Julia has invested her profits from the last several years with BF Dutton, Inc. and has provided the Forms 1099 INT and 1099DIV for 2022 for her investment income. She has no other income for 2022 and did not receive any Forms 1099 B. Julia's Taxable Income for 2022 is: $216,736 $267,848 $270, 442 $218,811

Carey, a single taxpayer, purchased a rental house in 2022, which she actively manages. During 2022, Carey had a loss of $14,000 from the rental house. If Carey's adjusted gross income for 2022 is $138,000 before the rental loss, what is the amount of Carey's allowable deduction for the rental activity for 2022? a. $0 b. $3,000 c. $6,000 d. $12,000

Eva received $60,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $5,000 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 $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount. Required: Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?

Joey is carrying on a retail business as a sole proprietor. His taxable income for the 2020-21 income year is $115,000. Which of the following calculations will be performed to determine his income tax liability? Disregard the medicare levy and any tax offsets that may apply. O $5,092 + ($115,000 - $45,000) x 0.325 O $29,467 + ($115,000 - $45,000) x 0.325 O $115,000 x 0.325 O $29,467 + ($115,000 - $45,000) x 0.37

During 2021, Sandra generated $50,000 in wages, a net loss of ($5,000) on a rental activity, $30,000 of long-term capital loss, and $55,000 net income from ABC Corporation of Individuals operations. Sandra is single and for 2021 she has no deductions applicable to individuals to claim. Determine your net taxable income for 2021.

In 2020, Ashley earns a salary of $ 55,000, has capital gains of $ 3,000, and receives interest income of $ 5,000. Her husband died in 2018. Ashley has a dependent son, Tyrone, who is age eight. Her itemized deductions are $ 9,000.   What is her filing status? Calculate Ashley’s taxable income for 2020.

Lucy, who is single and has taxable income of $320,000, sells the following capital assets in 2022 with gains and losses as shown: View the capital assets. View the 2022 tax rate schedule for the Single filing status. View the Preferential Rates for Adjusted Net Capital Gain (ANCG) and Qualified Dividends. Read the requirements. Requirement b. Determine her increase in income tax liability if the holding period for asset B is 8 months. Increase in tax liability Requirement c. Determine her increase in income tax liability if the holding periods are the same as in Part a but asset B is an antique clock. Increase in tax liability Requirement d. Determine her increase in income tax liability if her taxable income is $470,000. Increase in tax liability Capital Assets Asset A B C Gain or (Loss) 14,500 8,000 (1,000) Holding Period 15 months 20 months 14 months

In 2022, Tom and Alejandro Jackson (married filing jointly) have $232.000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2022, they sold a painting (art) for $114,000 that was inherited from Grandma on July 23, 2020. The fair market value on the date of Grandma's death was $92,000, and Grandma's adjusted basis of the painting was $25,800. b. They applied a long-term capital loss carryover from 2021 of $10,400. c. They recognized a $12,200 loss on the 11/1/2022 sale of bonds (acquired on 5/12/2012). d. They recognized a $4,240 gain on the 12/12/2022 sale of IBM stock (acquired on 2/5/2022). e. They recognized a $17,960 gain on the 10/17/2022 sale of rental property (the only 51231 transaction), of which $8,640 is reportable as gain subject to the 25 percent maximum rate and the remaining $9.320 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2016). f. They…

In December of 2018, Jack made a gift of $2,000,000 to Suzy. At the same time in December of 2018, Jack also transferred his existing $1,000,000 term life insurance policy into an irrevocable trust of which Suzy is the beneficiary. This was a term LI policy; the cost of the 2018 premium was $15,000. Were there taxable gifts? If yes, what is the amount of the taxable gifts to be reported on the gift tax return?

In 2020, Juliet Ulbod earned P500,000.00 as income from her beauty parlor and received P250,000.00 as Christmas gift from her spinster aunt. She had no other receipts for the year. She spent P150,000.00 for the operation of her beauty parlor. For tax purposes, her gross income for 2020 is (A) P750,000.00. (B) P500,000.00. (C) P350,000.00. (D) P600,000.00.