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?

1.Charles, who is single and age 61, had AGI of $400,000 during 2020. He incurred the following expenses and losses during the year. Medical expenses before AGI floor$28,500State and local income taxes15,200Real estate taxes4,400Home mortgage interest5,400Charitable contributions14,800Unreimbursed employee expenses8,900Gambling losses (Charles had $7,400 of gambling income)9,800Compute Charles's total itemized deductions for the year. 2.For the following exchanges, indicate which qualify as like-kind property.a.lnventory of a sporting goods store in Charleston for land in Savannah.b.lnvestment land in Virginia Beach for office building in Williamsburg.c.Used automobile used in a business for a new automobile to be used in the business.d.Investment land in Paris for investment land in San Francisco.e.Shares of Texaco stock for shares of Exxon Mobil stock.

M 1 Mindy is single with AGI of $250,000. Mindy made the following payments in 2020: 2 Medical expenses 5,000 3 State income tax withholdings 7,500 4 State sales tax payments 1,500 5 Real estate taxes 6,000 6 Interest on qualified home mortgage 12,000 7 Charitable contribution XYZ Corporation stock 8 Mindy purchased her home in 2020 and the original mortgage on the home has a principal balance of $800,000. 9 Mindy purchased XYZ stock for $2,000 in 2017 and the stock had a fair market value of $3,000 when she made the donation to a public charity in 2020. 10 Calculate the amount of Mindy's2020 itemized deductions. 8 points 11 A calculations must be shown

• Matthew is a 6th grade teacher at a public school. Matthew and Rebecca are married and choose to file Married Filing Jointly on their 2023 tax return. Matthew worked a total of 1,500 hours in 2023. During the school year, he spent $733 on unreimbursed classroom expenses. • Rebecca retired in 2020 and began receiving her pension on November 1st of that year. She explains that this is a joint and survivor annuity. She has already recovered $1, 259 of the cost of the plan. Matthew settled with his credit card company on an outstanding bill and brought the Form 1099 - C to the site. They aren't sure how it will impact their tax return for tax year 2023. The Monroes determined that they were solvent as of the date of the canceled debt. • Rebecca received $200 from Jury duty. Their daughter, Safari, is in her second year of college pursuing a bachelor's degree in Biochemistry at a qualified educational institution. She received a scholarship and the terms require that it be used to pay…

Robert and Mary file a joint tax return for 2020 with adjusted gross income of $34,000. Robert and Mary earned income of $20,000 and $14,000, respectively, during 2020. In order for Mary to be gainfully employed, they pay the following child care expenses for their 4-year-old son, John: Union Day Care Center for John $1,700 Wilma (Robert's mother) for babysitting John $1,000 What is the amount of the child and dependent care credit they should report on their tax return for 2020 (assume no tax liability limitation)? a.$675 b.$459 c.$729 d.$270 e.None of these choices are correct.

Wang is a 43 - year old computer programmer who earns an annual salary of $80,000. His employer provides group - term life insurance coverage at twice the annual salary for all employees. The annual amount of income for each $1,000 of taxable insurance coverage for an individual 43 years old is $1.20. How much gross income must Wang report for this benefit? Group of answer choices $0 $132 $192 $96

Jenny, single, age 42, earns $50,000 working in 2022. She has no other income. Her medical expenses for the year total $5,000. During the year, she suffered a nonbusiness casualty loss of $7,500 when her apartment is damaged by flood waters (part of a Federally declared disaster area). Jenny contributed $10,000 to her church. She is trying to decide whether to contribute $1,000 to a traditional IRA. Fill in the table below to see if the IRA contribution reduces taxable income. Don't forget to apply the floors to the medical expenses. The deductible casualty loss has been calculated for you. We will look at personal (nonbusiness) casualty losses in another chapter; note that the nonbusiness casualty loss calculation involves 2 floors. 1. Complete the table to show the effect the IRA contribution would have on Jenny's itemized deductions. Without IRA Contribution Gross Income Contribution to IRA AGI Itemized Deductions Charitable contribution Medical expense deduction Casualty loss…

Mike is single, age 67, and has gross income of $150,000. His expenses are as follows: Alimony paid (divorce finalized in 2017) $15,000 Charitable Contributions $3,000 • Contribution to Traditional IRA $6,000 • Loss on rental property $7,500 • Interest on home mortgage and property taxes paid on personal residence $7,200 • State income tax $2,200 What is Mike's taxable income?

Rory is 64 years old and despite being retired from his occupation as an attorney, earned $27,500 in 2023 while working as a golf instructor at a local golf course. Rory's monthly retirement benefit from Social Security is normally $1,700, which totals $20,400 for the entire year. Because Rory exceeded the retirement earnings limitation, how much money will be reduced from Rory's Social Security retirement benefit for 2023? 1) $2,020 2) $3,130 3) $4,270 4) $6,260

ces Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $580 545 Advertising expense Mortgage interest Property taxes 4,550 960 Repairs & maintenance Utilities 1,160 Depreciation 720 9,700 During the year, Tamar rented out the condo for 81 days, receiving $23,500 of gross income. She personally used the condo for 57 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes deductions before considering deductions…