Question
In: Accounting
Mr. and Mrs. H are married with two dependent children living with them. Their AGI is...
Mr. and Mrs. H are married with two dependent children living with them. Their AGI is $360,000. Assume the taxable year is 2017. Use Appendix 14-A and Appendix 14-B. Using the worksheets, compute the below-the-line deductions that they will report in computing taxable income.
a. Assume that itemized deductions total $44,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss).
b.Now assume that itemized deductions total $13,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss). What amount will they report for deductions below-the-line?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Mr. and Mrs. Bighead have two dependent children, both attending Temple University. Buford, age 19 is...
Mr. and Mrs. Bighead have two dependent children, both attending
Temple University. Buford, age 19 is a sophomore who received a
1098T from Temple for 2017 showing $15,000 of qualified tuition and
fees. Brunhilda, age 23 attends Temple Law School and she received
a 1098T from Temple showing $25,000 in qualified tuition and
fees.
a)Assuming an AGI on their joint
return for 2017 of $172,000, how much education tax credits do the
Bigheads get to take on their tax return?...
Nathan is married two children and has AGI of $405000. He also has the following adjustments...
Nathan is married two children and has AGI of $405000. He also
has the following adjustments and preferences:
a itemized deductions:
Medical after floor $5375
, Taxes $34354,
mortgage interest $14900,
contributions $18000
and misc deductions after floor $540.
Depreciation of af rental property purchased in 8/2007 for
$210000.
Assets Computer 1 02/12/13 $2900 computer 2 2/12/13 $12000 and
incentive stock option
Nathan exercises options to purchase 1000 share at $19 per share
when the market value is $26. The...
Kyle and Tess Water are married, file a joint return, and have two dependent children in...
Kyle and Tess Water are married, file a joint return, and have
two dependent children in college, Luke and Taylor. Luke attends a
State University in a neighboring state, and Taylor attends a State
University in their home state. Neither receives any type of
financial assistance. The Water modified AGI in 2017 is $119,000.
The children's classifications and expenses are as follows:
Spring Semester
(paid in January 2017) (paid in July 2017)
Luke: Senior Master's candidate
Tuition $7,400 $8,200
Laboratory...
8) Brandon and Taylor are married and have two dependent children. Their 2019 tax and other...
8) Brandon and Taylor are married and have two dependent
children. Their 2019 tax and other related information is as
follows:
Total salaries
$160,000
Bank account interest income
3,500
Municipal bond interest income
1,500
Value of employer provided medical insurance
12,500
Employer paid premiums for $50,000 of group term life
insurance
5,500
Dividend income from ABC stock
2,000
Loan from Randy's parents
5,000
15,000
18,000
Total itemized deductions
27,000
Compute Brandon and Taylor's taxable income. (Show all
calculations.)
A) Mr. and Mrs. T have two young children, and file a joint return. They have...
A) Mr. and Mrs. T have two young children, and file a joint
return. They have salary income of $67,000, and interest income of
$400. Their itemized deductions total $8,750, and their federal
income tax withheld was $2,170. Mrs. T received a cash gift of
$20,000 from her aunt during the year.
Compute their refund or balance due (the year is 2018). Show
your calculations.
B) Mr. and Mrs. V have three children, and file a joint return.
They have...
During 2019, Richard and Denisa, who are married and have two dependent children, have the following...
During 2019, Richard and Denisa, who are married and have two
dependent children, have the following income and losses:
Total
salaries
$150,000
Bank account
interest
25,000
Dividend
income
5,000
Short-term capital
gains
4,000
Short-term capital
losses
(1,500)
They also incurred the following expenses:
Qualified medical
expenses
$ 8,000
State income taxes
paid
12,000
Property taxes on
home
2,300
Qualified residence
interest
9,000
Investment interest
expense
7,500
Cash charitable
contributions
15,000
a. Compute Richard and Denisa’s taxable income for the year....
During 2019, Richard and Denisa, who are married and have two dependent children, have the following...
During 2019, Richard and Denisa, who are married and have two
dependent children, have the following income and losses: Total
salaries $150,000 Bank account interest 25,000 Dividend income
5,000 Short-term capital gains 4,000 Short-term capital losses
(1,500) They also incurred the following expenses: Qualified
medical expenses $ 8,000 State income taxes paid 12,000 Property
taxes on home 2,300 Qualified residence interest 9,000 Investment
interest expense 7,500 Cash charitable contributions 15,000 a.
Compute Richard and Denisa’s taxable income for the year....
filing 2019 tax returns, Scott and Glenna are married with two dependent children. They have $74,000...
filing 2019 tax returns, Scott and Glenna are married with two
dependent children. They have $74,000 in wage income and $4,600 in
interest income on some bonds they own. They have deductions for
adjusted gross income of $4,000 and itemized deductions of $24,600.
Neither of the children has any income. Determine the tax savings
for the family if Scott and Glenna were to transfer the bonds to
the children, both under 18.
Mr and Mrs Smith are married and they are both 45 years old and in good...
Mr and Mrs Smith are married and they are both 45 years old and
in good health. Mr Smith has $10million of assets in his name while
Mrs Smith has $6MM of assets in her name. Both Mom and Dad hold
stock in Amazon, Facebook , Ford and JPM and these stocks constiute
their wealth. Neither Mr or Mrs Smith have ever worked and all of
their wealth comes from inheritance from past generations. The
couple has three children and...
Computing AGI Michael and Sabrina are married and have three children, Amara, Bryan, and Skyla. They...
Computing AGI
Michael and Sabrina are married and have three children, Amara,
Bryan, and Skyla. They live at 120 Main Street, Flushing NY 11425.
Michael is a law professor, working at Brooklyn College. Sabrina is
currently unemployed. The following is a list of information for
Michael and Sabrina Brown for the tax year 2019.
Michael wages – 80,000
Interest from Chase savings account – 500
Interest from NYS municipal bonds - 250
Rental income – 25,000
Rental operating expenses –...
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