Kerri is single and claims two exemptions. Last year she earned $48,800 in wages. Additional tax...

Kerri is single and claims two exemptions. Last year she earned $48,800 in wages. Additional tax information for the year is as follows: interest earned: $229; capital gains from sale of stock: $2,650; penalty on early withdrawal of savings: $400; contributions to Keough retirement fund: $1,500; real estate taxes paid: $4,500; mortgage interest paid: $4,200. Find the taxable income for the year.

(ps . Standard Deduction in 2018 for MFJ or QW with dependent is $24,000; for S or MFS is $12,000; for HoH is $18,000)

		$49,779
		$37,779
		$31,779
		$33,279

Expert Solution

Filing status	Single
Particulars	Amount	Amount
Gross income:
Salary	$ 48,800
Capital gain	$ 2,650
Interest	$ 229
Gross income		$ 51,679
For AGI deductions -LTCL		$ 1,900
Adjusted gross income		$ 49,779

Less:
Standard deduction	$ 12,000
Itemized deduction	$ 8,700
Higher of the two		$ 12,000
Taxable income		$ 37,779

Answer is $37,779

Please rate.

jeff jeffy answered 2 years ago

Alana and Jose are married and claim 2 exemptions. Last year Alana earned $32,400 and Jose...

Alana and Jose are married and claim 2 exemptions. Last year Alana earned $32,400 and Jose earned $28,600 in wages. Additional tax information for the year is as follows: Interest earned: $2,800; alimony paid: $5,900; contributions to IRA retirement fund: $2,300; state and local income taxes paid: $6,200; contributions to charity: $2,700. Find the taxable income if they file a joint return. (ps. Standard Deduction in 2018 for MFJ or QW with dependent is $24,000; for S or MFS is...

Mr. Bill G single. He earned the following last year: salary $58,750 taxable interest is tax...

Mr. Bill G single. He earned the following last year: salary $58,750 taxable interest is tax free interest of $200 He paid $950 in student loan interest and of $310 & contributed $2,000 to a traditional IRA and $2,000 to a Roth IRA. Bill owns his home and paid $5,000 in mortgage interest & $1,500 in property taxes. He also made charitable contributions of s1,500. In 2017 the standard deduction is $6,350 and the personal exemption is $4,050 Complete the...

Sarah is single. She files her tax return as Single. Her 2020 income from wages is...

Sarah is single. She files her tax return as Single. Her 2020 income from wages is $450,400. She has “net long-term capital gains” of $100,000. Total 2020 gross income is $550,400. Sarah is under 65 years of age and does not itemize her deductions. What is Sarah’s total federal income tax? A) $112,829.75 B) $128,095.50. C) $147,922.50 D) $149,701 please show work thank you

Tina worked in Norway for two months in the current tax year. She earned $80,000 exclusively...

Tina worked in Norway for two months in the current tax year. She earned $80,000 exclusively in the United States and $20,000 exclusively in Norway. Tina had to pay $8,000 in income taxes to Norway. Before considering the Foreign Tax Credit, Tina’s federal return is showing a tax liability of $16,000. She calculates that $7,000 of this federal tax is specifically related to the income earned in Norway. What is Tina’s Foreign Tax Credit?

Smith Family Single male Paid $900 in alimony last year No kids Earned $37,500 last year...

Smith Family Single male Paid $900 in alimony last year No kids Earned $37,500 last year from FT job Earned $3,000 from PT job Rents an apartment for $600/mth Spent $500 on moving expenses for a new job Paid $2,400 in federal income taxes through his paychecks Paid $700 in interest on a student loan Gave $500 to a local for profit soccer team for new uniforms Bought a new car with a $2,000 down payment Contributed $3,000 to a...

This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,500. Last year,...

This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,500. Last year, his total tax liability was $16,000. He estimates that his tax withholding from his employer will be $8,750. a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Increase in Withholding ? b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term...

Aurora and Oscar separated in 2017 and divorced in October 2019. She earned $40,000 in wages...

Aurora and Oscar separated in 2017 and divorced in October 2019. She earned $40,000 in wages and paid more than half the cost of keeping up her home in 2019. Aurora and Oscar have a son, Milo, who is 17 years old and unmarried. Aurora signed Form 8332 (Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent) allowing Oscar to claim Milo in 2019. Milo is a full-time student working towards a degree in computer information systems....

Question

Kerri is single and claims two exemptions. Last year she earned $48,800 in wages. Additional tax...

Solutions

Expert Solution

Related Solutions