South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 3, Problem 40P
To determine
Calculate the tax liability of Person M for the year 2018.
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Morgan (age 45) is single and provides more than 50% of the support of Tammy (a family friend), Jen (a niece, age 18), and Jerold (a
nephew, age 18). Both Tammy and Jen live with Morgan, but Jerold (a French citizen) lives in Canada. Morgan earns a salary of $95,000,
contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used for vacations.
She has $8,200 in itemized deductions.
Click here to access the standard deduction table to use if required.
a. Morgan's taxable income is $
71,650 X.
b. Using the Tax Rate Schedules (click here), tax liability for Morgan is $
c. Compute Morgan's dependent tax credit.
$
1,000
10,201 X for 2020.
This question has three parts: a, b & c
Donny and Marie are 38 and 36 respectively. They have two children: Melissa aged eight and Bobby aged six. Donny is employed full-time as an architect and earns $150,000 p.a., whilst Marie works part-time at a local nursery and earns $26,000 p.a. They built their first home valued at $1,100,000. They have a Home Loan of $900,000 at a fixed rate of 2.62%. (Repayment of $3,600 per month).Their only assets, apart from the house and car are Donny’s super of $118,000 and $13,000 in a savings account. They have been contemplating upon upgrading their 5-year-old vehicle (which has been fully settled), to a Sports Utility vehicle. Before doing so they have decided that they need to review their personal insurances.
Required:
a) In relation to personal insurances identify two risks relevant to Donny & Marie in the scenario provided…
Morgan (age 45) is single and provides more than 50% of the sup-port of Tammy (a family friend), Jen (a niece age 18) and Jerold (a nephew age 18). Both Tammy and Jen live with Morgan but Jerold (a french citizen) lives in Canada. Morgan earns a salary of $95,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used for vacations. She has $8,200 in itemized deductions. Using the tax rate schedules, compute Morgan's 2019 tax liability.
Chapter 3 Solutions
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 3 - Prob. 1DQCh. 3 - Which of the following items are inclusions in...Ch. 3 - Which of the following items are exclusions from...Ch. 3 - Prob. 4DQCh. 3 - In choosing between taking the standard deduction...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - During the year, Brandi had the following...Ch. 3 - Prob. 20CECh. 3 - Prob. 21CECh. 3 - Prob. 22CECh. 3 - Prob. 23CECh. 3 - Prob. 24CECh. 3 - Prob. 25CECh. 3 - During the year, Tamara had capital transactions...Ch. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - Analyze each of the characteristics in considering...Ch. 3 - Prob. 32PCh. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39PCh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51CPCh. 3 - Prob. 52CPCh. 3 - Prob. 1RPCh. 3 - Prob. 2RPCh. 3 - Prob. 4RPCh. 3 - Prob. 1CPACh. 3 - Jane is 20 years old and is a sophomore at Lake...Ch. 3 - Prob. 3CPA
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