This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,700 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows:
| Cost of moving his possessions to the city (125 miles away) | $ | 1,200 |
| Interest paid on accumulated student loans | 2,880 | |
| Cost of purchasing a delivery uniform | 1,480 | |
| Contribution to State University deliveryman program | 1,340 | |
Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan’s student loans this year.
Evan's AGI : ?
Taxable Income: ?
Homework Answers
Computation of Evans AGI and Taxable Income
| Particulars | $ |
| Salary income | 74,700 |
| Part time income | 700 |
| Modified AGI for purpose of student loan | 75,400 |
| Student Loan deduction | (1600) |
| AGI | 73,800 |
| Less standard deduction | (12,200) |
| Taxable income | 61,600 |
Evans modified AGI for purpose of student loan exceeds $70,000 which is threshold limit. Exceeds by an amount of (75400-70000) = 5400. So applicable ratio is 5400/15000*100 = 36% . His deduction education loan is subject to phase out .
Deduction allowed = $2500 - 2500*36% = 2500-900 = $1600
Standard deduction allowable is $12,200 for individual tax payers.
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This year Evan graduated from college and took a job as a
deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,400 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,870 Cost of purchasing a delivery uniform 1,470 Contribution to State University deliveryman program 1,335 Calculate Evan's AGI and...
This year Evan graduated from college and took a job as a deliveryman in the city,...
This year Evan graduated from college and took a job as a deliveryman in the city, Evan was paid a salary of $75,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program 1,510 Calculate Evan's AGI and taxable income if he...
This year Evan graduated from college and took a job as a deliveryman in the city,...
This year Evan graduated from college and took a job as a deliveryman in the city, Evan was paid a salary of $75,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program 1,510 Calculate Evan's AGI and taxable income if he...
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
This year Evan graduated from college and took a job as a deliveryman in the city....
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This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,300 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $1,200 Interest paid on accumulated student loans 2,800 Cost of purchasing a delivery uniform 1,400 Contribution to State University deliveryman program 1,300 Calculate Evan's AGI and taxable...
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There is no extra infomation.
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $73,200 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: $1,200 Cost of saving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman progra Calculate Evan's AGI...
Comprehensive Problem 6-51 (LO 6-1, LO 6-2, LO 6-3) This year Evan graduated from college and...
Comprehensive Problem 6-51 (LO 6-1, LO 6-2, LO 6-3) This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,900 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program...
1.) 2.) 3.) This year Evan graduated from college and took a job as a deliveryman...
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2.)
3.)
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $70,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles анау) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2.910 1,510 1, 355 Calculate Evan's...
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
This year Evan graduated from college and took a job as a deliveryman in the city, Evan was paid a salary of $75,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program 1,510 Calculate Evan's AGI and taxable income if he...
This year Evan graduated from college and took a job as a deliveryman in the city, Evan was paid a salary of $75,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program 1,510 Calculate Evan's AGI and taxable income if he...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $76,200 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2.93e 1.530 1.365 Calculate Evan's AGI and taxable...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,300 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $1,200 Interest paid on accumulated student loans 2,800 Cost of purchasing a delivery uniform 1,400 Contribution to State University deliveryman program 1,300 Calculate Evan's AGI and taxable...
There is no extra infomation.
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $73,200 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: $1,200 Cost of saving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman progra Calculate Evan's AGI...
Comprehensive Problem 6-51 (LO 6-1, LO 6-2, LO 6-3) This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,900 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program...
1.)
2.)
3.)
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $70,600 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles анау) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2.910 1,510 1, 355 Calculate Evan's...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
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