FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year-end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $97,000 and qualified business income of $18,000 from an investment in a
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c. What would their taxable income be if their itemized deductions totaled $29,600 instead of $18,100?
d. What would their taxable income be if they had $0 itemized deductions and $9,200 of for AGI deductions?
e. Assume the original facts but now suppose the Jacksons also incurred a loss of $5,800 on the sale of some of their investment assets. What effect does the $5,800 loss have on their taxable income?
f. Assume the original facts but now suppose the Jacksons own investments that appreciated by $10,000 during the year. The Jacksons believe the investments will continue to appreciate, so they did not sell the investments during this year. What is the Jacksons' taxable income?
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VIEW Step 2: C. calculation of tax /refund due as per IRS rules 2023 USA with Itemised deduction 29,600
VIEW Step 3: d. calculation of tax /refund due as per IRS rules 2023 USA with Itemised deduction 0 , AGI dedu 9,2
VIEW Step 4: . E Calculation of tax /refund due as per IRS rules 2023 USA with short term capital loss
VIEW Step 5: E taxable income
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