ZuoTi.Pro
Question

19) In 2018 Sean, who is single and age 44, received $55,000 of gross income and had $5,000 of deductions for AGI and $5,600
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Given

gross income = $ 55000

AGI = $ 5000

deductions = $ 5600

taxable income = $55000- $ 5000-$ 5600

= $ 44400

B is correct

0 0
Add a comment
Know the answer?
Add Answer to:
19) In 2018 Sean, who is single and age 44, received $55,000 of gross income and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • A tax payer, who is single and age 44, received $60,000 of gross income and had...

    A tax payer, who is single and age 44, received $60,000 of gross income and had $5,000 of deductions for AGI and $5,000 of itemized deductions. Required: find Sean’s taxable income

  • Question 6: i) Generally, deductions FOR adjusted gross income on an individual's tax return include all...

    Question 6: i) Generally, deductions FOR adjusted gross income on an individual's tax return include all the following types of expenses except those: A) incurred in gambling activities. B) incurred in a trade or business. C) incurred in the production of rent income. D) incurred in the production of royalty income. ii) In 2019, Sean, who is single and age 44, received $55,000 of gross income and had $5,000 of deductions for AGI and $12,600 of itemized deductions. Sean's taxable...

  • Tax

    A taxpayer, who is single and age 44, received $60,000 of gross income and had $5,000 of deductions for AGI and $5,000 of itemized deductions.

  • Charles is a single person, age 35, with no dependents. In 2020, Charles has gross income...

    Charles is a single person, age 35, with no dependents. In 2020, Charles has gross income of $75,000 from his sole proprietorship. Charles also incurs $80,000 of deductible business expenses in connection with his proprietorship. He has interest and dividend income of $22,000. Charles has $7,000 of itemized deductions. Charles taxable income is a) $4,600 b) $10,000 c) $17,000 d) none of the above

  • Bill is a single taxpayer and is 38 years of age. In 2018, his salary is...

    Bill is a single taxpayer and is 38 years of age. In 2018, his salary is $28,000 and he has interest income of $1,500. In addition, he has deductions for adjusted gross income of $1,400 and he has $11,000 of itemized deductions. Calculate the following amounts: A. Gross Income B. Adjusted Gross Income C. Standard deduction or itemized deduction amount D. Taxable Income

  • Sean, who is single, received social security benefits of $8,520, dividend income of $12,620, and interest...

    Sean, who is single, received social security benefits of $8,520, dividend income of $12,620, and interest income of $2,130. Except as noted, those income items are reasonably consistent from year to year. At the end of 2018, Sean is considering selling stock that would result in an immediate gain of $10,260, a reduction in future dividends of $1,065, and an increase in future interest income of $1,565. What amount of social security benefits is taxable to Sean? Retain stock? Sell...

  • please show work Through November, Cameron has received gross income of $120,000. For December, Cameron is...

    please show work Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI). which is eligible for the 20% QBI deduction Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement...

  • For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as...

    For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as follows: Gross income $120,000 Deductions for adjusted gross income (3,000) Adjusted gross income $117,000 Deductions from adjusted gross income: Standard deduction (12,000) (Total itemized deductions are $2,300) Taxable income $105,000 Before filing her return, Reba finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she is unsure whether she should deduct it for or from adjusted gross...

  • Compute 2019 taxable income in each of the following independent situations. Click here to access the...

    Compute 2019 taxable income in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $27,000. AGI $125,000 Less: itemized deductions Taxable income $ b. Sybil, age 40, is single and supports her dependent parents, who live with her. Sybil also...

  • Compute the taxable income for 2019 in each of the following independent situations. Click here to...

    Compute the taxable income for 2019 in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $27,000. AGI $125,000 Less: itemized deductions Taxable income $ b. Sybil, age 40, is single and supports her dependent parents who live with her,...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT