ZuoTi.Pro
Question



Single not claimed by anyone else, with 5-year old dependent child: Wages $45.000. Taxable Interest Income $10,000. Qualified
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Wages

45000

Taxable interest income

10000

Qualified business income

10000

Total AGI

65000

Itemized deduction

12000

Standard deduction

18350

Greater of standard deduction and itemized deduction

18350

Qualified business income deduction

2000

Total deductions

20350

Taxable income

$44650

Single qualified to file as head of household as he is single during the tax year and has qualifying dependent.

0 0
Add a comment
Know the answer?
Add Answer to:
Single not claimed by anyone else, with 5-year old dependent child: Wages $45.000. Taxable Interest Income...
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

  • 1. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had...

    1. Ayla, age 17, is claimed by her parents as a dependent. During 2019, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. Ayla's taxable income is: a.$4,200 – $4,550 = $0. b.$6,200 – $4,550 = $1,650. c.$6,200 – $1,000 = $5,200. d.$6,200 – $5,700 = $500. e.None of these choices are correct. 2. In terms of the tax formula applicable to individual taxpayers, which of the following statements, if...

  • What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...

    What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...

  • What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...

    What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...

  • Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Wages...

    Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Wages = $7,000 Taxable interest income = 425 Itemized deductions = 310 a. Compute Tom's taxable income assuming he is self-supporting. b. Compute Tom's taxable income assuming he is a dependent of his parents. Tax Year 2019. Please show accurate calculations.

  • Johnny, who is single, had the following income in 2019: $59,800 in wages $200 in bond...

    Johnny, who is single, had the following income in 2019: $59,800 in wages $200 in bond interest $10,000 in gambling winnings $5,000 in short-term capital gains. Johnny who had no above-the-line deductions, listed the following below the line deduction items he had incurred during the year: $2,500 in medical expenses $8,000 of mortgage interest paid (on a $400,000 mortgage) $2,000 in real estate taxes $1,600 in state income taxes $12,000 in charitable contributions $3,400 in unreimbursed employee business expenses. What...

  • Please show work. Jeremy earned $100,000 in salary and $6,000 in interest income during the year....

    Please show work. Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate schedules.) a. Determine Jeremy's tax refund or taxes due. Answer is complete and correct. Description Amount Gross income (1) (2) (3) (4)...

  • Mr. and Mrs. Wilson are married with one dependent child. They report the following information f...

    Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2018: Schedule C net profit $ 66,650 Interest income from certificate of deposit (CD) 2,100 Self-employment tax on Schedule C net profit 9,418 Dividend eligible for 15% rate 12,000 Mrs. Wilson's salary from Brants Company 75,000 Dependent care credit 500 Itemized deductions 27,000 Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income...

  • Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Wages...

    Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Wages = $7,000 Taxable interest income = 425 Itemized deductions = 310 Tax Year 2019.

  • Mr. and Mrs. Wilson are married with one dependent child. They report the following information for...

    Mr. and Mrs. Wilson are married with one dependent child. They report the following information for 2019: Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income under Section 199A. Assume the taxable year is 2019. Please help find Total tax liability. Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from...

  • Federal Income tax 2020 1:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and...

    Federal Income tax 2020 1:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2019: INCOME: Salary $100,000 Business Income 25,000 Interest income from taxable bonds 10,000 Tax-exempt bond interest 5,000 TOTAL INCOME 140,000 DEDUCTIONS: Business expenses $ 9,500 Itemized deductions 20,000 TOTAL DEDUCTIONS 29,500 a. Compute Latesha's taxable income and federal tax liability for 2019 (round to dollars and ignore the qualified business income deduction for this problem). b. Compute Latesha's marginal,...

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