1. Jason and Jill are married and have no children. During the tax year 2018, they...
1. Jason and Jill are married and have no children. During the tax year 2018, they sell one acre of land for $90,000. Three years ago, they paid $80,000 for this land. Other information is as follows: log Jill's Commission Income $50,000 | ob Jason's Salary 35,000 Interest Income on GM Bonds 5,000 Interest Income on Bibb County Bonds 10,000 Gift from Jacob's Uncle 20,000 Proceeds of loan to purchase car 30,000 Winnings from the lottery 2,000 Contribution to traditional...
Jason and Jill are married and have a six-year-old daughter. During the year, they sell one acre of land for $80,000. Three years ago, they paid $70,000 for two acres of land. Their other income and deductions are as follows: Jill's commissions $82,000 Jason's salary 46,000 Dividend income 5,000 Interest income 8,000 Short-term loss on sale of stock in Nippon Inc. (15,000) 28,000 Deductions for adjusted gross income The standard deduction is $24,000 for married taxpayers filing jointly. The personal...
Jason and Jill are married and have a six-year-old daughter. During the year, they sell one acre of land for $80,000. Three years ago, they paid $70,000 for two acres of land. Their other income and deductions are as follows: Jill's commissions $82,000 Jason's salary 46,000 Dividend income 5,000 Interest income 8,000 Short-term loss on sale of stock in Nippon Inc. (15,000) Deductions for adjusted gross income 28,000 The standard deduction is $24,000 for married taxpayers filing jointly. The personal...
Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is a lawyer working for a corporation. Mark works as a college science teacher. During 2019, they report the following items: Mark’s Salary 83,000 Michelle’s salary 120,000 Interest earned on municipal bonds 2,000 Interest earned on Federal bonds 5,000 IRA Contribution 10,000 Itemized deductions 21,000 Compute adjusted gross income, taxable income and tax...
Paul and Sonja, who are married, had itemized deductions of $14,200 and $400, respectively, during 2018. Paul suggests that they file separately—he will itemize his deductions from AGI, and she will claim the standard deduction. Evaluate Paul’s suggestion. What should they do? Compute the taxable income for 2018 for Emily on the basis of the following information. Her filing status is single. Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received (divorce occurred in 2014) 6,000...
PROBLEMS Tar Rates Latesha, a tax year 2018: :1-39 Tax Rates. Latesha, a single taxpayer, had the following income Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $ 80,000 25,000 10,000 5,000 120,000 INCOME: $ 9,500 20,000 29,500 DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS a. Compute Latesha's taxable income and federal tax liability for 2018 (round to b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes, which of the...
that is all the information is given Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters' joint 2018 tax retum. So far, he's been able to determine the following concerning income and possible deductions: $1,150 50,770 5,000 5,100 1,450 150 360 Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income...
Dan and Maureen file a joint income tax return for 2018. They have two dependent children, ages 7 and 9. Together they earn wages of $830,000. They also receive taxable interest income of $8,000 and interest on City of Los Angeles bonds of $78,000. During 2018, they received a state income tax refund of $3,000 relating to their 2017 state income tax return on which they itemized deductions. Dan and Maureen live in the United States. Their expenses for the...
Please help with both questions . Thank you of $80,000 and itemized deductions 81 3,00u Scott, age 49, is a surviving spouse. His household includes two unmaii stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. d. Amelia, age 33, is an abandoned spouse and maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650 e. Dale, age 42, is divorced but maintains the home...
Submissions Assignment2 David K. Gibbs, age 37 and his wife Barbara, age 33, have two children Chris and llen, ages 4 and 12. David is employed as an engineer for an oil company, and his wife recently completed a degree in accounting and will begin working for a public accounting firm next year. David has compiled the following information for his 2018 tax return. .For the current year, David received a salary of $170,000. His employer withheld Federal income taxes...