Joan, age 43, is divorced and maintains a household that is the residence of her two...
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Joan, age 43, is divorced and maintains a household that is the residence of her two children, Alice, age 13, and Brad, age 15. Joan and her ex-husband have agreed that he will be allowed to take Brad as a dependent on his tax return. She had the following items in 2022 (the following table can be cut & pasted into Excel, if that helps): Joan's salary Bonus paid to Joan by her employer Interest income from Jackson County bonds Interest income from a savings bank Inheritance from her grandmother Life insurance proceeds received as the beneficiary upon the death of her Grandmother Gift from parents $120,000 Charitable contributions paid 12,000 Interest paid on home mortgage 600 2,600 70,000 50,000 State and local income taxes withheld from Joan's salary Property taxes on personal residence (real estate. taxes) 20,000 Federal income taxes withheld from Joan's salary Other items to consider are: 1. Joan is a 50% owner (partner) in the XYZ partnership. During 2022, the partnership reported $9,000 of interest income. 2. Joan won a prize in a contest in 2022. She received an all-expenses paid vacation at a resort that had a fair market value of $12,000. $4,300 7,200 6,900 3,800 $24,000 Required Adjusted Gross Income (AGI), Taxable Income, Tax before Tax Credits, and Tax Due (Refund Due). (Show formula and working) Joan, age 43, is divorced and maintains a household that is the residence of her two children, Alice, age 13, and Brad, age 15. Joan and her ex-husband have agreed that he will be allowed to take Brad as a dependent on his tax return. She had the following items in 2022 (the following table can be cut & pasted into Excel, if that helps): Joan's salary Bonus paid to Joan by her employer Interest income from Jackson County bonds Interest income from a savings bank Inheritance from her grandmother Life insurance proceeds received as the beneficiary upon the death of her Grandmother Gift from parents $120,000 Charitable contributions paid 12,000 Interest paid on home mortgage 600 2,600 70,000 50,000 State and local income taxes withheld from Joan's salary Property taxes on personal residence (real estate. taxes) 20,000 Federal income taxes withheld from Joan's salary Other items to consider are: 1. Joan is a 50% owner (partner) in the XYZ partnership. During 2022, the partnership reported $9,000 of interest income. 2. Joan won a prize in a contest in 2022. She received an all-expenses paid vacation at a resort that had a fair market value of $12,000. $4,300 7,200 6,900 3,800 $24,000 Required Adjusted Gross Income (AGI), Taxable Income, Tax before Tax Credits, and Tax Due (Refund Due). (Show formula and working)
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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