ZuoTi.Pro
Question

Laura is single and claims three dependent children.Her AGI is $83,500 and she has itemized deductions...

Laura is single and claims three dependent children.Her AGI is $83,500 and she has itemized deductions of $17,550. What is her taxable income for 2019?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

As Laura is single and claims three dependent children, she is eligible to file her income tax return as Head of the Household status.

The standard deduction for Head of the household status is $18,350.

Since Laura's itemized deductions is $17,750, she would take standard deduction as a deduction from AGI.

Therefore, Laura's taxable income = $83500 - $18350 = $65150

0 0
Add a comment
Know the answer?
Add Answer to:
Laura is single and claims three dependent children.Her AGI is $83,500 and she has itemized deductions...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 35) Marlee, a single parent of one dependent child, has $19,000 in itemized deductions and files...

    35) Marlee, a single parent of one dependent child, has $19,000 in itemized deductions and files as head of household for 2019. Determine her taxable income and income tax liability if she has a salary of $71,000 and interest income of $1,500. Answer = 6,208 Please show work

  • 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...

  • 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 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,...

  • Calculat the avable income and federal aee pai (a) Single filer; AGI $65,000; itemized deductions...

    Calculat the avable income and federal aee pai (a) Single filer; AGI $65,000; itemized deductions $2500 (b) Single filer; AGI $110,000; itemized deductions S15,000 (c) Married filing jointly; AGI $150,000; itemized deductions- $8000 (d) Two people are married, but they filing as two single people, AGI( 1 )-$80,000, AGI(2) $70,000; itemized deduction(1) - $5000, itemized deductions(2)-S3000; compare the combined answers here to the answer in part (c); now find the new tax brackets for "married filing separately" and do the...

  • calculate the amount of itemized deductions for 2019 for Mr. Drake (single) whose AGI is $100,000:...

    calculate the amount of itemized deductions for 2019 for Mr. Drake (single) whose AGI is $100,000: medical expenses $10,600 State Income Taxes $8,000 Real Estate Taxes on residence $5,000 Interest on home mortgage $18,000 The total itemized deductions from Mr. Drake are $__________

  • Justin, a single taxpayer, earns a salary of $97,000 and itemized deductions of $1,000. In addition,...

    Justin, a single taxpayer, earns a salary of $97,000 and itemized deductions of $1,000. In addition, Justin can choose between the following deductions: (1) a FOR AGI deduction of $4,900; or (2) additional itemized deductions of $14,150. What is Justin's taxable income if he chose the FOR AGI deduction? Which deduction should Justin choose to minimize his taxable income?

  • 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....

  • Joint Versus Separate Returns. Carl has $60,000 of salary and $11,000 of itemized deductions. Carol has...

    Joint Versus Separate Returns. Carl has $60,000 of salary and $11,000 of itemized deductions. Carol has $90,000 of salary and $16,200 of itemized deductions. They are married and under age 65. a. Compute their taxable incomes if they file separately and Carol claims itemized deductions on her return. b. Compute their taxable income if they file jointly. Assume their total itemized deductions equals the sum of their separate itemized deductions. Tax Year 2019.

  • d. Amelia, age 33, is an abandoned spouse and maintains a household for her three dependent...

    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. AGI $58,000 Less: standard deduction 10,650 x Taxable income 33,300 X

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT