Problem 2: Anita and Brendan’s filing status is married filing jointly. During 2020 they engaged in...
Problem 2: Anita and Brendan’s filing status is married filing jointly. During 2020 they engaged in the transactions detailed below. Determine their total AGI. LABEL EACH ITEM.
a. Anita works at Siyi Company where she earned a salary of $80,000. Siyi Company also paid $9,000 in educational expenses for Anita to pursue her MBA.
b. Brendan works at Hyunwoo Industries where he earned a salary of $75,000.
c. Anita and Brendan participate in a healthcare plan through Hyunwoo Industries where the company covers all insurance premiums ($7,000). Hyunwoo Industries also offers employees discounted onsite childcare. The couple’s two children (ages 3 and 5) both go to childcare at Hyunwoo Industries. The total childcare cost is $18,000 of which half is paid by Brendan and half is paid by Hyunwoo Industries.
d. During the year, the couple also received an insurance settlement from a car accident. The insurance company paid $14,000 to reimburse medical expenses and $20,000 in lost wages for the period following the accident when Brendan was unable to work.
Homework Answers
PLEASE LIKE THE ANSWER IF YOU FIND IT HELPFUL OR YOU CAN COMMENT IF YOU NEED CLARITY / EXPLANATION ON ANY POINT.
Add Answer to:
Problem 2: Anita and Brendan’s filing status is
married filing jointly. During 2020 they engaged in...
Problem 2 (5 points): Anita and Brendan’s filing status is married filing jointly. During 2020 they...
Problem 2 (5 points): Anita and Brendan’s filing status is married filing jointly. During 2020 they engaged in the transactions detailed below. Determine their total AGI. LABEL EACH ITEM. a. Anita works at Siyi Company where she earned a salary of $80,000. Siyi Company also paid $9,000 in educational expenses for Anita to pursue her MBA. b. Brendan works at Hyunwoo Industries where he earned a salary of $75,000. c. Anita and Brendan participate in a healthcare plan through Hyunwoo...
Daniel and Donna Coleman are married filing jointly. Daniel is 53 years old and the Vice...
Daniel and Donna Coleman are married filing jointly. Daniel is 53 years old and the Vice President of sales at a small start up company. Donna is 55 years old and a former advertising executive who currently consults with former clients. The Colemans have two children, Rachel (age 20) and Adam (age 18). Rachel does not work as she is a full time college student. Adam is a high school student and works weekends and summers. He earned $8500 in...
also jose's agi is? 2 points Saved Salary QUESTION 55 Jose is married, filing jointly. $50,000...
also jose's agi is?
2 points Saved Salary QUESTION 55 Jose is married, filing jointly. $50,000 Interest and dividends $4,000 IRA Contributions (deductible) $2,000 Charitable contributions $2,900 Alimony paid under an agreement on or before 12/31/2018 $10,000 Home mortgage interest $9,000 Unreimbursed employee business expenses (includes $300 of meals) $4,500 55. The total of Jose's above-the-line deductions is: O a b. a. b. $14,000 $23,900. $12.000 Click Save and Submit to save and submit. Click Save All Answers to save...
Financial Planning Exercise 6 Calculating taxable income for a married couple filing jointly Ethan and Zoe...
Financial Planning Exercise 6 Calculating taxable income for a married couple filing jointly Ethan and Zoe Wilson are married and have one child. Ethan is putting together some figures so that he can prepare the Wilson’s joint 2014 tax return. He can claim three personal exemptions (including himself). So far, he’s been able to determine the following with regard to income and possible deductions: Total unreimbursed medical expenses incurred $1,155 Gross wages and commissions earned 50,700 IRA contribution 5,000 Mortgage...
1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary...
1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary $ 85,000 Moving expenses incurred to change jobs (12,000) Inheritance received from deceased uncle 300,000 Life insurance proceeds from policy on uncle’s life (Todd was named the beneficiary) 200,000 Cash prize from church raffle 3,000 Payment of church pledge (4,500) >> What is Todd’s AGI for 2018? 2. In 2018, Alice earns a salary of $55,000, has capital gains of $3,000, and receives interest...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2017. She...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2017. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband. Reba also rents out a small apartment building.
This year Reba received $30,000 of rental payments from tenants and
she incurred $19,500 of expenses associated with the rental. Reba
and her daughter Heather (20 years old at the end of the...
Required information The following information applies to the questions displayed below.) Reba Dixon is a fifth-grade...
Required information The following information applies to the questions displayed below.) Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,300 in 2018. She...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,300 in 2018. She is 45 years old and has been divorced for
four years. She receives $1,240 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental. Reba and her daughter Heather (20 years
old at the...
i need help HUID Save & E Reba Dixon is a fifth-grade school teacher who earned...
i
need help
HUID Save & E Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her...
Reba Dixon is a fifth-grade school teacher who earned a salaryof $38,000 in 2019. She...
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental.Reba and her daughter Heather (20 years old at the end...
Problem 2 (5 points): Anita and Brendan’s filing status is married filing jointly. During 2020 they engaged in the transactions detailed below. Determine their total AGI. LABEL EACH ITEM. a. Anita works at Siyi Company where she earned a salary of $80,000. Siyi Company also paid $9,000 in educational expenses for Anita to pursue her MBA. b. Brendan works at Hyunwoo Industries where he earned a salary of $75,000. c. Anita and Brendan participate in a healthcare plan through Hyunwoo...
also jose's agi is?
2 points Saved Salary QUESTION 55 Jose is married, filing jointly. $50,000 Interest and dividends $4,000 IRA Contributions (deductible) $2,000 Charitable contributions $2,900 Alimony paid under an agreement on or before 12/31/2018 $10,000 Home mortgage interest $9,000 Unreimbursed employee business expenses (includes $300 of meals) $4,500 55. The total of Jose's above-the-line deductions is: O a b. a. b. $14,000 $23,900. $12.000 Click Save and Submit to save and submit. Click Save All Answers to save...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,000 in 2017. She is 45 years old and has been divorced for
four years. She receives $1,200 of alimony payments each month from
her former husband. Reba also rents out a small apartment building.
This year Reba received $30,000 of rental payments from tenants and
she incurred $19,500 of expenses associated with the rental. Reba
and her daughter Heather (20 years old at the end of the...
Required information The following information applies to the questions displayed below.) Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the...
Reba Dixon is a fifth-grade school teacher who earned a salary
of $38,300 in 2018. She is 45 years old and has been divorced for
four years. She receives $1,240 of alimony payments each month from
her former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments from tenants and she incurred $19,500 of expenses
associated with the rental. Reba and her daughter Heather (20 years
old at the...
i
need help
HUID Save & E Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2019. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her...
Most questions answered within 3 hours.
-
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 25 minutes ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 24 minutes ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 2 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 2 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 3 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 3 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 4 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 4 hours ago -
A three-year maturity bond with a 12% annual coupon rate is
currently traded at par $1000...
asked 4 hours ago -
1.
What is the minimum volume to use in the Spec 20 cuvette in order
to...
asked 4 hours ago -
A builder wants to install wall-to-wall carpeting in a living
room of length 8.87 m and...
asked 4 hours ago -
Organizational change can produce anxiety in those affected by
the change. In what ways can change...
asked 4 hours ago