Emily, who is single, sustains an NOL of $11,640 in 2023. The loss is carried forward to 2024. For 2024, Emily's income tax information before taking into account the 2023 NOL is as follows: Adjusted gross income Itemized deductions*: Medical [$6,984 - (7.5% x $58,200)] Taxes Interest expense on home mortgage Taxable income $2,619 8,730 17,460 Emily may use $ gross income of $ $58,200 * The 2023 single standard deduction is $13,850; Emily's itemized deductions will exceed the 2024 single standard deduction (after adjustment for inflation). 17,751 X. (28,809) $29,391 How much of the NOL carryforward can Emily use in 2024, and what is her adjusted gross income and her taxable income? 11,640 ✔ of the NOL, resulting in adjusted 46,560 and taxable income

1. Using the information below, fill in the blanks in the far right column with the amount of each item that is included in Adjusted Gross Income. These may either be additions to or subtractions from AGI (or neither). Calculate Kim's Adjusted Gross Income, Standard or Itemized deductions, Taxable Income (TI), Tax on Taxable Income (Tax Liability), and Amount Due or Refund for 2022. Kim is single, 42 years old, and blind. Kim's employer withheld $10,500 of federal income tax from her wages. Then answer questions 2-5. Item Description Salary Interest received on Marathon Oil Corp (MRO) bonds Interest received on City of Whitewater general revenue bonds. Alimony received Gift from parents Loss gambling in the office pool for the NFL playoffs Adjusted Gross Income (AGI) Amount Taxable Income: 73,000 1,100 725 8,500 9,000 -500 Standard (basic + additional) or Itemized deduction (greater of) Notes reported on W2 reported on 1099 INT reported on 1099 INT divorced in 2021 Tax amount from the…

In 2022, Esther paid $20,000 in state income tax, and $20,000 in real estate taxes. Esther’s filing status is Single, and she claimed the above expenses as itemized deductions. In 2022, Esther’s deduction for state and local taxes is limited to which of the following amounts on her Federal Income Tax Return? Group of answer choices $10,000  $20,000  $40,000  $0

Vijay

Vinubhai

Subject : - Account

Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. Please use Microsoft Excel using functions and formulas as appropriate.

Avery, an unmarried taxpayer, had the following income items: $ 43,600 3,500 Salary Net income from a rental house Avery has a 4-year-old child who attends a child care center. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Required: Compute Avery's child tax credit and dependent care credit. a. Assume Avery paid $1,340 to the child care facility. b. Assume Avery paid $4,830 to the child care facility. Complete this question by entering your answers in the tabs below. Required A Required B Compute Avery's child tax credit and dependent care credit. Assume Avery paid $1,340 to the child care facility. Note: Round your intermediate computations and final answers to the nearest whole dollar amount. Amount Child Credit Dependent Credit $ $ 2,000 600

None

Sara is filing as head of household and has 2021 taxable income of $59,000, which includes $3,000 of net long-term capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0%/15%/20% gain. What is the tax on her taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. a.$7,276. b.$7,066. c.$0 d.$7,136.