camille sikorski was divorced last year. she currently
provides a home for her 15 year old daughter kaly. kaly lived in
camille's home for the entire year, and camille paid for all the
costs of maintaining the home. she received a salary of $70,000 and
contributed $4,800 of it to a qualified retirement account (a for
AGI deduction). she also received $9,000 of alimony from her former
husband. finally, camille paid $15,900 of expenditures that
qualified as itemized deductions.
a) what is camille's taxable income?
(1) gross income
(2) for AGI deductions
(3) adjusted gross income
(4) standard deduction
(5) itemized deductions
(6)
taxable income
can you please type it out thank you
1. Gross income is the amount of money we earn before anything is taken out for taxes or other deductions.
GI = 70000 (Salary) + 9000 (Alimony) = $ 79000
2. Adjusted gross income (AGI) is a measure of income calculated from your gross income and used to determine how much of your income is taxable.
AGI Deduction = 4800
3. Adjusted gross income (AGI) is an individual's total gross income minus specific deductions.
AGI = Gross Income - AGI Deduction - Itemized Deduction
= 79000 - 4800 - 15900
= $ 58300
4. Standard deduction is essentially a flat amount subtracted from the salary income before calculation of taxable income.
Standard Deduction = $ 4800
5. An itemized deduction is an expenditure on eligible products, services, or contributions that can be subtracted from adjusted gross income (AGI) to reduce your tax bill.
Itemized deduction = $ 15900
6. Camille Taxable Income is computed as follows
Taxable Income = Gross Income - standard deduction - itemized deduction
= 70000 - 4800 - 15900
= $ 49300
NOTE: Alimony is payable only when the couple is legally divorced. Alimony is not taxable if: It is paid in lump-sum or a one-time receipt in the form of cash.
camille sikorski was divorced last year. she currently provides a home for her 15 year old...
camille sikorski was divorced last year. she currently provides a home for her 15 year old daughter kaly. kaly lived in camille's home for the entire year, and camille paid for all the costs of maintaining the home. she received a salary of $70,000 and contributed $4,800 of it to a qualified retirement account (a for AGI deduction). she also received $9,000 of alimony from her former husband. finally, camille paid $15,900 of expenditures that qualified as itemized. (b) what...
Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $65,000 and contributed $4,600 of it to a qualified retirement account (a for AGI deduction). She also received $8,000 of alimony from her former husband. Finally, Camille paid $15,700 of expenditures that qualified as itemized deductions. b. What would...
Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 of alimony from her former husband. Finally, Camille paid $16,400 of expenditures that qualified as itemized deductions. What is Camille’s...
Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $100,000 and contributed $6,100 of it to a qualified retirement account (a for AGI deduction). She also received $15,000 of alimony from her former husband (per divorce decree issued in 2017). Finally, Camille paid $17,100 of expenditures that qualified...
CAN SOMEONE PLEASE HELP ME PLEASE AND CAN YOU TYPE IT OUT THANK YOU. Camille sikorski was divorced last year. she currently provides a home for her 15 year old daughter kaly. kaly lived in camille's home for the entire year, and camille paid for all the costs of maintaining the home. she received a salary of $70,000 and contributed $4,800 of it to a qualified retirement account (a for AGI deduction). she also received $9,000 of alimony from her...
Required information [The following information applies to the questions displayed below. Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $105,000 and contributed $6,000 of it to a qualified retirement account (a for AGI deduction). She also received $10,000 of alimony from her former husband (per divorce decree...
Required information [The following information applies to the questions displayed below.) Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $60,000 and contributed $4,400 of it to a qualified retirement account (a for AGI deduction). She also received $7,000 of alimony from her former husband (per divorce decree...
need some help with this Required information (The following information applies to the questions displayed below) Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the hor. of $105,000 and contributed $6,300 of it to a qualified retirement account (a for AGI deduction). She also received $16,000 of alimony from her former husband (per divorce...
Required information (The following information applies to the questions displayed below.) Camille Sikorski was divorced in 2017. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $70,000 and contributed $4,800 of it to a qualified retirement account (a for AGI deduction). She also received $9,000 of alimony from her former husband (per divorce decree...
1:4-56 Pat was divorced from her husband in 2012. During the current year she received alimony of $18,000 and child support of $4,000 for her 11-year-old son, who lives with her. Her former husband had asked her to sign an agreement giving him the de- pendency exemption for the child but she declined to do so. After the divorce she ac- cepted a position as a teacher in the local school district. During the current year she received a salary...