Ernest, a single male, has a salary of $65,100. He contributed $2300 to an IRA and earned $840 in interest from a savings account. What is his adjusted gross income?
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Ernest, a single male, has a salary of $65,100. He contributed $2300 to an IRA and earned $840 in interest from a savings account. What is his adjusted gross income?
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- Fred, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five days conducting business and two days sightseeing. His expenses are 400 (airfare), 150 per day (meals), and 300 per night (lodging). What are Freds deductible expenses?Jane Binyan is single with one dependent and files as head of household. She is the chief financial officer at the university where she works, and her salary is $173,400. She has other income of $2800, interest income of $8400, and adjustment to income of $6000 for a 401K retirement plan at work. Her itemized deductions are $14,380 in mortgage interest, $4820 in state income tax, $7800 in real estate taxes, and $6800 in charitable contributions. What is the amount of her tax? A)$28,450 B)$28,100 C)$28,775 D)$28,669Jamar and Natasha had the following income and expenses for 2021: $45,000 in wages. $24,000 in rental income. $8,000 in rental expenses. $48,000 in self-employment receipts. $12,000 in self-employment expenses. Assuming there are no income adjustments, what is their California gross income?
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- 7 Martha has a gross income of $63,822. She can make adjustments of $10,884 for business losses, $3,672 for business expenses, and $2,983 for contributions to her retirement plan. What is Martha's adjusted gross income?Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What is the maximum amount Donna can contribute to a Roth IRA?Natasha is a 21 year old,unmarried student who lives alone. Last year her taxable income was $21,456.What was Natasha’s gross income last year?
- Diego, age 88, married Dolores, age 60, in 2020. Their salaries for the year amounted to $47,230 and they had Social Security Taxable benefits of $ 12,000 and interest income of $3,500. Diego and Dolores’ deductions for adjusted gross income amounted to $2,000, their itemized deductions were $23,900 and they have no dependents. What is the amount of their adjusted gross income? What is the amount of their itemized deductions or standard deduction? What is the amount of their taxable income? What is their tax liability for 2020?Rachel is single and has wages of $162,950 and dividend income of $97,770. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay. Round your answer to the nearest whole dollar. XBoyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary Interest income $ 214,000 3,800 Dividend income 11,100 Rental income from real property 17,500 1. Compute Mr. Salzer's Medicare contribution tax. 2. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.
