words m Larry Johnson, 45 and single, has the following income and deductions in 2022. He...

 

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words m Larry Johnson, 45 and single, has the following income and deductions in 2022. He is provided health insurance by his employer. Using the tax rate schedules rather than the tax tables, compute Larry's tax owed or refund due for 2022. Salary Interest income Qualified dividends Medical expenses Medical insurance reimbursements Property taxes on personal residence Interest on home mortgage State and local income taxes State and local sales taxes Investment interest expense $50,000 3,200 800 12,150 4,650 6,300 7,600 5,800 2,000 5,000 In addition, Larry's car (value = $15,000, cost = $20,000) was stolen during the year, and the insurance reimbursement was only $7,000. He also had $2,000 of travel expenses related to his job that were not reimbursed and $3,000 of federal income tax withheld from his salary. He elects to treat his dividends as net investment income, so they are not subject to the special long-term capital gains tax rates. words m Larry Johnson, 45 and single, has the following income and deductions in 2022. He is provided health insurance by his employer. Using the tax rate schedules rather than the tax tables, compute Larry's tax owed or refund due for 2022. Salary Interest income Qualified dividends Medical expenses Medical insurance reimbursements Property taxes on personal residence Interest on home mortgage State and local income taxes State and local sales taxes Investment interest expense $50,000 3,200 800 12,150 4,650 6,300 7,600 5,800 2,000 5,000 In addition, Larry's car (value = $15,000, cost = $20,000) was stolen during the year, and the insurance reimbursement was only $7,000. He also had $2,000 of travel expenses related to his job that were not reimbursed and $3,000 of federal income tax withheld from his salary. He elects to treat his dividends as net investment income, so they are not subject to the special long-term capital gains tax rates.

Answer rating: 100% (QA)

To compute Larrys tax owed or refund due for 2022 we need to calculate his total income deductions a... View the full answer