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Douglas Druper is single and was unemployed from August through November 2019. During this time, he...
Nadiya (28) is single. She paid $2,000 in eligible student loan interest during the year. She also received income from the following sources: • $35,000 in wages. • Unemployment income of $4,320. • $300 in gambling winnings from a winning lottery ticket. Use Schedule 1 (Form 1040), Additional Income and Adjustments to Income
Nadiya 28 is single. She paid $2,000 in eligible student loan interest during the year. She also received income from the following sources: $35,000 in wages Unemployment income of $4,320 $300 in gambling winnings from a winning lottery ticket Use Schedule 1 (Form 1040) Additional Income and Adjustments to Income to help you complete the first 7 lines on page 2 of form 1040.
Nadiya (28) is single. She paid $2,000 in eligible student loan interest during the year. She also received income from the following sources: $35,000 in wages. Unemployment income of $4,320. $300 in gambling winnings from a winning lottery ticket. 1) What is Nadiyah's adjusted gross income? a) $35,000 b) $35,300 c) $37,620 d) $39,620
Herbert was employed for the first six months of 2020 and earned $90,000 in salary. During the next six months, he collected $8,800 of unemployment compensation, borrowed $12,000 (using his personal residence as collateral), and withdrew $2,000 from his savings account (including $60 of interest). He received dividends of $550. His luck was not all bad; in December, he won $1,500 in the lottery on a $5 ticket. Indicate how much (if any) of each item is included in Herbert's...
1) Mark(37) is a single taxpayer during the year, he earned $74,000, all from wages since he does not have any other income or adjustments, his modified adjusted gross income (MAGI) is also $74,000. He is covered by a retirement plan at work. Mark is very interested in saving for retirement, and he would like to contribute to a traditional IRA for 2018. However, he does not want to contribute more than he can deduct, what is his maximum deductible...
1. Gunther was employed during the first six months of 2019 and earned a $46,000 salary. During the next 6 months, he collected $4,100 of unemployment compensation and $3,200 of workers’ compensation. During 2019, Gunther also received $250 of interest income on his US Government bond, borrowed $18,800 (using his personal residence as collateral) from his bank, received interest income of $20 on his New Mexico state income tax refund, withdrew $1,300 from his savings account which included $60 of...
Eva received $63,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $11,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...
Company began operations on June 1, 2019. The company entered into the following transactions during 2019: June 1: Sold common stock to owners in the amount of $284,000 and borrowed $59,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $154,000 by paying $36,000 in cash and agreeing to pay the remainder within 90 days. July 31: IYQ Company earned and received $27,000 of interest on its bank accounts in July. August 1:...
Grouper Corp. purchased a $100,000 face-value bond of Myers Corp. on August 31, 2019, for $108,980 plus accrued interest. The bond pays interest annually each November 1 at a rate of 9%. On November 1, 2019, Grouper Corp. received the annual interest. On December 31, 2019, Grouper’s year end, the fair value for these bonds was 108.1. Grouper sold the bond on January 15, 2020, for $107,800 plus accrued interest. Assume Grouper Corp. follows IFRS. Prepare the journal entries to...