Questions: 1) How much of the Social Security benefits are taxable (in $’s) to the Matson’s for 2020? 2) What is the Matson’s Adjusted Gross Income (AGI) for 2020? 3) What is the Matson’s Taxable Income for 2020?

Q: Charles, who is single and age 61, had AGI of $400,000 during 2023 He incurred the following…

A: The objective of the question is to calculate Charles' total itemized deductions for the year 2023,…

Q: 16 Ivan, aged 50, with a marginal tax rate of 50%, would like to discuss Individual disability…

A: The term "eligible income" in the context of disability insurance refers to the portion of your…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Income tax: when the individual, proprietors, or Hindu undivided family earn the income from the…

Q: Barbara is age 57 and was widowed in 2021. She wns her own home and provided all the cost of eeping…

A: Determination of Dependency To determine the dependency criteria the important aspect is the…

Q: Keith is age 35 and earns $110,000 p.a. His employer contributes 12% of this salary to his nominated…

A: Superannuation is like a retirement plan in which employer as well as employee contributes towards…

Q: In 2023, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax…

A: EXPLANATION:During the year, Margaret and John Murphy, a married couple filing a joint tax return,…

Q: Rebecca owns a condominium in Chicago with a tax basis of $298,000 at the beginning of the year.…

A: Gross rental receipts refer to the amount collected from tenants for the property provided to them…

Q: Harry and Meghan, both age 35, are married and had a son in 2023. Within a week of the birth of…

A: IRA:IRA IS "INDIVIDUAL RETIREMENT ACCOUNT".IRA IS A LONG TERM SAVING PLAN WITH TAX ADVANTAGE THAT…

Q: Alexandra Cunningham of Gardner, Massachusetts, has a $140,000 participating cash-value policy…

A: To calculate the current death benefit from the policy, we need to subtract the outstanding loan…

Q: For 2020, Erika and Matthew, ages 62 and 68, respectively, are married taxpayers who file a joint…

A: The following calculations are done for Erik and Matthew who file a joint tax return.

Q: Mr. and Mrs. Garcia paid $6,900 to Mrs. Garcia's mother for the entire year to take care of their…

A: The expenses done on children which are dependent on you may claim as deductions in the income tax…

Q: Kellen dies. Kellen's wife died 5 years ago. Kellen's gross estate is valued at $12 million. His…

A: Estate tax refers to the amount of tax levied by the federal government of US on the transfer of…

Q: Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in…

A: Step 1: Step 2: Step 3: Step 4:

Q: Paul and Karen Kent are married, and both are employed (Paul earns $44,000 and Karen earns $9,000…

A: Child and dependent care benefits refer to the form of incentive provided by the authorized…

Q: Diego, age 56, a school teacher, is married and has decided to file married, filing separately. His…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries…

A: Particulars  Amount ($) Salary received by Omran & Salama 150,000 Less: Interest on Capital…

Q: hn and georgia are a married couple with two dependent sons. their salaries total $130,000. They…

A: Deduction - A deduction is a cost that can be taken out of a taxpayer's gross income to lower the…

Q: 1. Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively.…

A: a. Gross IncomeGross income includes all income received before any deductions or taxes. For Marc…

Q: Kevin and Shuang have two children, ages 8 and 14. In 2021 they spend $16,200 on eligible employment…

A: GIVENKevin and Shuang have two children, ages 8 and 14.In 2021 they spend $16,200 on eligible…

Q: Eric, your friend, received his Form W-2 from his employer (below) and has asked for your help.…

A: At the conclusion of the year, employers must deliver Form W-2, frequently referred to as the Wage…

Q: working on his bachelor's degree in engineering. His employer reimbursed his $ 4,050 tuition under a…

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: María, age 32, earns $60,000 working in 2021. She has no other income. Her medical expenses for the…

A: Adjusted gross income (AGI) is determined by subtracting the applicable deductions from the gross…

Q: Tamar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in…

A: The total amount of money generated in a year from all sources, including salary, wages, tips,…

Q: Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows: Salary $…

A: The answer for the multiple choice question and relevant working are presented hereunder : Itemised…

Q: In 2022, Deborah had a balance of $109,000 in her TFSA. That year, she withdrew $40,000 to fund her…

A: The objective of the question is to calculate the maximum amount that Deborah can contribute to her…

Q: Apple and Bob Johnson (both age 45) are married taxpayers who file a joint return. They have a son,…

A: Taxable income refers to the income or the amount which is used for determining the taxes owed…

Q: 26. Monica’s most advantageous filing status is:          A. Head of Household          B. Married…

A: The most crucial component of giving the taxpayer a high-quality service is an accurate return. It…

Q: During 2021 Jean underwent the following transactions: $100,000 for pain and suffering and $20,000…

A: Here describe the details of transaction which are incurred in the individual which can be subject…

Q: During 2021 Jean underwent the following transactions:       $100,000 for pain and suffering and…

A: Here discuss about the details of transaction which are related with subject to taxation as well.…

Q: During the current year, 2022, Travis takes out a $40,000 loan, using stock he owns as collateral.…

A: Taxable income is the income of an individual, firm, or company. At this income, the tax liability…

Q: Over the course of 22 years, Billy contributes $100,000 to a Roth IRA. All of his contributions are…

A: Billy contributed a total of $100,000 over 22 years to his Roth IRA. Since Roth IRA contributions…

Q: In 2020, Jack and Eri are married. Jack earns $150,000 from his job as a finance executive. Eri…

A: Gross Income Gross income which are included the income which are derived through salary and other…

Q: Jack a widower, died late last year (2020) with a gross estate of $10 million. Jack made one taxable…

A: The federal estate tax is computed after the death of the taxpayer to calculate the tax liability on…

Q: Charles, who is single and age 61, had an AGI of $400,000 during 2020.  He incurred the following…

A: (1).  Particulars Note No. Amount ($) Medical Expense  1 $8,500 Salt 2 $10,000 Mortgage…

Q: R and J were married in 2007. They have a five year old child and a son born December 16, 2018.…

A: Compute taxable Income of the year 2018 as follows:

Q: Heather, an individual, reported the following items of income and expense during the current year:…

A: Working notes :-                              Alimony , Post -TC…

Q: Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows: Salary $…

A: Taxable incomes: 1. salary of $85,000 taxable as per regular income tax bracket. 2. dividends…

Q: would be in the 24% federal marginal tax bracket. How much will she pay in income taxes on the…

A: ROTH IRA are retirement plan in which amount of deposit are done after paying adequate taxes and…

Q: Kathy is 48 years of age and self-employed. During 2022 she reported $540,000 of revenues and…

A: A 401(k) plan is a special savings account offered by employers in the United States to help their…

Q: Charlie, a self-employed financial planner, had the following expenses in 2021 in the following…

A: Introduction          For calculating the deductible amount, we need to consider the tax rules…

Q: Kathy is 48 years of age and self-employed. During 2018 she reported $522,000 of revenues and…

A: A 401(k) plan is an employer-sponsored retirement savings plan. It allows workers to invest a…

Q: Cody and Chelsi, who are married to each other, own their home together titled as community…

A: Federal Income Tax -The federal government is responsible for collecting federal income taxes,…

Q: urance ertising expense tgage interest perty taxes airs & maintenance lities reciation $ 1,000 see…

A: Tax accounting for rental properties refers to the set of rules and regulations related to the…

Q: Lizzy is 34 year old, single mom with two kids in tax year 2020 and lives in San Diego. Owen 4…

A: Lizy filling status will be head of household as she has two dependent child and qualifies as head…

Q: Tamar owns a condominium near Cocoa Beach in Florida. In 2022, she incurs the following expenses in…

A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: All 3 loans were taken out in 2019. How much interest may Ally claim as an itemized deduction in…

A: Itemized deductions:Itemized deduction are those eligible expenses that are deducted from the…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.