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During 2019, Gary, 50 years of age, earned a salary of $87,000.00 as an executive at...
that tax year 8. 1:3-56 Gary earned $97,000 as an executive. Gary, who is single, supported...
that tax year 8. 1:3-56 Gary earned $97,000 as an executive. Gary, who is single, supported his half sister, who lives in a nursing home. Gary received the following interest: $400 on City of Los Angeles bonds, $200 on a money market account, and $2,100 on a loan made to his brother. Gary spent one week serving on a jury and received $50. Gary received a refund of federal income taxes withheld during the prior year of $1,200 and a...
1. Gunther was employed during the first six months of 2019 and earned a $46,000 salary....
1. Gunther was employed during the first six months of 2019 and earned a $46,000 salary. During the next 6 months, he collected $4,100 of unemployment compensation and $3,200 of workers’ compensation. During 2019, Gunther also received $250 of interest income on his US Government bond, borrowed $18,800 (using his personal residence as collateral) from his bank, received interest income of $20 on his New Mexico state income tax refund, withdrew $1,300 from his savings account which included $60 of...
In February of 2019, Mara and Luke were married. During 2020, Mara received $40,000 of compensation...
In February of 2019, Mara and Luke were married. During 2020, Mara received $40,000 of compensation from her employer and had $6,000 withheld while Luke received $30,000 of compensation from his employer and had $4,800 withheld. The couple together reported $2,000 of itemized deductions. Mara and Luke filed separately in 2020. What is Mara's tax due or refund for 2020? Tax Due or Refund (label which it is) The Mandalorians filed jointly in 2020. Their AGI is $120,000. They reported...
Þ8. During the following years Adolpho T. (single) had (1) withheld, (2) paid (by check -...
Þ8. During the following years Adolpho T. (single) had (1) withheld, (2) paid (by check - presumably estimated tax payments or paid with the extension) and (3) received a refund of the following amounts for state income tax purposes: Withheld 2019 $2,500 $1,200 $800 2020 $3,000 $1,400 $1,600 Paid by check Refund The refunds were all of amounts “paid” (withheld and paid by check) in the prior year. Adolpho's total itemized deductions in 2019 were $14,400. What is Adolpho's state...
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also...
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,168 that was due when he filed his 2018 state income tax return and made estimated payments of $3,269 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $15,650, including the state income tax payments and withholdings, all of which reduce his...
tax year 2019 2. Marc and Michelle are married and earned salaries this year of $70,000...
tax year 2019
2. Marc and Michelle are married and earned salaries this year of $70,000 and $15,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,400 from corporate bonds. Marc contributed $3,500 to an individual retirement account. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,300 in 2019. She...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,300 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,230 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,500 of rental
payments from tenants and she incurred $19,695 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...
84. Reba Dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in 2019. She...
84. Reba Dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...
53. Comprehensive Problem (Tax Return Problem). Adam Armstrong, age 60 and single, earned $71,000 during 2018....
53. Comprehensive Problem (Tax Return Problem). Adam Armstrong, age 60 and single, earned $71,000 during 2018. He contributed $9,000 to the United church, paid $16,000 in federal income taxes, $3,400 in state income tax, and $4,600 in mortgage interest charges. Adam also had the following transactions: a. Sold for $60,000 stock that he had received as a gift which had an adjusted basis of $20,000 to the donor and a fair market value of $50,000 on the date of the...
that tax year 8. 1:3-56 Gary earned $97,000 as an executive. Gary, who is single, supported his half sister, who lives in a nursing home. Gary received the following interest: $400 on City of Los Angeles bonds, $200 on a money market account, and $2,100 on a loan made to his brother. Gary spent one week serving on a jury and received $50. Gary received a refund of federal income taxes withheld during the prior year of $1,200 and a...
Þ8. During the following years Adolpho T. (single) had (1) withheld, (2) paid (by check - presumably estimated tax payments or paid with the extension) and (3) received a refund of the following amounts for state income tax purposes: Withheld 2019 $2,500 $1,200 $800 2020 $3,000 $1,400 $1,600 Paid by check Refund The refunds were all of amounts “paid” (withheld and paid by check) in the prior year. Adolpho's total itemized deductions in 2019 were $14,400. What is Adolpho's state...
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,168 that was due when he filed his 2018 state income tax return and made estimated payments of $3,269 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $15,650, including the state income tax payments and withholdings, all of which reduce his...
tax year 2019
2. Marc and Michelle are married and earned salaries this year of $70,000 and $15,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,400 from corporate bonds. Marc contributed $3,500 to an individual retirement account. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,300 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,230 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,500 of rental
payments from tenants and she incurred $19,695 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...
84. Reba Dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2019. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental.
Reba and her daughter Heather (20 years old at the...
53. Comprehensive Problem (Tax Return Problem). Adam Armstrong, age 60 and single, earned $71,000 during 2018. He contributed $9,000 to the United church, paid $16,000 in federal income taxes, $3,400 in state income tax, and $4,600 in mortgage interest charges. Adam also had the following transactions: a. Sold for $60,000 stock that he had received as a gift which had an adjusted basis of $20,000 to the donor and a fair market value of $50,000 on the date of the...
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