As per the HOMEWORKLIB POLICY, the first question should be answered completely. Kindly take note of it.
Salary |
68500 |
Part-time hourly pay |
700 |
Gross income |
69200 |
Less: moving expense deduction |
(1200) |
Modified AGI (for student interest) |
68000 |
Student loan interest deduction |
(2000) |
AGI |
66000 |
Standard deduction |
(12000) |
Taxable income |
54000 |
Threshold amount of modified AGI for education loan = $65000
Therefore, excess amount = 68000-65000 = 3000
Maximum deduction before the phase-out = $2,500
Ratio resulting in a phase-out = $3,000/$15,000= 20%
Student loan interest deduction = (2500-(2500*20%)) = 2000
Here, itemized deduction includes only charitable contributions = $1300
Standard deduction is greater than Itemized deduction and therefore standard deduction will be deducted from AGI
Therefore,
Evan’s AGI |
$66000 |
Taxable income |
$54000 |
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city, Evan was paid a salary of $75,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program 1,510 Calculate Evan's AGI and taxable income if he...
This year Evan graduated from college and took a job as a deliveryman in the city, Evan was paid a salary of $75,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program 1,510 Calculate Evan's AGI and taxable income if he...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $76,200 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2.93e 1.530 1.365 Calculate Evan's AGI and taxable...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,700 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,880 Cost of purchasing a delivery uniform 1,480 Contribution to State University deliveryman program 1,340 Calculate Evan's AGI and...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,300 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $1,200 Interest paid on accumulated student loans 2,800 Cost of purchasing a delivery uniform 1,400 Contribution to State University deliveryman program 1,300 Calculate Evan's AGI and taxable...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,400 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,870 Cost of purchasing a delivery uniform 1,470 Contribution to State University deliveryman program 1,335 Calculate Evan's AGI and...
Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2019 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information from me in order to complete my tax return. I’m an open book! I’ll tell you whatever I...
Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2015 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information from me in order to complete my tax return. I’m an open book! I’ll tell you whatever I...
Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2019 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information from me in order to complete my tax return. I’m an open book! I’ll tell you whatever I...