1. Using the information below, fill in the blanks in the far right column with the amount of each item that is included inAdjusted Gross Income. These may either be additions to or subtractions from AGI (or neither). Calculate Kim'sAdjusted Gross Income, Standard or Itemized deductions, Taxable Income (TI), Tax on Taxable Income (Tax Liability), andAmount Due or Refund for 2022. Kim is single, 42 years old, and blind. Kim's employer withheld $10,500 of federalincome tax from her wages. Then answer questions 2-5.Item DescriptionSalaryInterest received on Marathon Oil Corp (MRO) bondsInterest received on City of Whitewatergeneral revenue bonds.Alimony receivedGift from parentsLoss gambling in the office pool for the NFL playoffsAdjusted Gross Income (AGI)AmountTaxable Income:73,0001,1007258,5009,000-500Standard (basic + additional) or Itemized deduction (greater of)Notesreported on W2reported on 1099 INTreported on 1099 INTdivorced in 2021Tax amount from the tax tables (not the tax rate formula)(You will find the tax tables in the textbook appendix, or in the form 1040 instructions)Tax Due or refund (please write "due" or "refund" next to the amount.)Amount includedin taxable income

Rate[a]Single Individual[b]Tax on income [axb]10%$10,275 or less 1027.5012%Over…

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Business

Accounting

formation bel

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 4CE

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Question

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 tax tables (not the tax rate formula)
(You will find the tax tables in the textbook appendix, or in the form 1040 instructions)
Tax Due or refund (please write "due" or "refund" next to the amount.)
Amount included
in taxable income

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