Gary earned $97,000 as an executive. Gary, who is single, supported his half sister, who lives in
Question:
Gary earned $97,000 as an executive. Gary, who is single, supported his half sister, who lives in a nursing home. Gary received the following interest: $400 on City of Los Angeles bonds, $200 on a money market account, and $2,100 on a loan made to his brother.
Gary spent one week serving on a jury and received $50.
Gary received a refund of federal income taxes withheld during the prior year of $1,200 and a state income tax refund of $140. Gary had itemized deductions last year of $18,000 which included $1,000 of state income taxes.
Gary received qualified dividends from Ace Corporation of $1,000 and from Tray Corporation of $1,400. Gary's itemized deductions equal $19,000, and withholding for federal income taxes is $14,000. Compute Gary's tax due or refund due.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Federal Taxation 2019 Individuals
ISBN: 9780134739670
32nd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson