Question

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, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. AGI $80,000 Less: standard deduction Taxable income $ c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. AGI $75,000 Less: standard deduction Taxable income $ d. Amelia, age 33, is an abandoned spouse who 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 Taxable income $ e. Dale, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as Dale's dependent. Dale has AGI of $64,000 and itemized deductions of $9,900. AGI $64,000 Less: standard deduction Taxable income

Answer 1

ANSWER

a) AGI Less: Itemized deduction 125000 (Greater of 24400 or 27000) 27,000 Taxable Income 98,000 b) AGI Less: Standard deduction Taxable Income 80,000 (Greater of 18350 or 8000) 18,350 61,650 c) AGI Less: Standard deduction Taxable Income 75,000 (Surviving spouse) 24,400 50,600 d) AGI 58,000 2$ Less: Standard deduction (Greater of 18350 or 10650) 18,350 Taxable Income 39,650 e) 2$ AGI 64,000 Less: Standard deduction (Greater of 18350 or 9900) 18,350 Taxable Income 45,650

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