Compute the taxable income for 2022 for Emily on the basis of the following information. Her filing status is single. Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received (divorce occurred in 2014) 6,000 Contribution to traditional IRA 6,000 Gift from parents 25,000
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- Elaine Case (single with no dependents) has the following transactions in 2019: What is Elaines net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaines income from other sources puts her in the 37% bracket. Elaines address is 300 Ireland Avenue, Shepherdstown, WV 25443.Compute the taxable income for 2019 for Emily on the basis of the following information. Her filing status is single Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received 6,000 Contribution to traditional IRA 5,500 Gift from parents 25,000 short term capital gain from stock investment 2,000 Amount lost in football office betting pool 500 Age 40The following information applies to Emily for 2023. Her filing status is single. Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received (divorce occurred in 2014) 6,000 Contribution to traditional IRA 6,500 Gift from parents 25,000 Short-term capital gain from stock investment 2,500 Amount lost in football office pool (gambling loss) 500 Age 40 Emily's taxable income in 2023 is how much?
- In 2022, Wilbur had the following transactions: Alimony paid (settled in 2017) Commissions earned as a salesperson Capital loss on stock investment Gifts received from mother Wilbur's AGI for 2022 is: 1. $43,400 2. $45,400 3. $49,400 4. $51,400 5. None of the above $3,600 $54,000 $1,000 $6,0001. Which of the following is generally excluded from gross income? a.Dividends b.Rewards c.Partnership income d.Life insurance proceeds paid to the beneficiary e.None of these choices are correct. 2. Sam died on January 15, 2013 and left his wife, Terry, an insurance policy with a face value of $100,000. Terry elected to receive the proceeds over a 10-year period ($10,000 plus interest each year). This year Terry receives $11,500 ($10,000 proceeds plus $1,500 interest) from the insurance company. How much income must Terry report from this payment? a.$1,500 b.$11,500 c.$0 d.$500 e.None of these choices are correct. 3. Marie had a good year. She received the following prizes and awards: - an iPad from The Famous Daytime Talk Show with a fair market value of $500- lottery winnings of $1,000 received in cash- a plaque worth $25 plus $100 of Godiva chocolate in recognition for 100 days on the job without an accident- a $10,000 cash prize from American IdolHow much of her prizes…The Tax Formula for Individuals, A Brief Overview of Capital Gains and Losses (LO 1.3, 1.9) In 2020, Manon earns wages of $54,000. She also has dividend income of $2,800. Manon is single and has no dependents. During the year, Manon sold silver coins held as an investment for a $7,000 loss. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 Calculate the following amounts for Manon: a. Adjusted gross income $fill in the blank b. Standard deduction $fill in the blank c. Taxable income $fill in the blank
- Compute the taxable income for 2021 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2019. Salary $80,000 Interest on bonds issued by City of Boston 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid upon death of aunt (Aiden was the designated beneficiary of the policy) 200,000 Inheritance received upon death of aunt 100,000 Jackson (a cousin) repaid a loan Aiden made to him in 2015 (no interest was provided for) 5,000 Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and 9,700 charitable contributions) Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) Age 43 Click here to access the standard deduction table to use, if required. a. Indicate whether the items are taxable or not taxable to Aiden. Cash dividend received on Chevron common stock Salary Taxable Interest on…During 2023, Anmol Frank had the following transactions: Alimony received (divorce occured in 2017) Interest income on IBM bonds She borrowed money to buy a new car Value of BMW received as a gift from aunt Federal income tax withholding payments The taxpayer's AGI is: a. $74,000. b. $76,000. c. $79,000. d.) $81,000. e. $90,000.Discussion question 1. Aiden is married and has salary income of $80,000 and total itemized deductions is $30,000. During the year, he sold two investments resulting in a $5,000 long-term capital gain and a $15,000 short-term capital loss. He calculated his AGI to be $70,000 (80,000 -10,000) and his taxable income to be $40,000 (70,000-30,000). Based on the tax formula and the net capital loss rules, comment on whether or not the adjusted gross income and taxable income are correct. Explain and provide support for your position.
- Earned and Unearned Income, Transfers from Others (LO. 3) Elwood is retired. During 2020, he receives $11,000 in Social Security benefits. In addition, he receives $5,800 in cash dividends on stocks that he owns and $8,000 in interest on tax-exempt bonds. Assuming that Elwood is single, what is his gross income if a. He recelves no other ingome?S 5,800 b. He also recelves $10,900 in unemployment compensation?S 5,450 X c. He selis some land for $79,600 and he paid $44,300 for the land? s Fendacx Check yWun Under the capital recovery concept, It could be said that half of each payment received from Social Security represents a return of the taxpayer's investment and is therefore excluded, much like annuities. But for lower-income taxpayers, a lesser of formula is applied to determine the amount to Include in gross income. (Previous Next Check My WorkMr. X, single, died in Year 2020 leaving the following properties: Family house and lot Car Cash in Bank Compute the Net Estate of Mr. X. Compute the Estate Tax Payable. N.B. - Show solution/s in good form. P9,000,000 2,000,000 5,000,0001.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.