Homework Answers
Solution: $31,604
Explanation: Nicole's tax liability will make him eligible
Nicole's provide more than half the realtive’s total support for
the year thus makes him eligible for tax deduction. His income
comes in 24% tax bracket. 175000 * 24% = 42000; 42000 * 75.25% =
31,604
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QUESTION 5 Nicole has salary income of $175,000. She is not married and provides more than...
Nicole has salary income of $175,000. She is not married and provides more than 50% support...
Nicole has salary income of $175,000. She is not married and provides more than 50% support of her best friend. What is Nicole's tax liability? (rounded) A. None of the other amounts B. $56,000 C. $33,104 D. $31,604 E. $39,024 Calculate Sam’s taxable income based on the following information: Sam earned $125,500 in salary, $650 of interest from a saving account, lost $2,000 on the sale of his car (personal use only) and $5,500 of municipal bond interest. Sam...
QUESTION 1 For purposes of determining head of household filing status, the taxpayer's mother or father...
QUESTION 1 For purposes of determining head of household filing status, the taxpayer's mother or father is considered to be a qualifying person of the taxpayer (even if the mother or father does not qualify as the taxpayer's dependent) as long as the taxpayer pays more than half the costs of maintaining the household of the mother or father. True False QUESTION 2 Lucy and Ricky have been married for 27 years. They have one child, Ricky Jr., who is...
Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a...
Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live with Morgan, but Jerold (a French citizen) lives in Canada. Morgan earns a salary of $95,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used for vacations. She has $8,200 in itemized deductions. a....
Mary (age 40) is single and provides more than 50% of the support of Tammy (a...
Mary (age 40) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18) and John (a nephew, age 18). Both Tammy and Jen live with Mary, but John (a French citizen) lives in Canada. Mary earns a salary of $90,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $65,000 and was used for vacations. She has $8,200 in itemized deductions. Compute...
1. Cindy (age 41) is a surviving spouse and provides all the support of her two...
1. Cindy (age 41) is a surviving spouse and provides all the support of her two minor children who live with her (both are under age 16). She also maintains the household in which her parents live and furnished 65% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Cindy's father received $2,400 from a part-time job. Cindy has a salary of $95,000, a short-term capital loss of $2,000, a cash prize of $4,000...
QUESTION 2 59 60 61 62 63 64 65 Lucy and Ricky have been married for...
QUESTION 2 59 60 61 62 63 64 65 Lucy and Ricky have been married for 27 years. They have one child, Ricky Jr., who is -20- years old and a full-time student. Ricky and Lucy were having marital problems, and in March, Ricky left their home and has not been heard from or seen of since. Lucy continued to maintain the home and provided more than 50% to support Ricky Jr. What is the best filing status for Lucy?...
Exhibit 3.4 Basic Standard Deduction Amounts Filing Status 2019 2020 $12,200 $12,400 24,400 24,800 Single Married,...
Exhibit 3.4 Basic Standard Deduction Amounts Filing Status 2019 2020 $12,200 $12,400 24,400 24,800 Single Married, filing jointly Surviving spouse Head of household 24,400 24,800 18,350 18,650 Married, filing separately 12,200 12,400 Problem 3-36 Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her (all are under age 16). She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on...
Problem 3-40 (LO. 1, 2, 3, 4, 5, 6) Morgan (age 45) is single and provides...
Problem 3-40 (LO. 1, 2, 3, 4, 5, 6) Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold (a French citizen) lives in Canada. Morgan earns a salary of $95,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used...
Problem 3-40 (LO. 1, 2, 3, 4, 5, 6) Morgan (age 45) is single and provides...
Problem 3-40 (LO. 1, 2, 3, 4, 5, 6) Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold (a French citizen) lives in Canada. Morgan earns a salary of $95,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used...
need part c . She received $139,000 in salary • She received $14,000 of dividend income....
need part c
. She received $139,000 in salary • She received $14,000 of dividend income. • She received $3,500 of interest income on Home Depot bonds. She received $21,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,900 • She received $12,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,600. • Mary receives one exemption ($4,000),...
QUESTION 1 For purposes of determining head of household filing status, the taxpayer's mother or father is considered to be a qualifying person of the taxpayer (even if the mother or father does not qualify as the taxpayer's dependent) as long as the taxpayer pays more than half the costs of maintaining the household of the mother or father. True False QUESTION 2 Lucy and Ricky have been married for 27 years. They have one child, Ricky Jr., who is...
1. Cindy (age 41) is a surviving spouse and provides all the support of her two minor children who live with her (both are under age 16). She also maintains the household in which her parents live and furnished 65% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Cindy's father received $2,400 from a part-time job. Cindy has a salary of $95,000, a short-term capital loss of $2,000, a cash prize of $4,000...
QUESTION 2 59 60 61 62 63 64 65 Lucy and Ricky have been married for 27 years. They have one child, Ricky Jr., who is -20- years old and a full-time student. Ricky and Lucy were having marital problems, and in March, Ricky left their home and has not been heard from or seen of since. Lucy continued to maintain the home and provided more than 50% to support Ricky Jr. What is the best filing status for Lucy?...
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Problem 3-40 (LO. 1, 2, 3, 4, 5, 6) Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold (a French citizen) lives in Canada. Morgan earns a salary of $95,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used...
need part c
. She received $139,000 in salary • She received $14,000 of dividend income. • She received $3,500 of interest income on Home Depot bonds. She received $21,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,900 • She received $12,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $7,600. • Mary receives one exemption ($4,000),...
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