Case study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00    contributed to a traditional IRA $3,000.00     Belinda Johnson - Annual Income $94,000.00   contribued to 401(k) $3,000.00     Earned Interst  - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00   1. What is the Johnson's reportable gross income on their joint tax return? 2. What is their adjusted gross income?

I. Problem Calculate Adjusted gross income for Sarah Smith based on the following information: salary $200,000 child support received $20,000 capital loss $5,000 Interest on State of California bonds $20,000 Interest on Federal treasury bonds $10,000 Sole proprietorship net income $40,000 Partnership loss $2,000 Unemployment compensation $20,000 Sarah received a gift of $10,000 from her father. Contribution to Individual Retirement Account $1,000 Sarah's brother Samuel paid back a $10,000 loan from 2015 Contribution to health savings account $1,000 Penalty for early withdrawal from a timed savings account $1,000. Rental income $20,000 Sarah found a ring with a fair market value of $2,000 on the bus. Sarah won $1,000 in scratch of lotto Sarah won $500 in a baking contest. Sarah had qualified student loan interest of $1,000 Sarah received alimony of $40,000 divorce decree signed in 2012 Sarah received a legal settlement of $20,000 in payment for a broken ankle she incurred during a…

Paula Sanchez is trying to determine her 2022 finances. Paula's actual 2021 finances were as follows: Income: Gross income Assets: $ 67,500 Interest income 450 Checking account Savings account $ 1,990 8,650 Total $ 67,950 Automobile 1,950 Personal property 14,900 Expenses: Living $ 24,500 Total Liabilities: Insurance premium 310 Taxes 15,200 600 Note to bank Net worth $ 27,490 4,700 $ 22,790 ($27,490 - $4,700) Medical Investment Total 4,400 $ 45,010 Net worth(own) = Assets - Liabilities(owe) Paula belleves her gross income will double in 2022 but her interest Income will decrease $142. She plans to reduce her 2022 living expenses by one-fifth. Paula's Insurance company wrote a letter announcing that her Insurance premiums would triple in 2022. Her accountant estimates her taxes will decrease $240 and her medical costs will increase $400. Paula also hopes to cut her Investments expenses by one-fourth. Paula's accountant projects that her savings and checking accounts will each triple in…

Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income.   Question 1 What amount will Chris and Allison report for taxable interest on their Form 1040? The couple's partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this…

Nan and Neal are twins. Nan Invests $5,000 at age 25 while Neal invests the same amount at age 30. Nan houses a retably eaten duten annual interest rate of 7%. Both twins plan to retire at age 65 and neither adds nor withdrews funds prior to remental would to have the sa money as Nan by their retirements, what annual interest rate must his investment eam? OA8.17 % OB.8.04% OC.8.66% O D. 8.00% OE. None of these are correct

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Case Study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00    contributed to a traditional IRA $3,000.00     Belinda Johnson - Annual Income $94,000.00   contribued to 401(k) $3,000.00     Earned Interst  - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the total value of their exemptions? 2. How much is the standard deduction for the Johnsons?

Use the personal allowance table below. Personal Allowance Amount Single Married $2,000 4,000 Each Dependent 2,000

Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000