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What is Julie's adjusted gross income for 2020?

What is Julie's adjusted gross income for 2020?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the information below for this page of questions. Julie is single with no dependent. She receives a salary of $15,000 per month from Big Corporation. Julie earned interest of $35,000 on City of Charlotte Bonds. Julie paid alimony of $40,000 to her former husband (divorce was finalized in 2015). Julie paid mortgage interest of $12,000 and made deductible charitable contributions of $5,000. Salary $180,000 Interest earned on City of Charlotte Bonds $35,000 Charitable contribution made by Julie (in cash) $5,000 Mortgage interest expense for his home $12,000 Alimony paid to Julie's former husband $40,000 What is Julie's adjusted gross income for 2020? Use the original information above, except assume Julie married Walter on December 31, 2020. Walter was a full-time student all year and had no income and no deduction. What is the amount of their federal income tax before credits on a joint return for 2020? O $16,924 $16,144 $20,240 O $17,124
Transcribed Image Text:Use the information below for this page of questions. Julie is single with no dependent. She receives a salary of $15,000 per month from Big Corporation. Julie earned interest of $35,000 on City of Charlotte Bonds. Julie paid alimony of $40,000 to her former husband (divorce was finalized in 2015). Julie paid mortgage interest of $12,000 and made deductible charitable contributions of $5,000. Salary $180,000 Interest earned on City of Charlotte Bonds $35,000 Charitable contribution made by Julie (in cash) $5,000 Mortgage interest expense for his home $12,000 Alimony paid to Julie's former husband $40,000 What is Julie's adjusted gross income for 2020? Use the original information above, except assume Julie married Walter on December 31, 2020. Walter was a full-time student all year and had no income and no deduction. What is the amount of their federal income tax before credits on a joint return for 2020? O $16,924 $16,144 $20,240 O $17,124
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