ge payment to their church). On the advice of a friend, they do the following: In early January 2021, they pay their pledge for 2020; during 2021, they pay their pledge for 2021; and in late December 2021, they prepay their pledge for 2022. a.  What are the Bateses trying to accomplish?   .       Feedback   In most cases, the choice between using the standard deduction and itemizing deductions from AGI is a simple matter-pick whichever yields the larger tax benefit. However, taxes might be saved by alternating between the two options by tax planning. b.   What would the Bates' total itemized deductions be if all

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $314,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution

Terry and Jennifer, both in their 30s, file a joint income tax return for 2020. Terry’s wages are $26,000 and Jennifer’s wages are $34,000 for the year. Their total adjusted gross income is $60,000, and Joan is covered by a qualified pension plan at work but Terry is not.  a. ​ What is the maximum amount that Terry and Jennifer may each deduct for contributions to their traditional individual retirement accounts in 2020? b. ​ ​ If Jennifer's wages are $85,000 for 2020, instead of $34,000, and their adjusted gross income is $111,000, what is the maximum amount that Terry and Jennifer may each deduct for contributions to their traditional individual retirement accounts?

George and Wanda received $29,100 of Social Security benefits this year ($11,000 for George, $18.300 for Wanda). They also received $4,800 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. George and Wanda file married joint and receive $8,750 of dividend income from stocks owned by George b. George and Wanda file married separate and receive $8,750 of dividend income from stocks owned by George c. George and Wands file married joint and receive $32.200 of dividend income from stocks owned by George d. George and Wanda file married joint and receive $16,100,of dividend income from stocks owned by George Complete this question by entering your answers in the…