Homework Answers
Answer 1) Option C (Marvin's AGI is $44,000)
Calculation:
Salary : $50,000 (to be mentioned on FORM 1040)
Less :Alimony : (12,000) (Alimony for the divorced finalized before 2019, is tax deductible for person paying it and included in Form 1040 of the person receiving it)
Child Support paid :6,000 (It is included in form 1040 of Marvin, as it is not deductible)
AGI : $44,000
Gift From Aunt : 20,000 (Gift given by aunt above $15,000, is taxable in hands of the aunt as per gift tax and thus
is ignored for AGI calculation of Marvin. Receipt is not included in form 1040 for Marvin)
Car Loan : Loan is not treated as income and interest paid is not deductible, Thus ignore it for AGI Calculation
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est control number Indicate the answer choice that best completes the statement or answers the question....
During 2019, Marvin had the following transactions: Salary Bank loan (proceeds used to buy personal auto)...
During 2019, Marvin had the following transactions: Salary Bank loan (proceeds used to buy personal auto) Alimony paid (divorce was finalized in 2010). Child support paid Gift from aunt $50,000 10,000 12,000 6,000 20,000 Marvin's AGI is: O a. $44,000. Ob. $56,000. Oc. $32,000. Od. $38,000. Oe. $64,000.
During 2019, Marvin had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal...
During 2019, Marvin had the following transactions: Salary $50,000 Bank loan (proceeds used to buy personal auto) 10,000 Child support paid 12,000 Alimony received from a 2017 divorce 6,000 Gift from aunt 20,000 Marvin’s AGI is: a. $32,000. b. $38,000. c. $44,000. d. $56,000. e. $62,000.
15. Tony is single and age 68. He had the following transactions in 2019: Salary Interest...
15. Tony is single and age 68. He had the following transactions in 2019: Salary Interest Income from First Bank Interest Income from New York City Bonds Bank loan (proceeds used to buy personal auto) Alimony paid (divorce was finalized in 2010) Loss on sale of stock (held for 2 years) Child support paid Gift from aunt Deductible Itemized Deductions $50,000 $ 1,200 1,000 10,000 12,000 ( 8,000) 6,000 20,000 10,000 Tony's taxable income is: a. $17,350 b. $19,000 c....
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1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct?...
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pls asap ！ BlueBoole MULTIPLE CHOICE. Choose the one alternative that best completes the statement or...
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BlueBoole MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Taxable income for an individual is defined as A) AGI reduced by tax credits. B) AGI reduced by itemized deductions and tax credits. C) gross income reduced by itemized deductions. D) AGI reduced by the greater of the standard deduction or itemized deductions. 1) 2) All of the following items are A) child support payments. B) interest on state and...
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...
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During 2019, Marvin had the following transactions: Salary Bank loan (proceeds used to buy personal auto) Alimony paid (divorce was finalized in 2010). Child support paid Gift from aunt $50,000 10,000 12,000 6,000 20,000 Marvin's AGI is: O a. $44,000. Ob. $56,000. Oc. $32,000. Od. $38,000. Oe. $64,000.
15. Tony is single and age 68. He had the following transactions in 2019: Salary Interest Income from First Bank Interest Income from New York City Bonds Bank loan (proceeds used to buy personal auto) Alimony paid (divorce was finalized in 2010) Loss on sale of stock (held for 2 years) Child support paid Gift from aunt Deductible Itemized Deductions $50,000 $ 1,200 1,000 10,000 12,000 ( 8,000) 6,000 20,000 10,000 Tony's taxable income is: a. $17,350 b. $19,000 c....
pls asap ！
BlueBoole MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Taxable income for an individual is defined as A) AGI reduced by tax credits. B) AGI reduced by itemized deductions and tax credits. C) gross income reduced by itemized deductions. D) AGI reduced by the greater of the standard deduction or itemized deductions. 1) 2) All of the following items are A) child support payments. B) interest on state and...
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...
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