Calculate Adjusted Gross Income. John Smith is single-for 2022Calculate Taxable IncomeShould he itemize or use standard deduction?Salary 80,000 Dividend income 8,000 Rental Income 16,000 Rental Expenses 12,000 Contribution to traditional IRA 5,000 Property taxes on house 25,000 Interest on house 15,000 Medical Expenses 40,000 State income Taxes 4,000 Traffic Ticket for over speeding 400 Bribary to Police Officer 500

You generally must include in your gross income all amounts you receive as rent. Rental income…

Answered: Calculate Adjusted Gross

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ma1. Please give only typed answer.
Please explain every step. Thank you
M 1 Mindy is single with AGI of $250,000. Mindy made the following payments in 2020: 2 Medical expenses 5,000 3 State income tax withholdings 7,500 4 State sales tax payments 1,500 5 Real estate taxes 6,000 6 Interest on qualified home mortgage 12,000 7 Charitable contribution XYZ Corporation stock 8 Mindy purchased her home in 2020 and the original mortgage on the home has a principal balance of $800,000. 9 Mindy purchased XYZ stock for $2,000 in 2017 and the stock had a fair market value of $3,000 when she made the donation to a public charity in 2020. 10 Calculate the amount of Mindy's2020 itemized deductions. 8 points 11 A calculations must be shown
(a)
Calculated itemized Deductions. Robert and Jean Snyder have an adjusted gross income of $100,000 for 2021. Their expenses for 2021 are as follows: Prescription drugs-$2,300* Medical Insurance Premiums-5,900 Doctor and dental bills paid-3,000* Eyeglasses (regular and sunglasses for Robert -1,200 Hospital and clinic bills paid-1,450* Property taxes paid on home-5,500 State income taxes paid: Remaining 2019 tax liability - 125 Withheld from wages during year 4,000 State and local income taxes paid: Amount paid on new automobile-800 Amount paid on new wide screen television-280 Personal property taxes paid-100 Interest on home mortgage**- 4,750 Interest paid on personal auto loan- 1,100 Interest paid on credit card purchases-400 Interest paid on E.F. Hutton margin account***-120 Cash contributions to church-2,000 Fair Market value of Hightech Corp. stock contributed to church (purchased for 1,000 three years ago) -5,000 Labor union dues paid by Robert-200 Qualifying education costs…
Earned and Unearned Income, Transfers from Others (LO. 3) Elwood is retired. During 2020, he receives $11,000 in Social Security benefits. In addition, he receives $5,800 in cash dividends on stocks that he owns and $8,000 in interest on tax-exempt bonds. Assuming that Elwood is single, what is his gross income if a. He recelves no other ingome?S 5,800 b. He also recelves $10,900 in unemployment compensation?S 5,450 X c. He selis some land for $79,600 and he paid $44,300 for the land? s Fendacx Check yWun Under the capital recovery concept, It could be said that half of each payment received from Social Security represents a return of the taxpayer's investment and is therefore excluded, much like annuities. But for lower-income taxpayers, a lesser of formula is applied to determine the amount to Include in gross income. (Previous Next Check My Work
Hw.145. Francisco paid the following taxes in 2022: !"$6,000 property taxes on their personal residence !"$500 property taxes on their personal automobile !"$3,000 property taxes on business property !"$10,000 federal income taxes !"$5,000 state income taxes !"$6,000 employment (FICA) taxes !"$2,000 sales/use tax What amount of taxes can Francisco deduct as an itemized deduction in 2022? What amount of taxes could Francisco deduct as an itemized deduction if the taxes were paid in 2026?
Problem 3: Determine Taxable Income Jules Winfield is a single taxpayer who maintained a home for his dependent daughter who was not a full-time student. The daughter lives with Jules for 8 months of 2022. During 2022 he had an AGI of $100,000 and reported the following expenditures: Expenditures State Income Taxes Contribution to a traditional individual retirement account (IRA) Charitable Contributions 6,000 4,000 8,000 ADDITIONAL INFORMATION For any item you determine is an allowable deduction, you can deduct the entire amount. Required: Determine Jules' taxable income for 2022.
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The following information applies to Jasmine, who is single, for 2020: Salary $56,350 Interest income from First Bank of Lexington 1,500 Dividends from Watters Company stock 3,000 Contribution to a traditional IRA 4,000 Loan repayment from her friend 1,000 Capital loss from sale of personal vehicle (2,300) Number of potential dependents ? Age 44 Jasmine maintains a household for her sister, who has $9,000 from Social Security. In addition, Jasmine's aunt lives with her and has income of $3,000. Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Jasmine. Salary Taxable Loan repayment from a friend Not taxable Interest income Taxable Dividend income Taxable Identify whether the items are deductible (fully or partially) by Jasmine. Contribution to a traditional IRA Deductible Capital loss from sale of personal vehicle Not deductible Jasmine's…

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Salary			80,000
	Dividend income		8,000
	Rental Income		16,000
	Rental Expenses		12,000
	Contribution to traditional IRA	5,000
	Property taxes on house	25,000
	Interest on house		15,000
	Medical Expenses		40,000
	State income Taxes		4,000
	Traffic Ticket for over speeding	400
	Bribary to Police Officer	500