Homework Answers
Apart from the standard deduction,personal and dependent exemptions have to be deducted from the AGI
The exemption amount in tax year 2017 was $4050 per person
Since Amelia is an abandoned spouse, she is entitled to a personal exemption of $4050 along with dependent exemption of $12150 as there are 3 dependent children.
Hence the personal and dependent exemption amounts to $16200
AGI =58000
less: standard deduction =26850
Taxable income =$31150
*Here the standard deduction and personal and dependent deductions are added together
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d. Amelia, age 33, is an abandoned spouse and maintains a household for her three dependent...
Compute the taxable income for 2019 in each of the following independent situations. Click here to...
Compute the taxable income for 2019 in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Drew and Meg, 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 $27,000. AGI $125,000 Less: itemized deductions Taxable income $ b. Sybil, age 40, is single and supports her dependent parents who live with her,...
Compute 2019 taxable income in each of the following independent situations. Click here to access the...
Compute 2019 taxable income in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Drew and Meg, 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 $27,000. AGI $125,000 Less: itemized deductions Taxable income $ b. Sybil, age 40, is single and supports her dependent parents, who live with her. Sybil also...
Compute 2019 taxable income in each of the following independent situations. Click here to access the...
Compute 2019 taxable income in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Drew and Meg, 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 $27,000. AGI $125,000 Less: itemized deductions 27,000 Taxable income 98,000 ✓ b. Sybil, age 40, is single and supports her dependent parents, who live with her....
eBock Calculo Compute 2019 taxable income in each of the following independent situations. Click here to...
eBock Calculo Compute 2019 taxable income in each of the following independent situations. Click here to access the standard deduction table to use if required. .. Drew and Meg, 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 $27,000 125,000 Less: Kemized deductions 27,000 Taxable income 98,000 b. Sybill, age 40, is single and supports her dependent parents, who live with her....
Problem 3-28 (LO. 1) Compute 2017 taxable income in each of the following independent situations. The...
Problem 3-28 (LO. 1) Compute 2017 taxable income in each of the following independent situations. The personal exemption amount for 2017 is $4,050. Click here to access the standard deduction table to use if required. a. Drew and Meg, ages 40 and 41, respectively, are married and fle a joint return. In addition to four dependent children, they have AGI of $65,000 and itemized deductions of $15,000. AGI Less: Less: personal and dependency exemptiones Taxable income $65,000 b. Sybil, age...
Charlotte (age 40) is a surviving spouse and provides all of the support of her four...
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children, who live with her. Charlotte also maintains the household in which her parents live, and she furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte earns an $80,000 salary, a short-term capital loss of $2,000, and a cash prize of $4,000 at a church raffle....
Please help with both questions . Thank you of $80,000 and itemized deductions 81 3,00u Scott,...
Please help with both questions . Thank you
of $80,000 and itemized deductions 81 3,00u Scott, age 49, is a surviving spouse. His household includes two unmaii stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. d. Amelia, age 33, is an abandoned spouse and maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650 e. Dale, age 42, is divorced but maintains the home...
Charlotte (age 40) is a surviving spouse and provides all of the support of her four...
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000...
Problem 3-39 (LO. 1, 2, 3, 4, 5, 6) Charlotte (age 40) is a surviving spouse...
Problem 3-39 (LO. 1, 2, 3, 4, 5, 6) Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary of $80,000, a short-term...
Problem 3-36 (LO. 1, 2, 3, 4, 5, 6) Charlotte (age 40) is a surviving spouse...
Problem 3-36 (LO. 1, 2, 3, 4, 5, 6) Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children, who live with her. Charlotte also maintains the household in which her parents live, and she furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte earns an $80,000 salary, a short-term capital loss of $2,000, and...
Compute 2019 taxable income in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Drew and Meg, 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 $27,000. AGI $125,000 Less: itemized deductions 27,000 Taxable income 98,000 ✓ b. Sybil, age 40, is single and supports her dependent parents, who live with her....
eBock Calculo Compute 2019 taxable income in each of the following independent situations. Click here to access the standard deduction table to use if required. .. Drew and Meg, 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 $27,000 125,000 Less: Kemized deductions 27,000 Taxable income 98,000 b. Sybill, age 40, is single and supports her dependent parents, who live with her....
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Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children, who live with her. Charlotte also maintains the household in which her parents live, and she furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte earns an $80,000 salary, a short-term capital loss of $2,000, and a cash prize of $4,000 at a church raffle....
Please help with both questions . Thank you
of $80,000 and itemized deductions 81 3,00u Scott, age 49, is a surviving spouse. His household includes two unmaii stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. d. Amelia, age 33, is an abandoned spouse and maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650 e. Dale, age 42, is divorced but maintains the home...
Problem 3-39 (LO. 1, 2, 3, 4, 5, 6) Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary of $80,000, a short-term...
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