Question
In: Accounting
Daniel, age 38, is single and has the following income and expenses in 2019: Salary income...
Daniel, age 38, is single and has the following income and expenses in 2019:
|
Daniel's standard deduction for 2019 is $12,200.
a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible".
|
What is Daniel's gross income and his
AGI?
Gross income: _____
AGI: ______
b. Should Daniel itemize his deductions from
AGI or take the standard deduction?
Because Daniel's total itemized deductions (after any limitations)
are ______, he would benefit from _________.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Daniel, age 38, is single and has the following income and expenses in 2019: Salary income...
Daniel, age 38, is single and has the following income and
expenses in 2019:
Salary income
$141,000
Net rent income
8,500
Dividend income
2,300
Payment of alimony (divorce
finalized in March 2019)
26,000
Mortgage interest on residence
8,300
Property tax on residence
1,000
Contribution to traditional IRA (assume the amount is fully
deductible)
3,000
Contribution to United Church
900
Loss on the sale of real estate (held for investment)
2,075
Medical expenses
6,700
State income tax
2,100
Federal income tax...
Daniel, age 38, is single and has the following income and expenses in 2018: Salary income...
Daniel, age 38, is single and has the following income and
expenses in 2018:
Salary income $60,000
Net rent income 6,000
Dividend income 3,500
Payment of alimony in accordance with the separation agreement
which was signed in 2018 12,000
Mortgage interest on residence 9,900
Property tax on residence 1,200
Contribution to traditional IRA (assume the amount is fully
deductible) 5,000
Contribution to United Church 2,100
Loss on the sale of real estate (held for investment) 2,000
Medical expenses 3,250
State...
Daniel, age 38, is single and has the following income and expenses in 2020: Salary income...
Daniel, age 38, is single and has the following income and
expenses in 2020:
Salary income
$183,000
Net rent income
2,500
Dividend income
1,300
Payment of alimony (divorce
finalized in March 2019)
8,000
Mortgage interest on residence
7,000
Property tax on residence
3,800
Contribution to traditional IRA (assume the amount is fully
deductible)
4,500
Contribution to United Church
1,900
Loss on the sale of real estate (held for investment)
2,825
Medical expenses
3,550
State income tax
1,500
Federal income tax...
Daniel, age 38, is single and has the following income and expenses in 2017: Salary income...
Daniel, age 38, is single and has the following income and
expenses in 2017:
Salary income
$123,000
Net rent income
7,500
Dividend income
700
Payment of alimony
22,000
Mortgage interest on residence
7,000
Property tax on residence
600
Contribution to traditional IRA (assume the amount is fully
deductible)
4,800
Contribution to United Church
1,100
Loss on the sale of real estate (held for investment)
450
Medical expenses
5,650
State income tax
1,050
Federal income tax
8,000
Daniel's standard deduction for...
34. Daniel is single and has the following income and expenses in 2017: Salary income $60,000...
34. Daniel is single and has the following income and expenses
in 2017:
Salary income $60,000
Net rent income 6,000
Dividend income 3,500
Payment of alimony 12,000
Mortgage interest on residence 4,900
Property tax on residence 1,200
Contribution to traditional IRA 5,000
Contribution to United Church 2,100
Loss on the sale of real estates (held for investment) 2,000
Medical expenses 3,250
State income tax 300
Federal income tax 7,000
a. Calculate Daniel’s AGI.
b. Should Daniel itemize his deductions from...
Jennifer is single and has the following income and expenses: Salary $85,400 Interest income 4,700 Dividend...
Jennifer is single and has the following income and
expenses:
Salary $85,400 Interest income 4,700 Dividend income 9,400
Long-term capital gain 10,400 Short-term capital loss 13,900
Deductions for AGI 2,600 Deductions from AGI 14,100
The standard deduction is $12,400 for single taxpayers.
Dividends and net long-term capital gains are taxed at a rate of
15%. Refer to the Tax schedules table to answer the following
question. Round intermediate calculations and final answers to the
nearest dollar.
Jennifer's taxable income is...
In 2019, Cindy, who is single, has salary income of 32,000 and interest income of 1,500....
In 2019, Cindy, who is single, has salary income of 32,000 and
interest income of 1,500. She makes a contribution to an individual
retirement account (IRA) in the amount of $6,000. Her itemized
deductions for 2019 are $6,500. Assuming she wishes to minimize her
tax liability, which of the following is correct?
a. Her AGI is $27,500 and her taxable income is $21,000 b. Her
AGI is $33,500 and her taxable income is $21,000 c. Her AGI is
$27,500 and...
____ 1. Al single, age 70, and has gross income of $100,000. His deductible expenses are...
____ 1. Al single, age 70, and has gross
income of $100,000. His deductible expenses are as follows:
Alimony
$9,000
Charitable contributions
5,000
Contribution to a traditional IRA
4,000
Medical expenses
11,850
State income taxes
4,000
Expenses paid on rental property
8,000
Unreimbursed moving expenses to a new job in a new city (400
miles away)
1,000
Interest on home mortgage and property taxes on personal
residence
8,000
State income tax
9,000
What is Al’s medical deduction?
a.
$2,300.
b....
Tanesha, aged 66, is single. She has the following income and expenses in 2017: Net income...
Tanesha, aged 66, is single. She has the following income and
expenses in 2017:
Net income from sole proprietorship business
$43,000
Interest income
1,200
Alimony received
10,000
Loss on sale of investments
1,100
Medical insurance premiums paid
(for self-employed taxpayer)
3,000
Property tax on residence
850
Charitable contributions
1,350
Medical expenses
2,000
One-half of the self-employment tax paid
2,600
State income tax
1,900
Federal income tax
$6,700
The personal exemption for 2017 is $4,050.
a. Classify the following expenses as...
Elle has income and deductions as a C.P.A. for 2019 that are summarized as follows: Salary...
Elle has income and deductions as a C.P.A. for 2019 that are
summarized as follows:
Salary and bonuses
$149,500
Reimbursed employee business expenses
11,250
Unreimbursed employee business
expenses
2,200
Elle's employer provides medical insurance coverage (for herself
and her immediate family) worth $1,050 per month and matches her
$500 per month depositin a personal retirement account.
You may assume that Elle pays a flat income tax of 18%.
1. Calculate Elle's net after-tax cash flow from this...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A)Given a generic array with ‘n’ items (not only integers). Give a solution for checking whether...
- Explain virtualization as a key technology in cloud computing environments, as well as the purpose of...
- A system is set up to take raw grading information from the console and calculate a...
- I have an 8 by 8 array that has values ranging from 1-64. I am wanting...
- The background information and instruction of the question is provided below, and i only asked for...
- Which business or industry sectors have the most startups companies that consider a small and medium...
- 16. Cost of trade credit Firms usually offer their customers some form of trade credit. This...
ADVERTISEMENT