What portion of the distributions from Virginiana Mutual Fund is taxable as ordinary income on their 2019 individual income tax return?

Q: During 2020, Rick and his wife, Sara, had the following items of income and expense to report:…

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

Q: Elsie received the following distributions from Virginiana Mutual Fund for the calendar year 2019:…

A: SOLUTION- Capital Gain Distributions from Mutual funds are considered and are taxable as Long-term…

Q: Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2021:…

A: Tyrone and Akira, a married couple, incurred various interest expenses during the tax year 2021.…

Q: Len is entitled to receive monthly payments of $1,500 over his life from his employer's qualified…

A: :Simplified method for tax: Simplified method is designed in a way to compute the tax free portion…

Q: akes an inter vivos gift in 2020 of $100,000 to Michael. What is the most correct statement about…

A: If an individual's total value of money received during a fiscal year exceeds Rs 50,000, the full…

Q: Meg and Ryan are married and file a joint return. Recall that the 2023 standard deduction amount for…

A: Gross income is the total income earned by an individual or business before deducting any…

Q: In 2022, Allison is single, had gross income of $60,000, and incurred the following expenses:…

A: Itemized deductions are expenses that taxpayers can subtract from their adjusted gross income (AGI)…

Q: Frieda has the following income items in 2023:   Sole proprietorship income of $200,000 General…

A: Self-employment taxes include two types of taxes : Social Security Taxes & Medicare Taxes. For…

Q: Compute the taxable income for 2023 for Aiden on the basis of the following information. Aiden is…

A: First, we need to identify which items are taxable and which are not. According to the IRS:Salary is…

Q: Hansaben

A: 1. Adjusted Gross Income (AGI):This is the total income minus any adjustments. In Cole's case, his…

Q: Linda and Don are married and file a joint return. In 2020, they received $12,000 in Social Security…

A: The following joint income return is calculated for Linda and Don.

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: Tax benefit rule has been provided by Internal Revenue Service. This tax benefit rule provides that…

Q: Ms. White has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net…

A: Taxes are the amount of dues and obligations which needs to be settled or paid by the business on…

Q: Jeremiah and Jonnie Chaulk are married and have three dependent children, ages 3, 6, and 9. Assume…

A: Dependent & Child Care CreditRequires care for a dependent child (under 13 years) or disabled…

Q: In 2021, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She…

A: Gross income includes all revenue, regardless of source. Unless specifically exempted by the Act,…

Q: Jacob has $180,000 of self-employment earnings from a sole proprietorship. Jacob's self-employment…

A: In this problem, we are asked to compute Jacob's self-employment tax for 2022.

Q: Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest…

A: For married and filing jointly:Will have to pay income taxes up to 50% of social security income for…

Q: Yanni, who is single, provides you with the following information for 2023: Salary State income…

A: The word "taxable income" describes the amount of money that is used to calculate the taxes that a…

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: A).Itemized deductions =25,500 Standard deductions = 24,800 State income tax that need to be…

Q: Compute the taxable income for 2022 for Emily on the basis of the following information. Her filing…

A: It is the income of a taxpayer on which the revenue authorities will impose tax. The taxable is the…

Q: What is her self-employment tax liability and additional Medicare tax liability for 2020? Thx,

A: For self-employed FICA tax rate for 2020 is 15.3% on first $137,700 of net income plus 2.9% on the…

Q: Lindsey Poney created a nongrantor trust in 2018. During 2021, the trust earned $4,000 in ordinary…

A: Introduction:- Calculation of total income earned as follows under:- Total Income Earned =Ordinary…

Q: On January 1, 2019, Charles Jamison borrows $40,000 from his father to open a business. Charles is…

A: The objective of the question is to calculate the annual payments Charles needs to make to his…

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: Jessica retired at age 65. On the date of her retirement, the balance in her traditional IRA was…

A: Tax Liability is the different company's taxable income as shown in the income statement and in…

Q: In 2019, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax…

A: In Schedule A, Form 1040, deduction of only that portion of medical expense in available, which…

Q: Maribel Munroe created a nongrantor trust in 2017. During 2021, the trust earned $4,000 in ordinary…

A: Introduction:-Calculation of total income earned as follows under:-Total Income Earned=Ordinary…

Q: In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total…

A: Underpayment penalty refers to the penalty imposed by the Internal Revenue Service (IRS) on…

Q: Christian and Tyler are married and file a joint return. They report taxable income of $130,000 in…

A: An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or…

Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…

A: These are the benefits available to the qualified retired adults, disabled people, their supposes,…

Q: The Smith Family Trust earns $60,000 in eligible dividends during 2020. It allocates $20,000 of…

A: The objective of the question is to determine the type of income that Sam Smith Jr., a beneficiary…

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.