1)
Source Of Income | ||
---|---|---|
Item | amount$ | taxable? |
Emerson's salary | 37260 | no |
Poker wining money | 1200 | yes |
lotery | 100 | yes |
nevada salary | 12600 | no |
nevada-tip | 5780 | yes |
coin collection sell-profit | 1600 | yes |
total income | 58540 |
tax credits/deductions | |||
---|---|---|---|
item | amount $ | credit/deduction | refundable/non-refundable |
student loan interest-emerson | 2170 | 2170 | |
student loan interest-nevada | 2500 | 2500 | |
self employment-nevada | 1600 | 1600 | |
total deduction | 3770 | ||
2) if the standerd deductable expenses exceeds standard deduction amount, then itemizing is better.
Please and thank you list with clean writing thank you so much! What is Taxable? Learning...
What is Taxable? Learning Objectives: sort out taxable/no ntaxable income streams and calculate taxable income We return to Emerson and Nevada who are betwe make ends meet, they are working a number of part-time jobs and have en career jobs. They are now married, and in order to some additional income streams. They have both sat down and written out a general picture of everything they an ticipate needing for tax season Emerson is still working full-time as a manager...
Learning Objective: to compute tax liability based on taxable income. Mr. Smith has had a very good year. It is early November, and he wants to ensure he sets enough money aside to pay his taxesnext April. He has outlined his anticipated income for tax seasonand some of his plans going forward. Mr. Smith works several jobs, and he also has some investments.In his normal job as a general contractor he made $70,000 last year with business deductions of $13,000....
Debra is a junior at State College. To offset the cost of attending college full-time, Debra has a part-time job. During the tax year, Debra earned $8,000. Her parents also provide some support for her and claim her on their tax return. During the tax year, Debra paid $2,780 of her tuition bill and her parents paid $2,780. Debra also paid for her own books, which cost $460. Her parents helped her by paying part of her rent and grocery...
Assignment 03B What Is Owed? First Name_ Last Name Learning Objective: to compute tax liability based on taxable income. Mr. Smith has had a very good year. It is early November, and he wants to ensure he sets enough money aside to pay his taxes next April. He has outlined his anticipated income for tax season and some of his plans going forward. Mr. Smith works several jobs, and he also has some investments. In his normal job as a...
S. Steps to taxable income and tax liability owed What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Identify each step in completing a tax return by choosing the step from the drop-down fields below. Step A: Determine Adjusted Gross Income Step B: Calculate Taxable Income Larger of itemized deductions or standard deduction Step C: Calculate Tax Liability Calculate tax using tax tables...
CAN SOMEONE PLEASE HELP ME PLEASE AND CAN YOU TYPE IT OUT THANK YOU. Camille sikorski was divorced last year. she currently provides a home for her 15 year old daughter kaly. kaly lived in camille's home for the entire year, and camille paid for all the costs of maintaining the home. she received a salary of $70,000 and contributed $4,800 of it to a qualified retirement account (a for AGI deduction). she also received $9,000 of alimony from her...
Hello, I'm having some trouble computing the taxable income for this problem. Please describe how you arrive at the correct answer. The problem is referring to the 2018 tax code. Problem 3-39 (LO. 1, 2, 3, 4, 5, 6) 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...
Just Need the C part. 2. This question is worth 25 points Fatima and Eric (both age 28), are married and file a joint tax return. They are cash basis taxpayers. 2018 income includes: 1. combined salary of $200,000 2. Fatima was in a car accident and received compensatory damages of $25,000 for her broken nose. She also received $10,000 in punitive damages 3.. Eric had a student loan. In 2018, when the balance was $23,000, the lender accepted a...
please type the answer by computer not with hand writing 1:7-38 Deduction of Taxes. Joyce is a single, cash-method taxpayer. On April 11, 2017, Joyce paid $120 in state income taxes with her 2016 state income tax return. During 2017, Joyce had $1,600 in state income taxes withheld. On April 13, 2018, Joyce paid $200 with her 2017 state tax return. During 2018, she had $2,100 in state income taxes with- held from her paycheck. Upon filing her 2018 tax...
to find estimated tax, I was multiplying my taxable income with the percent (12%). its wrong so how do i figure it out ? Saved Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day that is just around the corner! It is the time of year again when Jamie Lee must file her annual federal income taxes. Last year, she received an increase in salary from the bakery, which brought her...