Kaylee, single and age 42, has the following items of income and expense for the current tax year (2021). Wages: $60,000 Interest: $1,000 Inheritance: $50,000 Alimony paid: $10,000 (2016 divorce decree) Child support paid: $8,000 Federal taxes paid: $5,000 State taxes paid: $2,000 Medical expenses: $7,500 What is her taxable income? a. b. C. d. $36,500. $38,450. $48,450. $51,000.

In 2021, Patricia (age 10) received $7,880 from a corporate bond. Patricia lives with her parents and she is claimed as a dependent in their tax return. Assuming her parent's marginal tax rate is 24%, what is Patricia's gross tax liability? 2021 Tax Rate Schedules.pdf O $0. $110. O $1473. O $999.

Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax  (due/refund) rounded to the nearest whole dollar of $.

Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses 180,000 Net capital gain 22,000 Interest income 3,000 Itemized deductions (state taxes, residence interest, and contributions) 24,000 a.  Determine Mario's taxable income or loss for 2020. Adjusted gross income   Less: itemized deductions   Less: Deduction for qualified business income   Loss    b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts   Business Expenses   Net capital gain   Interest income   Itemized deductions   c.  Determine Mario's NOL for 2020. Mario's NOL is ?

Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $72,600. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Chris Filing Single Heather Filing Single

Alice is single and self-employed in 2022. Her net business profit on her Schedule C for the year is $166,000. What are her self-employment tax liability and additional Medicare tax liability for 2022?

A surviving spouse with one dependent child has a gross income of 68,170 per year. If 3,000 is withheld from the taxpayers wages for federal income taxes, what is the amount of the taxpayers refund or tax due?

Chris and Heather are engaged and plan to get married. During 2020, Chris is a full-time student and earns $8,500 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $83,600. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar.a.  Compute the following:     ChrisFiling Single   HeatherFiling Single Gross income and AGI 8,500   83,600 Standard deduction 12,400   12,400 Taxable income 0   71,200 Income tax 0   11,454   b.  Assume that Chris and Heather get married in 2020 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar.   MarriedFiling Jointly Gross income and AGI 92,100     Standard deduction…

Calculate the 2020 tax liability and the tax or refund due for each situation. Round your answers to the nearest dollar.       a.   Mark is single with no dependents and has a taxable income of $62,600. He has $9,500 withheld from his salary for the year.         b.   Harry and Linda are married and have taxable income of $62,600. Harry has $5,270 withheld from his salary. Linda makes estimated tax payments totaling $2,600.         c.   Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is $2,980. Aspra pays all costs of maintaining the household. His taxable income is $62,600. Aspra’s withholdings total $8,300.         d.   Randy and Raina are married. Because of marital discord, they are not living together at the end of the year, although they are not legally separated or divorced. Randy's taxable income is $25,500, and Raina's is $62,600. Randy makes…

Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar.a.  Compute the following:     ChrisFiling Single   HeatherFiling Single Gross income and AGI $fill in the blank 488588fb1f91034_1   $fill in the blank 488588fb1f91034_2 Standard deduction (single) fill in the blank 488588fb1f91034_3   fill in the blank 488588fb1f91034_4 Taxable income $fill in the blank 488588fb1f91034_5   $fill in the blank 488588fb1f91034_6 Income tax $fill in the blank 488588fb1f91034_7   $fill in the blank 488588fb1f91034_8…