Question

In: Accounting

Buck had the following items for 2018. Calculate his adjusted gross income (AGI) for 2018. Write...

Buck had the following items for 2018. Calculate his adjusted gross income (AGI) for 2018. Write down how each of the following items impacts the AIG and calculate the AGI.

Buck and his ex-wife divorced in 2010.

If an item increases the AGI, write the positive number. If an item decreases the AGI, write the negative number. If an item does not impact the AGI, write 0. For instance, he had wages of $80,000. Write 80,000 or 80000.

Wages $80,000

Interest income from corporate bonds $27,000

Alimony paid to her ex-wife $2,000

Itemized deductions $8,000

Standard Deduction $12,000

Cash gift from grandma $8,000

Wages	80,000
Interest income from corporate bonds
Alimony paid
Itemized deductions
Standard deduction
Cash gift
AGI

a) How does the interest income from Corporate bonds impact his AGI?

B. How does the alimony paid impact his AGI?

(c) How do his itemized deductions impact his AGI?

(d) How does the Standard deduction impact his AGI?

How does the cash gift impact his AGI?

(f) What is his AGI?

Expert Solution

ekkarill92 answered 1 year ago

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