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John (age 50) and Mary (age 49) have two dependent children. In 2019, they have following...
John (age 66) and Mary (age 59) Smith are married and file a joint federal tax...
John (age 66) and Mary (age 59) Smith are married and file a joint federal tax return. They have 2 dependent children in college ages 20 & 22. John and Mary have the following information for 2019: Income: John’s Salary $ 120,000 Mary’s Salary $ 80,000 Interest Income from taxable bonds $ 8,000 Proceeds from a life insurance policy $ 50,000 (John’s aunt passed away) Deductions: Alimony paid to Mary’s ex-spouse $ 25,000 (pre 1/1/19 divorce) Itemized deductions Charitable donations $ 5,000 NJ State Income Tax $ 11,000 Real Estate Taxes $ 9,000 John had $ 19,500...
1:6-34 For vs. From AGI. During 2019, Kent, a 40-year-old single taxpayer, reports the follow- ing...
1:6-34 For vs. From AGI. During 2019, Kent, a 40-year-old single taxpayer, reports the follow- ing items of income and expense: Income: Salary $150,000 Dividends from Alta Corporation 800 Interest income from a savings account 1,500 Rental income from a small apartment he owns 8,000 Expenses: Medical 6,000 Interest on a principal residence 7,000 Real property taxes on the principal residence 4,300 Charitable contributions 4,000 Loss from the sale of Delta Corporation stock 2,000 (held for two years) Expenses incurred...
John and May are married with two dependent children, file a joint return. They provide you...
John and May are married with two dependent children, file a joint return. They provide you with the following information: Medical and dental expenses (not reimbursed) $ 3,650 State income taxes 7,950 Real estate taxes 4,710 Personal property taxes (ad valorem) 1,325 Interest on home mortgage 17,800 Form 4952 shows deductible investment interest 800 Charitable contributions (made by cash or check) 2,000 Form 4684 shows a casualty loss deduction 600 AGI 188,850 What is the taxable income and tax liability...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the suppor for all three children. Karen's mom (age 75), who is blind, resides in...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the suppor for all three children. Karen's mom (age 75), who is blind, resides in...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the suppor for all three children. Karen's mom (age 75), who is blind, resides in...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the support for all three children. Karen's mom (age 75), who...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the suppor for all three children. Karen's mom (age 75), who...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full-time law student at State Law School, Charles (age 21), who is a full-time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the support for all three children. Karen's mom (age 75), who is blind,...
Wally, single and age 42, has the following items of income and expense for the current...
Wally, single and age 42, has the following items of income and expense for the current tax year (2019). • Wages: $60,000. Interest: $1,000 Inheritance: $50,000 • Alimony paid: $10,000 (2016 divorce decree). Child support paid: $8,000 Federal taxes paid: $5,000 State taxes paid: $2,000 • Medical expenses: $7,500 What is his taxable income? 18
1:6-34 For vs. From AGI. During 2019, Kent, a 40-year-old single taxpayer, reports the follow- ing items of income and expense: Income: Salary $150,000 Dividends from Alta Corporation 800 Interest income from a savings account 1,500 Rental income from a small apartment he owns 8,000 Expenses: Medical 6,000 Interest on a principal residence 7,000 Real property taxes on the principal residence 4,300 Charitable contributions 4,000 Loss from the sale of Delta Corporation stock 2,000 (held for two years) Expenses incurred...
Applicable Tax Year: 2019 John Q. Public (age 49) and his wife Karen (age 46) file a joint return. They have three children: Elizabeth (age 24) who is a full time law student at State Law School, Charles (age 21), who is a full time student at State College, and William (age 19). Charles earned $5,000 and Elizabeth earned $7,000 from summer jobs. John and Karen provide over half the support for all three children. Karen's mom (age 75), who...
Wally, single and age 42, has the following items of income and expense for the current tax year (2019). • Wages: $60,000. Interest: $1,000 Inheritance: $50,000 • Alimony paid: $10,000 (2016 divorce decree). Child support paid: $8,000 Federal taxes paid: $5,000 State taxes paid: $2,000 • Medical expenses: $7,500 What is his taxable income? 18
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