Answer
Calculation of Taxable Income for the year 2020.
Taxpayer Type | Sigle Taxpayer |
Particular | Amount | Amount |
Income | $52,000.00 | |
Less : Exclusions | $4,000.00 | |
Gross Income | $48,000.00 | |
Less : Deduction for adjusted gross income | $1,000.00 | |
Adjusted gross income | $47,000.00 | |
Less : The greater of - | $12,400.00 | |
1) Total itemized deduction | $4,000.00 | |
2) Standard Deduction | $12,400.00 | |
Taxable Income | $34,600.00 |
Sty Font Arial Regular B Character Text Color 2. Calculate the 2020 taxable income for the...
Calculate the 2020 taxable income for the following taxpayer (follow the formula on pg. 1-16, Exhibit 1.2): • Single taxpayer • Life insurance proceeds received (excluded income) $4,000 • W-2 Wages $52,000 • Deductions for AGI $1,000 • Potential Itemized Deductions 4,000
Please carefully look at the instructions and asnswe it. i
have also attached the 2019 1040 Form and Schedule 1.
Please show your work on the tax return form as well.
Thank you so much in advance
Use
2020 Tax Rates Schedules
That is all the information i have
Required information [The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries,...