Homework Answers
|
Employee Salary received |
70000 |
|
Gain on the sale stock |
5000 |
|
Loss on the sale stock |
(6000) |
|
Winnings from the gambling trip to Las Vegas |
800 |
|
Government pension benefits received |
15000 |
|
Amount his dog earned from being in a television commercial |
2000 |
|
adjusted gross income |
$86800 |
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1. Summary Problem: Tommy, a single tax Problem: Tommy, a single taxpayer with no dependents, has...
1. Summary Problem: Tommy, a single taxpayer with no dependents, has the following items that may...
1. Summary Problem: Tommy, a single taxpayer with no dependents, has the following items that may affect his taxable income. What is his adjusted gross income? Employee salary received $70,000 Child support paid to ex-wife 12,000 Total allowable itemized deductions 3,000 Cash gift received from parents 7,000 Gain on the sale of stock 5,000 Loss on the sale of personal residence (10,000) Loss on the sale of stock (6,000) Amount collected from a life insurance policy 40,000 Health insurance premiums...
Enter the taxpayer's gross income for each of the following independent situations. Note: If an amount...
Enter the taxpayer's gross income for each of the following independent situations. Note: If an amount is zero, enter "0". Taxpayer's Gross Income a. Darrin received a salary of $50,000 in 2018 from his employer, Green Construction. $ b. In July 2018, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. $ c. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance. $ d. The...
2017.total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has...
2017.total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of s of $4,400 from the sale of stock, and $7,600 from book royalties. What is Gordon's average tax rate? capital come Sordon's fotal gross i the 2017 tax year is (Round to the nearest cent.)
Tax return problem Tax Return Problem 1 Elise Dubois is single, has no dependents, and lives...
Tax
return problem
Tax Return Problem 1 Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. His social security number is 412-34-5670 (date of birth 3/15/1976). Elise had qualifying health care coverage at all times during the tax year. Her W-2 contained the following information: Wages (box 1)$48,965.25 Federal W/H (box 2) $ 5,043.40 Social security wages (box 3) $48,965.25 Social security W/H (box 4)$ 3,035.85 Medicare wages (box 5)$48,965.25 Medicare W/H...
2 Mary is single and has one dependent. Her financial records show the following items in...
2 Mary is single and has one dependent. Her financial records show the following items in the current year $6,000 gift received from her uncle; $1,000 in qualified dividends received; $12,000 lottery winnings; $6,000 child support received; $7,500 alimony received; $3,000 worker's compensation received due to work-related injury: $10,000 unemployment compensation received; $40,000 salary from her employer, and $5,000 short-term capital loss on the sale of stock. What is Mary's adjusted gross income for the current year? a $76,500 b....
What is the taxpayer’s gross income in each of the following situations? Darrin received a salary...
What is the taxpayer’s gross income in each of the following situations? Darrin received a salary of $50,000 in 2018 from his employer, Green Construction. In July 2018, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance. Blake received $15,000 from his deceased wife’s employer “to help him in his time of greatest need.” Clint collected...
の 3) 10 points fark, a cash-basis taxpayer, died on September 30, 2017. His wife, Charlote,...
の 3) 10 points fark, a cash-basis taxpayer, died on September 30, 2017. His wife, Charlote, provides you with the following From January 1,2017 until his death, Mark received a salary of $35,000 Charlotte received a salary of $68.000 during 2017. Mark had earned commissions of $20,000 which Charlotte reccived after his death. Charlotte was the beneficiary of a $100,000 whole life policy purchased by Mark and a $50,000 group policy purchased by Mark's employer. The employer had paid premiums...
Taxpayer Information Name: Bryan Jones Capital Gains Bryan had the following stock transactions in 2017: He...
Taxpayer Information Name: Bryan Jones Capital Gains Bryan had the following stock transactions in 2017: He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2016, which he purchased on April 1, 2014 for 25,000. In addition, he sold 750 shares of Velocity Inc. for $10,000 on September 1, 2016, which he purchased on December 1, 2015 for $5,000. Rental Real Estate Bryan owns a rent house which he purchased on July 1, 2014. The income and...
Michael received the following amounts during the current tax year of 2020. For each item indicate...
Michael received the following amounts during the current tax year of 2020. For each item indicate how much is included in his 2020 federal gross income. (14 points) a) A cash inheritance of $11,000 from his grandmother’s estate. b) $50,000 lump sum cash payment (in 2020) from an elderly neighbor’s life insurance policy. The women died during 2019. Michael was named as the beneficiary even though they were not related. c) $2,000 from a PA lottery ticket. d) $5,000 in child support...
Federal taxation HELP please 1040 form and schedules for 2017 tax return Alice Johnson, Social Se...
federal taxation HELP please 1040 form and schedules for 2017 tax return Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. . Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She...
1. Summary Problem: Tommy, a single taxpayer with no dependents, has the following items that may affect his taxable income. What is his adjusted gross income? Employee salary received $70,000 Child support paid to ex-wife 12,000 Total allowable itemized deductions 3,000 Cash gift received from parents 7,000 Gain on the sale of stock 5,000 Loss on the sale of personal residence (10,000) Loss on the sale of stock (6,000) Amount collected from a life insurance policy 40,000 Health insurance premiums...
2017.total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of s of $4,400 from the sale of stock, and $7,600 from book royalties. What is Gordon's average tax rate? capital come Sordon's fotal gross i the 2017 tax year is (Round to the nearest cent.)
Tax
return problem
Tax Return Problem 1 Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. His social security number is 412-34-5670 (date of birth 3/15/1976). Elise had qualifying health care coverage at all times during the tax year. Her W-2 contained the following information: Wages (box 1)$48,965.25 Federal W/H (box 2) $ 5,043.40 Social security wages (box 3) $48,965.25 Social security W/H (box 4)$ 3,035.85 Medicare wages (box 5)$48,965.25 Medicare W/H...
2 Mary is single and has one dependent. Her financial records show the following items in the current year $6,000 gift received from her uncle; $1,000 in qualified dividends received; $12,000 lottery winnings; $6,000 child support received; $7,500 alimony received; $3,000 worker's compensation received due to work-related injury: $10,000 unemployment compensation received; $40,000 salary from her employer, and $5,000 short-term capital loss on the sale of stock. What is Mary's adjusted gross income for the current year? a $76,500 b....
の 3) 10 points fark, a cash-basis taxpayer, died on September 30, 2017. His wife, Charlote, provides you with the following From January 1,2017 until his death, Mark received a salary of $35,000 Charlotte received a salary of $68.000 during 2017. Mark had earned commissions of $20,000 which Charlotte reccived after his death. Charlotte was the beneficiary of a $100,000 whole life policy purchased by Mark and a $50,000 group policy purchased by Mark's employer. The employer had paid premiums...
federal taxation HELP please 1040 form and schedules for 2017 tax return Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. . Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She...
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