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Blake, a divorced single, has a dividend income of $3,700 and a municipal interest income of...

Blake, a divorced single, has a dividend income of $3,700 and a municipal interest income of $2,750. Blake earned a salary of $42,000. Blake’s salary withheld for FICA was $3,213, $1,575 withheld for state income tax, and $3,500 withheld for Federal income tax. Blake also receive a gift of $20,000 from his father in 2019. Blake paid $3,000 alimony to his ex-wife (their divorce agreement was settled in 2016).

  1. Calculate Blake’s gross income
  2. Blake’s AGI
  3. Blake’s taxable income
  4. Blake’s tax liability
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Answer #1

salary

$42000

dividend income

3700

Gross income

$45700

For AGI deductions

Alimony paid (as divorced is finalized before January 1, 2018)

3000

Adjusted gross income

$42700

From AGI deductions

Itemized deduction

1575

Standard deduction

12200

Greater of standard deduction or itemized deductions

$12200

Taxable income

$30500

Tax liability (970+(12%*(30500-9700))

$3466
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