Homework Answers
Answer
b) Is removed for 2010 and beyond
In 2010 Roth IRA conversion got a big boost when the modified adjusted gross income restriction was removed. After removing the restriction it allowed anyone with a traditional IRA for participating in the tax free environment of the Roth.
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The modified adjusted gross income (MAGI) restriction on Roth conversions: O A. Is removed for 2010...
When modified adjusted gross income (MAGI) is too high to claim the Lifetime Learning tax credit...
When modified adjusted gross income (MAGI) is too high to claim the Lifetime Learning tax credit for non-degree program expenses, clients shou ld always: Check out the availability of other education tax breaks such as tax-free assistance from A. employers. Claim the American Opportunity credit, which is available for any and all non-degree program B. expenses Reduce grosS income from their returns by the amount of tuition in order to reduce their C. reported MAGI D. Ask for a private...
which of the following statements is correct regarding modified adjusted gross income on a joint return?...
which of the following statements is correct regarding modified adjusted gross income on a joint return? A- If MAGI includes $240,000 salary plus $20,000 net investment income, then $10,000 is subject to the 3.8% rte. B- if MAGI is $260,000 including salary plus $20,000 social security benefits, all the income is subject to the 3.8% rate. C- MAGI is the threshold amount above which all gross income is subject to the NII tax. D- The MAGI is subject to an...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70,050 6. Margaret and her sister support their mother and together provide 85 percent of their mother’s support. If Margaret provides 40% of her mother’s support: a. Her sister is the only one who can claim their...
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...
Statement related to the next three questions: You are single and have an adjusted gross income...
Statement related to the next three questions: You are single and have an adjusted gross income of $35,000 and taxable income of $24,000. Let’s assume that, according to the marginal tax rate schedule for single filers, you would owe 10% on your first $8,925 of taxable income, plus 15% of the remaining taxable income. 8) What is your marginal tax rate? A) 0% B) 9% C) 13.1% D) 15% E) 20.1% 9) What is the average tax rate you paid...
10. X Data are given below on the adjusted gross income x and the amount of...
10. X Data are given below on the adjusted gross income x and the amount of itemized deductions taken by taxpayers. Data were reported in thousands of dollars. With the estimated regression equation = 4.68 +.16 estimate of a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of $52.5 thousand is $13.08 thousand. 11. Adjusted Gross Income ($1000s) Reasonable Amount of Itemized Deductions ($1000s) 9.6 22 27 9.6 10.1 32 48 11.1 65 13.5...
Sullivan, a pilot for Northern Airlines, has adjusted gross income of $92,000 before considering the following...
Sullivan, a pilot for Northern Airlines, has adjusted gross income of $92,000 before considering the following losses. The passive activity rules disallow the deduction for a loss in which of the following? I. Sullivan has a $4,500 loss from his ownership interest in Cowco, a feeder-cattle limited partnership. Sullivan is a general partner and is responsible for day-to-day management decisions. II. Sullivan has a $7,000 loss from his ownership interest in Swineco, a feeder-pig limited partnership. Sullivan is a limited...
1. Kenneth has an adjusted gross income of $114000. His Schedule A expenses were as follows:...
1. Kenneth has an adjusted gross income of $114000. His Schedule A expenses were as follows: • Interest on home mortgage, $12500 • Property taxes on home, $4000 • State income tax, $8000 • Charitable contributions, $1000 What will he be able to claim for total itemized deductions? A) $23500 B) He should take the standard deduction. C) $13500 D) $25500 2. Nicole sold shares of Disney Company that were given to her 20 years ago by her grandmother to...
3. Compare and contrast the following terms a. Haig Simon income vs. adjusted gross income vs....
3. Compare and contrast the following terms a. Haig Simon income vs. adjusted gross income vs. taxable income b. Tax credit vs. tax deduction c. Standard vs. itemized deduction d. Deduction vs. exemption e. Progressive vs. proportional vs. regressive tax structure
When modified adjusted gross income (MAGI) is too high to claim the Lifetime Learning tax credit for non-degree program expenses, clients shou ld always: Check out the availability of other education tax breaks such as tax-free assistance from A. employers. Claim the American Opportunity credit, which is available for any and all non-degree program B. expenses Reduce grosS income from their returns by the amount of tuition in order to reduce their C. reported MAGI D. Ask for a private...
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
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...
10. X Data are given below on the adjusted gross income x and the amount of itemized deductions taken by taxpayers. Data were reported in thousands of dollars. With the estimated regression equation = 4.68 +.16 estimate of a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of $52.5 thousand is $13.08 thousand. 11. Adjusted Gross Income ($1000s) Reasonable Amount of Itemized Deductions ($1000s) 9.6 22 27 9.6 10.1 32 48 11.1 65 13.5...
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