FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Comprehensive Problem 4-58 (LO 4-1, LO 4-2, LO 4-3) (Algo)
[The following information applies to the questions displayed below.]
Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in
Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary
of $92,500 and contributed $5,700 of it to a qualified retirement account (a for AGI deduction). She also received
$13,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,800 of
expenditures that qualified as itemized deductions. (Use the tax rate schedules.)
Comprehensive Problem 4-58 Part-b (Algo)
b. What would Camille's taxable income be if she incurred $25,800 of itemized deductions, instead of $16,800?
(1) Gross income
(2) For AGI deductions
(3) Adjusted gross income
(4) Standard deduction
(5) Itemized deductions
Taxable income
Description
Amount
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Transcribed Image Text:Required information Comprehensive Problem 4-58 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below.] Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $92,500 and contributed $5,700 of it to a qualified retirement account (a for AGI deduction). She also received $13,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,800 of expenditures that qualified as itemized deductions. (Use the tax rate schedules.) Comprehensive Problem 4-58 Part-b (Algo) b. What would Camille's taxable income be if she incurred $25,800 of itemized deductions, instead of $16,800? (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions Taxable income Description Amount
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