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Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $10,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremey qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. Determine the amount Jeremy’s taxes due.
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- Jeremy (unmarried) earned $100,300 in salary and $6,300 in interest income during the year. Jeremy’s employer withheld $10,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,300 in itemized dedications, including $2,000 of charitable contributions to his church. -Determine Jeremy’s tax refund or taxes due. -Assume that in addition to the original facts, Jeremy had a long term capital gain of $5,050. What is Jeremy’s tax refund or tax due including the tax on the capital gain? -Assume the original facts except that Jeremy has only $7,000 in itemized deductions. Assume the charitable contribution deduction for non-itemized applies to 2022. What is Jeremy’s tax refund or tax due?In each of February 2005, 2006 and 2007, Lyle made an annual contribution of $6,750 into a spousal RRSP. He did not make any RRSP contributions in 2008 or 2009 because of tight finances. Lillian did not make any contributions. In April 2009, Lyle's spouse, Lillian, withdrew $20,000 from a spousal RRSP under which she is the annuitant and Lyle is the contributor. What income tax consequences are associated with the $20,000 withdrawal? $20,000 is taxable to Lillian $20,000 is taxable to Lyle $6,750 is taxable to Lillian and $13,250 is taxable to Lyle $6,750 is taxable to Lyle and $13,250 is taxable to Lillian DATA SHEET OAS recovery tax 2017 income $74,788 - 121,314 OAS recovery tax 2018 income $75,910 123,386 2016 Money Purchase Limit $26,010 2017 Money Purchase Limit S26,230 2021 RRSP$ Limit $27,830 2022 RRSP S Limit $29,210 2018 OAS $586.66 2017 OAS $583.74 2018 CPP $1.134 17Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy receives a salary of $60,000 per year. He also receives a bonus equal to 10% of all collections from clients he serviced during the year (which he receives in January of the following year). Determine the tax consequences of the following events to the corporation and to Troy: a. On December 31, 2023, Troy was visiting a customer. The customer gave Troy a $10,000 check payable to the corporation for appraisal services Troy performed during 2023. Troy did not deliver the check to the corporation until January 2024. The corporation recognizes the income in: Troy recognizes the bonus related to this collection in: Question Content Area b. Assume Eagle Corporation is an accrual basis taxpayer. On December 31, 2023, Troy was visiting a customer. The customer gave Troy a $10,000 check payable to the corporation for appraisal services Troy performed during 2023. Troy deposited the…
- Qc.38.Martin is a single taxpayer living in Seattle, Washington, with adjusted gross income for the 2020 tax year of $59,000. Martin 's employer withheld $3,100 in state income tax from his salary. In April of 2020, he paid $250 in additional state taxes for his prior year's return. The real estate taxes on his home are $1,750 for 2020 and his personal property tax based on the value of his automobile is $85. Also, he paid $315 for state gasoline taxes for the year. The IRS estimate of general sales tax for Martin is $2,460 for 2020. How much should Martin deduct on Schedule A of Form 1040 of his 2020 tax return for taxes paid?Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made contributions of $2,300 to a tax-deferred retirement account. Paige has 4 dependents and files as head of household.What is Paige's total income?What is Paige's adjusted gross income?For Paige's filing status, the standard deduction is $18,000. What is Paige's taxable income?
- Rodrigo works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During the year, he keeps the following record of his travel: Miles Home to office 850 Office to home 425 Office to restaurant 300 Restaurant to home 1,200 Home to restaurant 725 Office to custormers' office 7,100 Customers' office to restaurant 400 Total miles 11,000 If he uses the standard mileage rate, what amount can she deduct as a business automobile expense? Oa. S4255.00 Ob. $431250 Oc. S4,082 50 Od. $5,175.00 Oe, S4,485.00Jeremy (unmarried) earned $107,500 in salary and $6,400 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $31,420 in itemized deductions. (Use the tax rate schedules, Tax rates for Net Capital Gains and Qualified Dividends.) Required: a. Determine Jeremy's tax refund or taxes due. b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,180. What is Jeremy's tax refund or tax due including the tax on the capital gain? c. Assume the original facts except that Jeremy has only $7,750 in itemized deductions. What is Jeremy's tax refund or tax due? Complete this question by entering your answers in the tabs below. Required A X Answer is complete but not entirely correct. Required B Required C Assume that in addition to the original facts, Jeremy has…Collin's tax liability for last year was $22,000, and his AGI did not exceed $150,000. Collin requests an automatic extension for filing his current year individual return but does not pay any additional tax with his extension request. By April 15 of the following year, Collin has paid $24,000 of taxes in the form of wage withholding and estimated taxes. Collin files his current year return and pays the balance of the taxes due on July 21 of the following year. Requirement What penalties will Collin owe if his current year tax is $28,000? $26,000? (Complete all input fields. Enter a 0 if there is no penalty.) Penalty Underpaying estimated tax Failure-to-file Failure-to-pay tax if Collin's tax is $28,000 if Collin's tax is $26,000
- Jeremy (unmarried) earned $100,700 in salary and $6,700 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,700 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) Required: Determine Jeremy's tax refund or taxes due. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,050. What is Jeremy's tax refund or tax due including the tax on the capital gain? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Assume the original facts except that Jeremy has only $5,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due?Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2022, the business pays $60,000 of W–2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Kyra also has a part-time job earning wages of $11,500 and receives $3,450 of interest income. Her standard deduction is $12,950. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's tentative QBI based on the W–2 Wages/Capital Investment Limit? Determine Kyra's allowable QBI deduction.Eva received $82,000 in compensation payments from JAZZ Corporation during 2023. Eva incurred $15,500 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $13,850. d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?
