Gross receipts from a small consulting business. Business expenses related to the consulting business. Inheritance from...
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Gross receipts from a small consulting business. Business expenses related to the consulting business. Inheritance from the Taxpayer's aunt who dies in March of this year. State tax refund received IN this year FOR the prior year. The taxpayer used the standard deduction in the prior year. The taxpayer gave his/her nephew a gift of $12,000 dollar during the year. Scenario #1: Wages Interest on corporate bonds Municial bond interest from the taxpayer's state of residence Qualified dividends from a US corporation Gross rental income from a residential rental property. Rental expenses, except depreciation The rental property was placed in service in May of 2019. The taxpayer's basis in the improvements to the property was $790,000 in May of 2019. For each of the scenarios below, please calculate the taxpayer's taxable income. Scenario #12 Distribution from a Sec. 529 Plan. All amounts withdrawn were used for tuition. Wages from a summer job. Federal income tax withholding State Income Tax Return $300,000 $5,542 $215,000 $367 $3,105 $12,000 $1,159 $2,486 $24,000 $11,000 $1,618 17000 1655 320 166 Gross receipts from a small consulting business. Business expenses related to the consulting business. Inheritance from the Taxpayer's aunt who dies in March of this year. State tax refund received IN this year FOR the prior year. The taxpayer used the standard deduction in the prior year. The taxpayer gave his/her nephew a gift of $12,000 dollar during the year. Scenario #1: Wages Interest on corporate bonds Municial bond interest from the taxpayer's state of residence Qualified dividends from a US corporation Gross rental income from a residential rental property. Rental expenses, except depreciation The rental property was placed in service in May of 2019. The taxpayer's basis in the improvements to the property was $790,000 in May of 2019. For each of the scenarios below, please calculate the taxpayer's taxable income. Scenario #12 Distribution from a Sec. 529 Plan. All amounts withdrawn were used for tuition. Wages from a summer job. Federal income tax withholding State Income Tax Return $300,000 $5,542 $215,000 $367 $3,105 $12,000 $1,159 $2,486 $24,000 $11,000 $1,618 17000 1655 320 166
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Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
Posted Date:
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