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.
Computation of taxable income | |
Wages | 7000 |
Taxable interest income | 425 |
Total income | 7425 |
Less: Itemised deductions | 310 |
Taxable income | 7115 |
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.
Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. 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.
The following information relates to Frank, a single taxpayer, age 18: EE (Click the icon to view the information.) (Click the icon to view the standard deduction an personal and dependency exemption amounts.) Read the requirements. Cemalata all answer Requirements a. Compute Frank's taxable income assuming he is self-supporting b. Compute Frank's taxable income assuming he is a dependent of his parents. (Assume 2017 for the current year.) st 530 Data Table g he is a dependent of his parents....
PROBLEMS 1:2-29 Computation of Tax. The following information relates to two married couples: Smiths Millers Salary (earned by one spouse) Taxable interest income Deductible IRA contribution Itemized deductions Withholding $95,000 1,000 5,500 20,000 8,500 $30,000 20 900 1,750 Compute the 2018 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits. Truahle Iucous The following information relates to Tom, a single
Pl:2-30 (similar to) The following information relates to Frank, a single taxpayer, age 18: E: (Click the icon to view the information.) 5 (Click the icon to view the standard de Read the requirements. Requirement a. Compute Frank's taxable income assuming he is self-supporting. (Complete all input fields. For amounts of zero or less, enter "0" in the appropriate cell.) 0 Reference Adjusted gross income Minus: STANDARD DEDUCTION Taxable income i Data Table Filing Status Married individuals filing joint returns...
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,...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2019 First calculate the gross income, then calculate taxable income and the federal tax liability. (Calculate the tax using the tax rate schedule. Do not round interim tax calculations. Round the amount entered into the cell to the nearest whole dollar. If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) INCOME:...
Bill is a single taxpayer and is 38 years of age. In 2018, his salary is $28,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $1,400 and he has $11,000 of itemized deductions. Calculate the following amounts: A. Gross Income B. Adjusted Gross Income C. Standard deduction or itemized deduction amount D. Taxable Income
Calculate the 2020 taxable income for the following taxpayer (follow the formula on pg. 1-16, Exhibit 1.2): • Single taxpayer • Life insurance proceeds received (excluded income) $4,000 • W-2 Wages $52,000 • Deductions for AGI $1,000 • Potential Itemized Deductions 4,000
Single not claimed by anyone else, with 5-year old dependent child: Wages $45.000. Taxable Interest Income $10,000. Qualified Business Income Deduction $2,000. $12,000 Itemized Deductions. Calculate Taxable income.