Use Patty's charitable contribution information from above to answer the following question: Assume that Patty's AGI for 2023 is $60,000. Calculate Patty's itemized deduction for charitable contributions for 2023 based on the above information, considering all relevant AGI limitations.
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- Compute the taxable income for 2023 in each of the following independent situations. Click here to access the Exhibits 3.4 and 3.5 to use if required. a. Aaron and Michele, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $29,000. AGI Less: Itemized deductions Taxable income b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. AGI Less: Standard deduction Taxable income AGI Less: Standard deduction c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $76,800 and itemized deductions of $10,100. Taxable income $125,000 AGI Less: Standard deduction $80,000 d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has…Check my work mode : This shows what is correct or incorrect for the work you have com Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,00 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowwed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? XAnswer is complete but not entirely correct. Deductible donation 2$ 146,000 X Carryover $ 54,000 X Carryover expire 2031 X Ac Graw Hill .... ... .In 2022, Jasmine and Thomas, a married couple, had taxable income of $162,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $152,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.
- Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: a. Self-employment income of $71,000. b. Self-employment income of $71,000 and wage income of $38,500. c. Self-employment income of $190,000. d. Self-employment income of $307,000. a. Maximum Keogh plan contribution b. Maximum Keogh plan contribution c. Maximum Keogh plan contribution d. Maximum Keogh plan contribution $ $ Amount $ 614 142 142 380Linda, age 58, contributed $3,000 to her traditional IRA in 2022. If her permitted Roth IRA contribution is not reduced because of her income, what is the maximum amount she can contribute to it in 2022?.Rosa is in the 35% tax bracket and itemizes her deductions. How much will her tax bill be reduced if she makes a $800 contribution to charity? Her tax bill will be reduced by $enter your response here. (Simplify your answer.)
- Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2022 and 2023), Trevor expects to report salary of $108,000, contribute $8,350 to charity, and pay $3,500 in state income taxes. Required: a. Estimate Trevor's taxable income for 2022 and 2023 using the 2022 amounts for the standard deduction for both years. b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2022. Estimate Trevor's taxable income for each of the next two years using the 2022 amounts for the standard deduction. c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $3,400 and $31,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2022 and 2023) using the 2022 amounts for the standard deduction and also assuming Trevor makes the charitable…For 2022, determine the deductible charitable contribution in each of the following instances: Required: a. Charitable contribution of $4,000 and taxable income before charitable contribution of $50,000. b. Charitable contribution of $8,000 and taxable income before charitable contribution of $50,000. c. Charitable contribution of $4,800 and taxable income before charitable contribution of $50,000. Taxable income includes a net operating loss carryforward of $5,000. d. Charitable contribution of $4,800 and taxable income before charitable contribution of $40,000. Taxable income includes a capital loss carryback of $5,000. Answer is complete but not entirely correct. Amount a. Deductible charitable contributions b. Deductible charitable contributions c. Deductible charitable contributions d. Deductible charitable contributions $ 4,000✔ $ $ $ 4,800 X 8,000 X 4.800✔Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2022, their AGI is $213,000. Jackson and Ashley each earned half of the income. How much can Ashley contribute to her Roth IRA if they file a joint return?
- Review the following scenario. Use the information provided to answer questions about the taxpayer’s 2020 return.Liam Hernandez (38) paid $112,000 for a single-family home on July 1, 2020, and immediately placed it in service as a residential rental property. At the time, the land was valued at $10,000. The property generated $6,000 in rental income for the year. Liam’s only expenses consisted of depreciation, $500 in insurance, and $750 in real estate taxes.Liam is not a real estate professional, but he does actively participate in his rental real estate activity. He did not provide any personal services during the year, although he has notified his tenant that he will make minor repairs to the property as needed. Liam has no other passive income or losses. Question 1 What amount should Liam report for his total rental real estate and royalty income? His partially completed Schedule E, Supplemental Income and Loss, is shown below. You may use the form to assist you in answering this…Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2022, their AGI is $209,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. c. Assume that Ashley earned all of the couple's income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson's Roth IRA?If we assume that Ben's taxable income is $465,000 before taking his capital transactions into account, and he recognized a $44,000 long-term capital gain, a $12,000 short-term capital gain, and a $10,000 long-term capital loss what is his total 2022 income and Medicare contribution tax.