Question
In: Accounting
1)Please list in the order of benefit: Credit, Itemized deduction, Deduction to Adjusted Gross Income
1)Please list in the order of benefit: Credit, Itemized deduction, Deduction to Adjusted Gross Income
Solutions
Expert Solution
1. Deduction to Adjusted Gross Income
2. Itemized deduction
3. Credit
.
.
.A basic format to calculate tax liability or refund is as follows:
| Total income (Includes income from any source) | XXX |
| Less: Exclusions (Income that is not subject to tax) | XXX |
| Gross income | XXX |
| Less: Deduction to Adjusted Gross Income [also known as "Above the line deductions] | XXX |
| Adjusted Gross Income (AGI) | XXX |
| Less: Deductions from AGI: | XXX |
| Greater of Standard deductions or Itemized deductions | XXX |
| Qualified income deductions | XXX |
| Taxable income | XXX |
| Less: Tax credits | XXX |
| Refunds or Tax liability | XXX |
ekkarill92 answered 1 year agoRelated Solutions
solve it with GRAPHNCALC83 3. Following data on adjusted income and reasonable itemized deduction amount of...
solve it with GRAPHNCALC83
3. Following data on adjusted income and reasonable itemized
deduction amount of 1040 Form is published by IRS. (20 points)
Adjusted Gross Income ($1000) in 1040
Reasonable itemized reduction amount ($1000)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85
17.7
120
25.5
Which variable is the predictor (X) and which is the response
(Y)?
Find the least-square regression line y=a+bx
Plot the data and your least-square line in one graph. Do you
think...
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
Mark and Patricia report adjusted gross income of $410,000 and itemized deductions of $31,000 for the...
Mark and Patricia report adjusted gross income of $410,000 and
itemized deductions of $31,000 for the interest on their home
acquisition mortgage (principal amount of $890,000 acquired in
2015), $14,000 in state and local taxes, and $38,000 in charitable
contributions. They file a joint income tax return and have four
dependent children under age 16. What is their taxable income for
2019 and allowable tax credits?
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable
Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
3. Following data on adjusted income and reasonable itemized deduction amount of 1040 Form is published...
3. Following data on adjusted income and reasonable itemized
deduction amount of 1040 Form is published by IRS. (20 points)
Adjusted Gross Income ($1000) in 1040
Reasonable itemized reduction amount ($1000)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85
17.7
120
25.5
Which variable is the predictor (X) and which is the response
(Y)?
Find the least-square regression line y=a+bx
Plot the data and your least-square line in one graph. Do you
think that the regression line...
Is " qualified business income deduction" the same as "Itemized deduction", and do you feel C...
Is " qualified business income deduction" the same as "Itemized
deduction", and do you feel C Corporations should quality for this
deduction.
Please Compute Gross Income, Adjusted Gross income, and Taxable income based on the following information below....
Please Compute Gross Income, Adjusted Gross income, and Taxable
income based on the following information below.
Salary
$299,750.00
Interest income
$230.00
Municiple Bond interest
$450.00
Treasure bond Interest
$675.00
Dividends
$1,885.00
Short-Term Capital Gain (SBUX STOCK)
$0.00
Short-Term Capital Gain (AMZN STOCK)
-$4,350.00
Short-Term Capital Gain (UA Stock)
$26.45
Long-term Capital Gain (AAPL STOCK)
$3,000.00
Daycare cost for child #1
$10,000.00
Dentist fees (unreimbursed by insurance)
$10,500.00
Prescription cost(reimbursed by insurance)
$1,380.00
Mortgage Interest
$13,478.00
Property Taxes Paid
$4,144.00
Vehicle...
Please compute Gross Income and Adjusted gross income based on the following information Salary $187,750.00 Interest...
Please compute Gross Income and Adjusted gross income based on
the following information
Salary
$187,750.00
Interest income
$230.00
Municiple Bond interest
$450.00
Treasure bond Interest
$675.00
Dividends
$1,885.00
Short-Term Capital Gain (SBUX STOCK)
$0.00
Short-Term Capital Gain (AMZN STOCK)
-$4,350.00
Short-Term Capital Gain (UA Stock)
$26.45
Long-term Capital Gain (AAPL STOCK)
$3,000.00
Daycare cost for child #1
$10,000.00
Dentist fees (unreimbursed by insurance)
$10,500.00
Prescription cost(reimbursed by insurance)
$1,380.00
Mortgage Interest
$13,478.00
Property Taxes Paid
$4,144.00
Vehicle registration fee
$1,250.00...
The Wall Street Journal reported that of taxpayers with adjusted gross incomes between and itemized deductions...
The Wall Street Journal reported that of taxpayers with adjusted
gross incomes between and itemized deductions on their federal
income tax return. The mean amount of deductions for this
population of taxpayers was . Assume that the standard deviation is
. Use z-table. a. What is the probability that a sample of
taxpayers from this income group who have itemized deductions will
show a sample mean within of the population mean for each of the
following sample sizes: , ,...
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