Question

In: Accounting

Compute the 2017 standard deduction for the following taxpayers. If an amount is zero, enter "0"....

Compute the 2017 standard deduction for the following taxpayers.

If an amount is zero, enter "0".

Click here to access the standard deduction table to use.

a. Margie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. $
b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. $
c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. $
d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. $

Solutions

Expert Solution


Related Solutions

Compute the 2019 standard deduction for the following taxpayers. If an amount is zero, enter "0"....
Compute the 2019 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. $ b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. $...
Tax Drill - Computing the Standard Deduction Compute the 2017 standard deduction for the following taxpayers....
Tax Drill - Computing the Standard Deduction Compute the 2017 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. Margie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. $ b. Ruby and Woody are married and file a joint tax return. Ruby is age 66 and Woody is 69....
Compute the 2019 standard deduction for the following taxpayers.
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income...
Determine the amount of the standard deduction for each of the following taxpayers for tax year...
Determine the amount of the standard deduction for each of the following taxpayers for tax year 2019: Christina, who is single. Adrian and Carol, who are filing a joint return. Their son is blind. Peter and Elizabeth, who are married and file separate tax returns. Elizabeth will itemize her deductions. Karen, who earned $1,100 working a part-time job. She can be claimed as a dependent by her parents. Rodolfo, who is over 65 and is single. Bernard, who is a...
Determine the amount of the standard deduction for each of the following taxpayers for tax year...
Determine the amount of the standard deduction for each of the following taxpayers for tax year 2017: Christina, who is single. Adrian and Carol, who are filing a joint return. Their son is blind. Peter and Elizabeth, who are married and file separate tax returns. Elizabeth will itemize her deductions. Karen, who earned $1,100 working a part-time job. She can be claimed as a dependent by her parents. Rodolfo, who is over 65 and is single. Bernard, who is a...
determine the amount of the standard deduction for each of the following taxpayers for tax year...
determine the amount of the standard deduction for each of the following taxpayers for tax year 2017 a. Christina, who is single. b. A drain and Carol, who are filling a joint return. their son is blind. c. Peter and Elizabeth, who are married and file separate tax returns. Elizabeth will itemize her deductions. d. Karen, who earned $1100 working a part-time job. she can be claimed as a dependent by her parents. e. Rodolfo, who is over65 and is...
Determine whether the following taxpayers are eligible for the QBI deduction and the deduction amount (if...
Determine whether the following taxpayers are eligible for the QBI deduction and the deduction amount (if any). Cathy is married and files a joint return with her spouse. Cathy operates a small family restaurant as a sole proprietor. She pays wages of $70,000 and the QBI from the restaurant is $100,000. Cathy’s spouse has wages of $250,000 and their joint taxable income is $364,000. Is Cathy eligible for QBI deduction? Answer yes or no If eligible, how much is the...
What standard deduction amount would the taxpayers in each scenario be entitled to? a. A single...
What standard deduction amount would the taxpayers in each scenario be entitled to? a. A single taxpayer, not head of household, with AGI of $23,493 and one dependent. b. A married couple filing jointly with AGI of $39,945 and two dependents. c. A taxpayer filing married filing separately with AGI of $68,996 and one dependent. d. A qualifying widow, age 66, with AGI of $49,240 and one dependent. e. A head of household with AGI of $14,392 and two dependents....
Write the following linear program in standard form. If your answer is zero, enter “0”. If...
Write the following linear program in standard form. If your answer is zero, enter “0”. If the constant is "1" it must be entered in the box. Max 12A + 6B s.t. A − 2B ≤ 420 6A + 8B ≤ 1,300 10A − 2B ≤ 250 A, B ≥ 0 A + B + S1 + S2 + S3 s.t. A − B + S1 A + B + S2 A − B + S3 A, B, S1, S2,...
Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers. If an amount...
Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $700 in taxes that were due with the return. If Wilson pays the taxes exactly 2 months late, calculate the amount of his failure-to-pay penalty. $ Feedback b. Joan filed her individual income tax return...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT