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- Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction The taxpayers are married, filing jointly, earned wages of $56,600 and $49,300, and received $3100 in taxable income from investments. They contributed a total of $8500 to tax-deferred retirement plans. The interest on their home mortgage was $3885, they contributed $540 to charity, and they paid $2975 in state taxes Click the icon to view the 2021 marginal tax rates and standard deductions The gross income is $ (Simplify your answer.)Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "$0".a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.The following information relates to Stewart, a single taxpayer, age 18: (Click the icon to view the information.) (Click the icon to view the standard deduction amounts.) Read the requirements. Requirement a. Compute Stewart's taxable income assuming he is self-supporting. (Complete all input fields. For amounts of zero or less, enter "0" in the appropriate cell.) Adjusted gross income Taxable income
- Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance $ 2, 050 Mortgage interest 7, 450 Property taxes 4, 200 Repairs & maintenance 650 Utilities 4, 650 Depreciation 23, 700 During the year, Alexa rented out the condo for 137 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47, 750 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $ 10,000 by more than the real property taxes allocated to rental use of the home. Answer theAn investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $241,050. What is her taxable income? a. $12,400 b. $253,450 c. $228,650 d. $216,250 e. $241,050
- Does anyone know which tax form she should use to claim her deduction of 2,500? Is it Schedule C?Determine the taxable amount of Social Security benefits for the following situations. If an amount is zero, enter "0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $46,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.Assume Erwin and Eleanor have adjusted gross income of $119,500, no tax-exempt interest, and $17,925 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.
- Determine the amount of the standard deduction allowed for 2021 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. Amount of theStandard Deductiona. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,600 from repairing cars. $fill in the blank 1b. Mattie, age 18, has income as follows: $600 cash dividends from investing in stock and $4,700 from working as a lifeguard at a local pool. $fill in the blank 2c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $800 for painting a neighbor's fence. $fill in the blank 3d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets. $fill in the blank 4e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting.Determine the taxable amount of social security benefits for the following situations. a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $39,200, no tax-exempt interest, and $13,720 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $19,800, no tax-exempt interest, and $21,780 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $116,500, no tax-exempt interest, and $17,475 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.Which expenses are deductible FOR AGI? Select one: a. Loss on a sale of a personal residence and the standard deduction b. Alimony paid by payor for divorce in 2018 and student loan interest c. Deductions on a sole proprietorship and deductible part of the self-employment tax d. Property taxes on personal residence and student loan interest expense
