Describe the difference between the standard deduction and itemized deductions. How should a taxpayer decide whether to take the standard deduction or claim itemized deductions? ____________________________________________________________________________________________________________________________________________________________
Answer to relevant QuestionsRachel is single and has wages of $150,000 and dividend income of $90,000. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay. ...Ulysses and Penelope are married and file separate returns for 2014. Penelope itemizes her deductions on her return. Ulysses’ adjusted gross income was $17,400, his itemized deductions were $2,250, and he is entitled to ...Abigail (Abby) Boxer is a single mother working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 Alamo Way, San Antonio, TX 78249. Helen, Abby’s 18-year-old ...John installed a new roof on his friend’s house in return for a used truck worth $8,000. How much income must John report on his tax return for his services? ...Go to the IRS website (www.irs.gov) and print out a copy of Worksheet 1. Recapture of Alimony in the most recent IRS Publication 504, Divorced or Separated Individuals.
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