Tonya (a single taxpayer) had the following items for last year: Salary $40,000 Short-term capital gain 12,000 Nonbusiness bad debt (23,000) Long-term capital gain 8,000 For the current year, Tonya had the following items: Salary $45,000 Long-term capital gain 5,000 Determine Tonya's adjusted gross income for the current year.   A. $43,000 B. $45,000 C. $48,000 D. $50,000 E. $53,000

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A: Adjusted Gross Income (AGI):  Adjusted gross income is the amount on which the tax liability of the…

Q: Carly is single. Box 1 Wages - 77,500 Box 2 Federal Income Tax Withheld - 5,400 1099 Interest…

A: Carly is single.  Her wages are 77,500 plus interest and dividend income. She has…

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A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…

Q: Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes?…

A: Lets understand the basics.As per IRS, taxable income is calculated by deducting standard deduction…

Q: Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a…

A: Social security tax is a tax that is imposed on both employees and employers in the United States to…

Q: Q.16. Jose, single, had the following items for the tax year : Salary…

A: Adjusted gross income is the total of all the income and subtracted all the deductions from it.

Q: Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the…

A: a) Taxable income is derived by subtracting expenses and depreciation from gross income. Taxable…

Q: cludes $2,700 of dividends?

A: Dividends are paid by corporations to their stockholders. They are the distribution of the earnings…

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: y 3. Jody is single and had a taxable income of 142,000 last year. Using the following tax table…

A: Tax is calculated o income income earned by an individual or company that has to be paid to the…

Q: Alex, single, earns wags of $42,000 in 2021. He also conducts an activity that produces the…

A: Taxable income is a concept that can be easily derived from its name, tax on income earned. Tax is…

Q: Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate…

A: The question is related to the taxation of single individual as per the tax slab given.

Q: Stacia, a single cash basis taxpayer, received $20 in interest from her savings account, $150 in…

A: We must analyze the forms of interest income Stacia got in order to calculate the amount of taxable…

Q: Tim. a single taxpayer receives $500 of qualified dividends from Exxon in the current year.  his…

A: Introduction: Dividends: Dividends are given to share holders of the company as a return on their…

Q: Adriana is a MFJ taxpayer, and in 2021, she reported $ 365,000 of taxable income, including a…

A: The basic income over which tax is charged is referred to as taxable income. It contains some or all…

Q: Ben Jefferson arrived at the following tax information: Gross salary, $41,780 Interest earnings,…

A: Taxable income is the part of the income of a firm which is subject to income tax. Taxes are levied…

Q: Ross Martin arrived at the following tax information: Gross salary, $56,145 Interest earnings,…

A: 1) Ross report as taxable income = Gross salary + Interest earnings + Dividend income - Adjustments…

Q: Dawn is a single taxpayer. Her income and expenses for the year is as follows: Income…

A:

Q: 3. Jackson reports $60,000 sales from his Schedule C business. He has utility and wages expenses of…

A: Tax:- Tax is financial charge which is imposed by the Government.. Tax is the expense for the…

Q: How much must Deon pay in income tax for last year?

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: a taxpayer has the following financial results for a particular year: business profit - a enterprise…

A: The total taxable income seems to be an income which is the sum of all income from all sources after…

Q: Use the following Total Tax / Annual Income relationship to determine which of the following is…

A: Given: Last year income for Beverly = $155,000    The given table shows the relationship between…

Q: Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the…

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Q: Karen is single. Last year she earned $36,300 in wages. Additional tax information for the year is…

A: The correct solution is  $35,275

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A: Answer:- Taxable Income:- Taxable income is the baseline income used to determine taxes. Revenue may…

Q: Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male,…

A: Taxable Income: Taxable income is the baseline income used to determine taxes. The revenue may be…

Q: Aaron is a 34-year-old head of household and a self-employed taxpayer. He contributed the maximum…

A: Aaron is self employed.  As per IRS rules we have to multiply his net earnings by…

Q: Allen Green is a single taxpayer with an AGI (and modified AGI) of $217,000, which includes $173,500…

A: Given, Allen Green is a Single Tax Payer:- Net Investment = Interest Income + Dividends + Long term…

Q: Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during…

A: Calculation of  Alex’s Adjusted Gross Income (AGI) :    Alex’s income…

Q: Simon and Marie received a statement reporting that they paid $6,000 in mortgage interest during the…

A: Qualified Mortgage Debt: To be eligible for this deduction, the mortgage must be secured by your…

Q: 1. Peter is 66 years old and single. He has the following Income and expenses: What is his taxable…

A: Income tax:  It is the amount a person is liable to pay on the earned amount in an accounting year.…

Q: From the following information determine Steve's gross income for tax purposes.

A: Interest on checking account is taxable Cash received as a gift is tax exempted upto $14000…

Q: The Chungs are married with one dependent child. They report the following information for 2022:…

A:

Q: Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following…

A: Please find the calculation of AGI, Taxable Income & Total Tax Liability of Wilson's in step 2…

Q: Mario, a single taxpayer with two dependent children, has the following items of income and expense…

A: Part( a )Mario's taxable income or loss for 2020. Adjusted Gross Income :-  Gross receipts from…

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A: Income Tax Calculation Here to discuss the details of the calculation of income tax for both Husband…

Q: During the year, Maxine pays the following amounts related to her residence: Mortgage interest…

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Q: John has the following sources of income and deductions: Employment income $35,000 Interest income…

A: For an individual net income is calculated by deducting total paycheck deductions from the gross…

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A: Interpretation of Data: Name of Individual: Manon Gross Wages earned= $54000 Dividend Income= $2800…

Q: Last year Sherlock had an annual earned income of S58,475. He also had passive income of $1,255, and…

A: Annual earned income = 58,475 Passive income = 1255 Capital gains = 2350

Q: Jerry and Ann paid the following amounts during the current year: Interest on automobile loan…

A: Introduction:- Some of the  itemized deductions are enumerated as below:-

Q: Boyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary…

A: To calculate Boyd Salzer's Medicare contribution tax, we need to determine his Net Investment Income…

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Q: Ms. Gleason, an unmarried taxpayer, had the following income items: $ 40,000 3,200 Salary Net income…

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Q: The following table shows tax due for the given taxable income level for a single taxpayer. Taxable…

A: Step wise detail is attached.

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.