In 2022, Ava, an employee, who files single, has AGI of $45,300 and incurred the following miscellaneous itemized deductions thisyear:• Union dues and work uniforms: $510• Home office expenses: $1,530• Unreimbursed employee expenses: $714.• Gambling losses to the extent of gambling winnings: $2,200.What is Ava's total itemized deduction related to these items?1,275 X

The question lists down the expenses incurred by Ava and seeks answers on what would be itemized…

Answered: In 2022, Ava, an employee, who files…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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subject:accounting
For each situation listed indicate the amount to be included in income for current year. The federal interest rate of 5.5% is in effect. Linda collected $42,000 on a life insurance policy from her husband, Leon's death. The insurance policy was provided by Leon's employer, and the premiums were excluded from Leon's gross income as group term life insurance. The policy face value was $40,000.
For calendar year 2023, Stuart and Pamela Gibson file a joint return reflecting AGI of $369,400. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) Credit card interest Property taxes on home Charitable contributions State income tax Tax return preparation fees $54,400 21,760 1,088 16,320 29,920 19,040 1,632 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year.
On the December 31, 2015, payday, Jo is out sick. Prior to this $3,000 paycheck, her 2015 taxable wages were $120,000. If Jo picked up her paycheck on-January 4, 2016, how much FICA should Jo’s employer have withheld? $43.50 $169.50 $229.50 None of the above
For calendar year 2023, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2023. How much of these premiums may Giana deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct fill in the blank 1 % of their medical insurance premiums as a deduction for AGI in 2023. Thus, Giana may deduct $fill in the blank 2 as a deduction AGI and she may deduct $fill in the blank 4 as an itemized deduction (subject to the AGI floor).
Mr. Raya earns purely compensation income for the year 2021 with an annual basic salary of Php480,000.00 and other compensation received as follows:Holiday, OT and Night Differential Pay – Php56,091.95Sick leave conversion (3 leave credits) – Php5,517.24Government Mandatory Contributions – Php21,900.00 a. How much is the total non-taxable income for the year 2021? b. How much is the total taxable income for the year 2021? c. How much is the income tax due for the year 2021?
The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount withheld from his wages for (i) social security and (ii) Medicare
LSG Company is a calendar year, cash basis taxpayer. On November 1, 2021, LSG paid $9,450 to the janitorial service that cleans their offices. How much of this expenditure can LSG deduct in 2021 assuming that: The expenditure is a prepayment for 6 months of cleaning services from November 2021 through April 2022? _____________________________________________________________________________________ _____________________________________________________________________________________ The expenditure is a prepayment for 18 months of cleaning services from November 2021 through April 2023? _________
During 2019, Rachael Parkins, president of Mathieson Company, was paid a semimonthly salary of $8,000. Compute the amount of FICA taxes that should be withheld from her
A man earned wages of $38,100, received $1800 in interest from a savings account, and contributed $3400 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and had deductions totaling $6350. Find his gross income, adjusted gross income, and taxable income. His gross income was $ (Simplify your answer.) C
Amir, who files single, has AGI of $58,000 and incurred the following miscellaneous itemized deductions this year:Union dues and work uniforms: $350Home office expenses: $1,200Unreimbursed employee expenses: $415Gambling losses to the extent of gambling winnings: $890.Amir's total miscellaneous itemized deduction after any limitation is
An employee works 47 hours (47 - 40 were overtime hours) during a workweek in October of 2023. The employee earns $46/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $1163,050 during the present year. He has requested that his employer withhold 7% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $

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