Homework Answers
| Wages | 90000 | |||||
| Dividends | 1000 | |||||
| Less: | Capital Loss | 3000 | (Maximum which can be deducted) | |||
| AGI | 88000 | |||||
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Calculate the taxpayer's adjusted gross income (AGI) for 2018. The taxpayer has the following 4. items:...
Janice has the following activity for the year 2018. What is her AGI? Show all work...
Janice has the following activity for the year 2018. What is her AGI? Show all work using the Tax Formula. Wages $140,000 Interest from FirstMerit Bank $500 Interest from City of San Diego $1,000 Home mortgage interest paid - $10,000 Alimony paid (divorce was finalized in 1996)- $20,000 Child support paid $8,000 Gift received from grandma - $12,000 Lottery winnings-$8,000 Capital Loss-$2,000
Janice has the following activity for the year 2018. What is her AGI? Show all work using the...
Which, if any, of the following is a deduction for Adjusted Gross Income? A portion of...
Which, if any, of the following is a deduction for Adjusted Gross Income? A portion of Federal self-employment taxes paid by the taxpayer. Child support payments. Property taxes on the taxpayer's residence. Loss on the sale of a personal residence. None of these are deductible for Adjusted Gross Income
Which, if any, of the following is a deduction for Adjusted Gross Income? A portion of...
Which, if any, of the following is a deduction for Adjusted Gross Income? A portion of Federal self-employment taxes paid by the taxpayer. Child support payments. Property taxes on the taxpayer's residence. Loss on the sale of a personal residence. None of these are deductible for Adjusted Gross Income
22. In 2018, Rachelle, a single taxpayer, has adjusted gross income of $45,000. Her AGI includes...
22. In 2018, Rachelle, a single taxpayer, has adjusted gross income of $45,000. Her AGI includes $5,000 of interest income. Rachelle has no dependents and does not itemize deductie What is her 2018 federal income tax? A) $3,404 B) $3,769.50 C) $4,211.50 D) $4.404 tha filou?na ?s not excluded from income? rL L
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is...
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as follows: Gross income $120,000 Deductions for adjusted gross income (3,000) Adjusted gross income $117,000 Deductions from adjusted gross income: Standard deduction (12,000) (Total itemized deductions are $2,300) Taxable income $105,000 Before filing her return, Reba finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she is unsure whether she should deduct it for or from adjusted gross...
A taxpayer's adjusted gross income is $120,000. Explain if the taxpayer can claim the following independent items for the dependent care credit and if not, why. (A) The dependent care expenses wer...
A taxpayer's adjusted gross income is $120,000. Explain if the taxpayer can claim the following independent items for the dependent care credit and if not, why. (A) The dependent care expenses were paid to the taxpayer's mother. (B) The dependent care expenses were paid to the taxpayer's 18-year-old son, who is NOT a dependent of the taxpayer. (C) The taxpayer's only dependent will turn 13 years old on July 15 of the current year. (D) The dependent-care services were provided...
Molly Whitman is a single taxpayer under the age of 65 and has adjusted gross income...
Molly Whitman is a single taxpayer under the age of 65 and has adjusted gross income (AGI) in 2019 equal to $215,000. She reported the following financial information pertaining to her 2019 activities: a) Molly incurs $6,800 of qualified medical expenses in 2019. b) Molly's state income tax withholdings for 2019 equal $6,100. c) In 2019, Molly was due a refund of $725 for overpaying her 2018 state taxes. She elected to have this overpayment applied toward her 2019 state...
Joe Taxpayer has AGI of $100,000 in 2018 for the following He has doctor costs of $10,000, hear...
Joe Taxpayer has AGI of $100,000 in 2018 for the following He has doctor costs of $10,000, hearing aid of $1,000, bayer aspirin of $500, braces of $3,000, and eyeglasses of $1000. What is is deductible medical? He has state withholding of $10,000, property taxes of $5,000, DMV of $500. What is his deductible state taxes? He purchased a home in 2018, and paid mortgage interest of $30,000. The loan on the home is $1,000,000. He also has credit card...
Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Janice has the following activity for the year 2018. What is her AGI? Show all work using the Tax Formula. Wages $140,000 Interest from FirstMerit Bank $500 Interest from City of San Diego $1,000 Home mortgage interest paid - $10,000 Alimony paid (divorce was finalized in 1996)- $20,000 Child support paid $8,000 Gift received from grandma - $12,000 Lottery winnings-$8,000 Capital Loss-$2,000
Janice has the following activity for the year 2018. What is her AGI? Show all work using the...
22. In 2018, Rachelle, a single taxpayer, has adjusted gross income of $45,000. Her AGI includes $5,000 of interest income. Rachelle has no dependents and does not itemize deductie What is her 2018 federal income tax? A) $3,404 B) $3,769.50 C) $4,211.50 D) $4.404 tha filou?na ?s not excluded from income? rL L
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as follows: Gross income $120,000 Deductions for adjusted gross income (3,000) Adjusted gross income $117,000 Deductions from adjusted gross income: Standard deduction (12,000) (Total itemized deductions are $2,300) Taxable income $105,000 Before filing her return, Reba finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she is unsure whether she should deduct it for or from adjusted gross...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
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