Anita Walsh is considering an additional charitable contribution of $1,500 to a tax-deductible charity, bringing her total itemized deductions to $16,000. If Anita is in a 24 percent tax bracket, how much will this $1,500 contribution reduce her taxes? Show your work please and cite any sources used. thank you

Anita Walsh is considering an additional charitable contribution of $1,500 to a tax-deductible charity, bringing her total itemized deductions to $16,000. If Anita is in a 24 percent tax bracket, how much will this $1,500 contribution reduce her taxes? Show your work please and cite any sources used. thank you

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 38P

See similar textbooks

Similar questions

Molly and Justin are considering contributing $5,000 to their favorite, tax deductible charity. This contribution will bring their total itemized deductions to $20,000. Assuming they are in the 28% marginal tax bracket, how much will they save in taxes by contributing this $5,000 to charity?
Ellen, made a cash contribution to a local homeless shelter (a 401(c)(3) charity) in 2021. If Ellen itemizes her deductions, her deductible contribution will be limited by what percentage of her AGI? 30%. 50%. 60%. 100%.
John and Charlotte are considering contributing $1,000 to their church. This contribution will bring their total itemized deductions to $2,000. Assuming the standard deduction is $10,000 per person and they are in the 15% marginal tax bracket, how much will they save in taxes by contributing this $1,000 to their church?
John and Charlotte are considering contributing $1,000 to their church. This contribution will bring their total itemized deductions to $2,000. Assuming the standard deduction is $10.000 per person and they are in the 15% marginal tax bracket, how much will they save in taxes by contributing this $1,000 to their church? Type your answer here
Michele Walsh is considering an additional charitable contribution of $4,200 to a tax-deductible charity, bringing her total itemized deductions to $12,500. If Michele is single, is in a 35 percent tax bracket, and is not subject to a phase out of deductions, how much will this $4,200 contribution reduce her taxes? (Round your answer to the nearest whole number.) Multiple Choice $1,595 $4,375 $4,200 $1,470 $0
Your client has an adjusted gross income this year of $40,000. She would like to reduce her income taxes. She plans to contribute $20,000 during the year to the American Cancer Society, a qualified public charity. To maximize the current year income tax deduction, which of the following is the most appropriate property for the client to transfer to the charity? A)Some stock, held short term, valued at $20,000 with a basis of $8,000 B)A stamp collection, held long term, valued at $20,000 with a basis of $9,000, which the American Cancer Society will dispose of upon receipt C)A life insurance policy, with a replacement cost of $20,000, on which she has paid net premiums of $5,500 D)An interest in a parcel of commercial real estate, held long term, with a fair market value of $20,000 and a basis of $15,000
Your client has an adjusted gross income this year of $40,000. She would like to reduce her income taxes. She plans to contribute $20,000 during the year to the American Cancer Society, a qualified public charity. To maximize the current year income tax deduction, which of the following is the most appropriate property for the client to transfer to the charity? A)Some stock, held short term, valued at $20,000 with a basis of $8,000 B)A stamp collection, held long term, valued at $20,000 with a basis of $9,000, which the American Cancer Society will dispose of upon receipt C)A life insurance policy, with a replacement cost of $20,000, on which she has paid net premiums of $5,500 D)An interest in a parcel of commercial real estate, held long term, with a fair market value of $20,000 and a basis of $15,000 Correct answer.
Ramon had AGI of $180,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon’s tax liability. a. A cash gift of $95,000.b. A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000.c. A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. The charity has indicated that it would sell the painting to generate cash to fund medical research.d. Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 32%…
Your client is a self proclaimed real estate expert. He and his wife want to contribute of some undeveloped land to a qualified charity. Your client values the property at $1,000,000 for purposes of the charitable contribution. What do your clients need to do to claim a valid charitable contribution deduction on their tax return?
Ramon had AGI of $181,000 in 2022. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon's tax liability. a. A cash gift of $90,500. In the current year, Ramon may deduct $(. )since his charitable contribution is limited to $(. ) b. A gift of OakCo stock worth $90,500 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $81,450. The stock's value for determining the contribution is $f(. ). The deduction for 2021 is $(. )The remaining $(. ) for fill in the blank 1a2a96f96fad03a_5 years. c. A gift of a painting worth $90,500 that Ramon purchased three years ago…
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,550. Tax Deductions Donations to church and other charities Medical and dental expenses exceeding 7.5 percent of adjusted gross income State income tax X Answer is complete but not entirely correct. of $ Lola Harper should use the itemized deduction 12,550 $6,170 2,640 4,810
A new client, Mery, is your first client. She requires to lodge her income tax for 2020/21. Furthermore, she hasdone some charitable works this year. So, she wants to know about the legal provisions and asks what types ofentities are exempt from income tax? Answer the question.Furthermore, she gave her annual income and deduction below. Calculate her Total Assessable Income, TaxableIncome, Total tax Liability, including Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer(Mery ) with the information below:• Mery is a resident single mom with one dependent child (7 years old) taxpayer of Australia for the tax year2020-2021• Her Taxable Salary earned is $102,000 (Including tax withheld) having no private health insurance.• She had a $7,000 deduction.• Mery has a student loan outstanding for his previous studies at Queensland University technology of$42,000.• Mery’s employer pays superannuation guarantee charge of 10% on top of her salary to her nominatedfund.• Mery…