Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98,000 and his itemized deductions total $19,000. What taxable income will Ramon show in 2019?
Q: Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and…
A: There is a limit of set off of Long term capital loss during a limit with taxable income.
Q: Sonny receives wages of $47,900 and $10,000 of unemployment in 2021
A: As per Income tax act 1961 (indian no any other deatial given for other country tax that why)
Q: Andrea has a taxable income of $46,760 and does not have a spouse. What is Andrea's gross tax…
A: Gross tax refers to the amount which is determined grounded on the aggregate amount of money the…
Q: Requirement What is David's AMT liability for 2019? Begin by computing David's alternative…
A: Solution- Calculation of David Amt Liability for 2019…
Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…
A: Given : Mary's age 70 and head of household (unmarried) Income = $37,000 Exclusions = $500…
Q: Keith is single with taxable income of $90,000. Use the 2021 tax rate schedule to calculate Keith's…
A: Lets understand the basics. As per IRS, there are seven brackets for the calculation of taxes which…
Q: B Corporation, a calendar year-end, accrual basis taxpayer, is owned 75 percent by Bonnie, a cash…
A: Solution:- Basic information as follows:- B Corporation, a calendar year-end, accrual basis…
Q: ulie, a single taxpayer has completed her 2020 Schedule C and her net loss is 40,00
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Julie, a self-employed individual, is required to make estimated payments of her tax liability for…
A: Estimated Tax: Estimated tax is a prepayment of projected taxes based on the amount of revenue…
Q: Diego, age 88, married Dolores, age 60, in 2020. Their salaries for the year amounted to $47,230 and…
A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: What is Mohamed's taxable income for 2019, note that the personal allowance is £10,600,
A: The final amount of income over which the tax rate is charged for the tax liability is known as…
Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of…
A: Tax: A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…
Q: . Taxpayer, age 16, is claimed as a dependent by his mother. In 2019, he has dividend income of…
A: Taxable income is computed after deducting all the standard or itemized deductions for which the…
Q: Denise's child tax credit for 2019 is
A: Tax credit is defined as the reduction in the tax liability of the taxpayer. It is known as tax…
Q: Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019…
A: In case of married filing jointly and under 50 years of age, contribution limit to IRA is $6,000 in…
Q: Jacob is single with no dependents. During 2020, he has $51,000 of taxable income. He also has…
A: Alternate minimum tax: Alternate minimum tax can be defined as the minimum amount of tax or the…
Q: Determine the amount of taxable income of Aaron Rentz in 2020, who is single and has $900 of wages…
A: In the context of the given question, we are required to find out the correct option from the…
Q: In 2018, a single taxpayer has a QBI of $120,000 and a modified taxable income of $74,000 (this…
A: Income tax: Income tax iS the tax that a person iS liable to pay on the income generated during the…
Q: In 2021, Jasmine and Thomas, a married couple, had taxable would have reported taxable income of…
A: In this question, we have to compute the tax.
Q: Assuming they all meet the income requirements, which of the following taxpayers qualify for the…
A: The earned-income credit (EIC) is a refundable tax credit that is intended to augment low-income…
Q: In 2021, Sonny earns $47,900 and is unemployed for $10,000. What is Sonny's taxable income if he…
A: As per Income tax act 1961 (endian no any other detail given for other country tax that why)
Q: Henry files as a single taxpayer. In 2020 his taxable income was $95,525. Using the tax rate…
A: Income tax is a financial charge imposed by a country’s revenue department for funding the security,…
Q: 18. .n 2020, Meghann Carlson, a single taxpayer, has QBI of $120,800 and modified taxable income of…
A: Federal income taxes are imposed in USA. The income tax is determined by applying tax rate which…
Q: Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a…
A: Martin is the head of household, hence standard deduction will be $18,350 for 2019.
Q: Brooklyn files as a head of household for 2021. She claimed the standard deduction of $18,800 for…
A: Brooklyn’s AMTI = $ 74,950
Q: is she required to file a tax return
A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.
Q: Henrich is a single taxpayer. In 2019, his taxable income is $456,500. What is his income tax and…
A: Income Taxes are compulsory amount payable by the taxable person on the account of ordinary income…
Q: Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother…
A: The question is related to taxation. The credit amount is up to $3,600 (previously it was $2000)…
Q: Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted…
A: Taxable income: Taxable income refers to the gross income less any allowable deductions of a…
Q: In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income.…
A: The profitability of the company can be arrived from the income statement prepared by the management…
Q: Susanna is single with taxable income in 2019 of $188,225 of which $130,000 is attributable to her…
A: The qualified business income deduction (QBI) seems to be a tax cut that allows qualifying…
Q: Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is $40,000. Her only…
A: Formulas: Business loss = Wages - Net loss
Q: Compute the taxable income for 2020 under each of the following circumstances: Jim is married but…
A: The taxpayer is married but filing separately. Adjusted gross income of the taxpayer is $65,000 and…
Q: Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and…
A: Taxable income: It is the amount of income on which the tax liability of individual and corporation…
Q: In 2019, Michael has net short-term capital losses of $1,500, a net long-tern capital loss of…
A: As per IRS, "If a taxpayer’s net capital losses are more than their net capital gains, they can…
Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…
A: A tax is a compulsory contribution or financial charge that is levied by the government on the…
Q: Sally and Jim are married and have taxable income in 2019 of $700,000. If they could file their…
A: You have the option to file either as single individual Filers or as married couples. So marriage…
Q: Nelta is a single taxpayer who qualifies for the earned income credit. She has two qualifying…
A: Earned income credit: The earned income credit is a refundable tax credit for working couples and…
Q: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in…
A: Adjusted Gross income: It is measure that is used in determining the income from the gross…
Q: In 2021, Meghann, a single taxpayer, has QBI of $138,400 and modified taxable income of $96,880…
A: The qualified business income deduction allows the taxpayer to deduct up to 20 percent of their…
Q: Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2019 for $190,000.…
A: Capital gain: When the taxpayer earned income from the transfer of assets than its chargeable under…
Q: In January of 2020, Joseph converted a building from a personal use asset to a business use asset.…
A: As per the rules of IRS, if an individual covert their personal use asset to a business use asset,…
Q: Britta incurred the following capital gains and losses in 2019: Short-term capital…
A: Calculate the net gain or loss Britta must recognize in 2019:
Q: Eugene and Velma are married. For 2020, Eugene earned $25,000 and Velma earned $30,000. They have…
A: For the purpose of calculation of tax liability, itemized deductions are those deductions that can…
Q: William is not married, nor does he have any dependents. He does not itemize deductions. His taxable…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…
A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…
Q: Paulina Morales, a single taxpayer, had wage income of $68,950 in 2019. Her only other income was…
A: Given that, Paulina Morales is as single tax payer wage income = $68950 Her only other income =…
Q: Sheila and Joe Wells are married with no dependent children. During 2021, they have gross income of…
A: This question deals with the calculation of tax refund for year 2021. As per US tax code, First we…
Q: Ms Rivera with four qualified dependent children had a net taxable compensation income of P 450,000…
A: Tax is a tax that individuals and businesses must pay to the government in order for the government…
Q: William is not married, nor does he have any dependents. He does not itemize deductions. His taxable…
A: Income Tax: Income tax is a tax paid by the individual depending on earnings or gains of the…
Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98,000 and his itemized deductions total $19,000. What taxable income will Ramon show in 2019?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
- In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2019? $26,000 $27,000 $29,000 $32,000Arlen is required by his 2019 divorce agreement to pay alimony of $2,000 a month and child support of $ 2,000 a month to his ex-wife Jane. What is the tax treatment of these two payments for Arlen? What is the tax treatment of these two payments for Jane? Arlen_______________________________________________________________________________________________________________________________________________ Jane_______________________________________________________________________________________________________________________________________________