Alex and Addison are married and have the following income items: Alex's salary $ 59,750 44,700 Addison's Schedule C net profit Interest income 1,950 Addison's self-employment tax was $6,316. Addison's Schedule C net business profit is qualified business Income (non- service). The couple have $9,370 itemized deductions and no children or other dependents.

Bruce and Anna Wayne 1 child $78, 000 gross annual combined salaries $2, 000 invested in Bruce's IRA during the year $580 in a savings account interest $ 8, 300 in medical expenses $15, 500 in home mortgage interest $4, 800 given to charity $5, 600 paid in state income taxes $3, 750 paid in local property taxes $ 4, 000 Federal Income tax withheld during the year 1. What is the Wayne's gross income? $83, 980 $87, 030 $ 83,000 $78, 580 2. What is their adjusted gross income? $76,580 $71,000 $81, 980 $83,980

Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5. (Leave no answer blank. Enter zero if applicable.) c. Her AMTI is $1,612,500. Amount of AMT exemption

Interview Notes Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which includes gambling winningsof $1,000. Michael would like to itemize his deductions this year. Michael brings documentation for the following expenses: $8,200 Hospital and doctor bills $700 Contributions to Health Savings Account (HSA) $2,500 Long Term Care Insurance premiums before age limitation applied $3,400 State withholding (higher than Michael’s calculated state sales tax deduction) $300 Personal property taxes based on value of vehicle $400 Friend’s personal GoFundMe campaign $275 Cash contributions to the Red Cross $100 Fair market value of clothing in good condition donated to the SalvationArmy (Michael purchased clothing for $800) $7,500 Mortgage interest $820 Real estate tax $230 Mortgage Insurance Premiums (PMI) on a home he purchased in 2017. $150 Homeowners association fees $2,000 Gambling losses 11. If Michael chooses to itemize, which of the following…

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Rahul

None

Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $34,000 2. Interest of 10% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emerson and Dakota had $34,000 and $142,000, respectively, in their January 1 capital balances. Net income for the year was $230,800. How much net income should be distributed to Dakota?

Chris 45 and Alison  46 are marries  and they will file a joint return . During the year they earned 82500 wages. They also jad investment  income consisting of 200 interest income from a savng account 350 interest  income from a certificate  of deposit held with another bank 250 interest  income  from a us treasury 500 tax exempt  interest  income from municipal bond and 1700 in ordinart dividends from a mutual fund what amout will cris and allison report for taxable interest in their 1040

Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up