Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $6,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500. Using the Tax Rate Schedules, compute the 2014 tax liability for Charlotte.
Answer to relevant QuestionsMorgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live with Morgan, but Jerold (a French citizen) ...Paige, age 17, is claimed as a dependent on her parents' 2014 return, on which they report taxable income of $120,000 (no qualified dividends or capital gains). Paige earned $3,900 pet sitting and $4,000 in interest on a ...In choosing between the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. ...Helen borrowed $150,000 to acquire a parcel of land to be held for investment purposes. During 2014, she paid interest of $12,000 on the loan. She had AGI of $90,000 for the year. Other items related to Helen's investments ...Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are gainfully employed and during 2014 earn salaries as follows: $16,000 (Jim) and $5,200 (Mary Jean). To care for their ...
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