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SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 5CE

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Question

George and Wanda file married joint and receive $30,800 of dividend income from stocks owned by George.
George and Wanda file married joint and receive $15,400 of dividend income from stocks owned by George.

George and Wanda received $27,700 of Social Security benefits this year ($10,300 for George; $17,400 for Wanda). They also received
$4,450 of interest from jointly owned City of Ranburne Bonds and dividend income.
What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent
situations?

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Arthur and Cora are married and have 2 dependent children. They have a gross income of 95,000. Their allowable deductions for adjusted gross income total 4,000, and they have total allowable itemized deductions of 26,250. a. What is Arthur and Coras taxable income? b. What is Arthur and Coras income tax? c. If Arthur has 3,900 and Cora has 3,600 withheld from their paychecks, are they entitled to a refund, or do they owe additional taxes?
Sammy and Monica, both age 67, incur and pay medical expenses in excess of insurance reimbursements during the year as follows. Sammy and Monicas 2019 AGI is 130,000. They file a joint return. Chuck and Carter are Sammy and Monicas dependents. a. What is Sammy and Monicas medical expense deduction for regular income-tax purposes? b. What is Sammy and Monica's AMT adjustment for medical expenses?
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80,300. They have excess depreciation on real estate of $67,500, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,000, and they made charitable contributions of $7,500. If Otto and Monica's taxable income for the current year is $47,800 determine the amount of their AMTI. _______________________________________________________________________
George and Wanda received $29,100 of Social Security benefits this year ($11,000 for George, $18.300 for Wanda). They also received $4,800 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. George and Wanda file married joint and receive $8,750 of dividend income from stocks owned by George b. George and Wanda file married separate and receive $8,750 of dividend income from stocks owned by George c. George and Wands file married joint and receive $32.200 of dividend income from stocks owned by George d. George and Wanda file married joint and receive $16,100,of dividend income from stocks owned by George Complete this question by entering your answers in the…
! Required information [The following information applies to the questions displayed below.] George and Wanda received $28,100 of Social Security benefits this year ($10,500 for George; $17,600 for Wanda). They also received $4,550 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. d. George and Wanda file married joint and receive $15,600 of dividend income from stocks owned by George. Amount to be included in gross income $ 20,150

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