South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 7, Problem 48P
a.
To determine
Calculate Person S’s NOL during 2018.
b.
To determine
Calculate the years in which 2018’s NOL should be applied.
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Students have asked these similar questions
Larry Johnson, 45 and single, has the following income and deductions in 2016. Using the tax rate
schedules rather than the tax tables, compute Larry's tax owed or refund due for 2016. Assume
dividends are not qualified.
Salary
Interest Income
Dividends
Medical Expenses
Property Taxes on Personal Residence
Interest on Home Mortgage
$50,000
3,200
State and local income taxes
State and Local sales taxes
800
$6,150
$3,600
$7,600
$2,400
$2,000
Investment Interest Expenses
$5,000
In addition, Larry's car (value =$15,000, cost = $20,000) was stolen during the year, and the insurance
reimbursement was only $7,000. He also had $2,000 of travel expenses related to his job that were not
reimbursed and $3,000 of federal income tax withheld from his salary.
He elects to treat his dividends as net investment income, so they are not subject to the special long-
term capital gains tax rates.
Tina Chatwood is single with no dependants. During the year she had the following
amounts deducted from her salary of $70,000:
CPP premiums 2,898
El premiums
856
Income tax
4,300
Based on this information, what amount is closest to Tina's total federal tax credits
for 2020 that can be claimed on her return.
$0
$750
$2,734
$2,547
20. Karen is single. Last year she earned $35,300 in wages. Additional tax information for the year is as follows: interest earned: $135; capital gains from sale of stock: $1,650; penalty on early withdrawal of savings: $300; contributions to Keogh retirement fund: $1,900; real estate taxes paid: $3,000; mortgage interest paid: $3,600. The following table gives the standard deduction for various filing statuses.
Standard Deductions
Single or married filing separately
$12,000
Married filing jointly or surviving spouse
$24,000
Head of household
$18,000
65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent:
Varies(See www.irs.gov for information.)
Find the taxable income for the year.
a.$16,285
b.$22,885
c.$36,950
d.$37,085
Chapter 7 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Many years ago, Jack purchased 400shares of Canary...Ch. 7 - Scan is in the business of buying and selling...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 14DQCh. 7 - Prob. 15DQCh. 7 - Prob. 16DQCh. 7 - Prob. 17DQCh. 7 - Prob. 18DQCh. 7 - Prob. 19DQCh. 7 - Prob. 20DQCh. 7 - Last year Aleshia identified 15,000 as a...Ch. 7 - Prob. 22CECh. 7 - Prob. 23CECh. 7 - Prob. 24CECh. 7 - Prob. 25CECh. 7 - Prob. 26CECh. 7 - Prob. 27CECh. 7 - Prob. 28CECh. 7 - Prob. 29CECh. 7 - Prob. 30CECh. 7 - Prob. 31CECh. 7 - Prob. 32PCh. 7 - Monty loaned his friend Ned 20,000 three years...Ch. 7 - Sally is in the business of purchasing accounts...Ch. 7 - Prob. 35PCh. 7 - Prob. 36PCh. 7 - Prob. 37PCh. 7 - Prob. 38PCh. 7 - Prob. 39PCh. 7 - Prob. 40PCh. 7 - Prob. 41PCh. 7 - Prob. 42PCh. 7 - Prob. 43PCh. 7 - Prob. 44PCh. 7 - Prob. 45PCh. 7 - Prob. 46PCh. 7 - Prob. 47PCh. 7 - Prob. 48PCh. 7 - Prob. 49PCh. 7 - Prob. 50PCh. 7 - Prob. 51PCh. 7 - Prob. 52PCh. 7 - Prob. 53CPCh. 7 - Prob. 54CPCh. 7 - Prob. 1RPCh. 7 - Prob. 2RP
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