FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Case 1
Kim was single on December 31,2021. Her husband, Lee, passed away on march 20, 2018, and she has not remarried. Rebecca and Doug have always filed married filing jointly in previous tax years.
Kim has two children each aged 15 and 11. Kim is 45 years old. Kim paid all the cost to keep up her home and support for her two children. Because of the gifts and inheritance the children have sizable investment portfolios. Two children received $3,000 in interest income (each) for 2021
Kim earned $58,000 in net self-employment income in tax year 2021. Each of the children received $400 in social security survivor benefits for the year, which Kim put into a college fund for their education.
Please be sure to also prepare Both Children A and B's tax returns or account for their Tax.
Find
Filing Status, Gross income, Adjusted Gross income, Standard deduction, Taxable income, Tax for each cases
Case 2
Kim was single on December 31,2021. Her husband, Lee, passed away on march 20, 2020, and she has not remarried. Rebecca and Doug have always filed married filing jointly in previous tax years.
Kim has two children each aged 24 and 20. Both of Kim's kids attend college and provide all of their own support. Kim is 45 years old. Kim paid all the cost to keep up her home
Kim earned $58,000 in net self-employment income in tax year 2021.
Find
Filing Status, Gross income, Adjusted Gross income, Standard deduction, Taxable income, Tax for each cases
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