, P1,300,000 How much is the gross estate?