Julie, a single taxpayer, has completed her 2018 Schedule C and her net loss is $40,000. Her

Question:

Julie, a single taxpayer, has completed her 2018 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,000 in 2018.

a. Calculate Julie’s taxable income or loss.

b. Calculate the business and nonbusiness portions of her taxable income or loss. Business $ Nonbusiness $.

c. Determine Julie’s 2018 NOL.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

See More Books

Question Posted: Mar 02, 2019 06:52 AM

See More Questions

Karen, 28 years old and a single taxpayer, has a salary of $29,000 and rental income of $33,000 for the 2014 calendar tax year. Karen is covered by a pension through her employer. a. What is the...
1. The cost of which of the following expenses is not deductible as a medical expense on Schedule A, before the 10 percent of adjusted gross income limitation? a. A psychiatrist b. Birth control...
1. Gina receives a $2,000 distribution from her educational savings account. She uses $1,600 to pay for qualified higher education expenses and $400 on a vacation. Immediately prior to the...
Torres Investments acquired $160,000 of Murphy Corp., 5% bonds at their face amount on October 1, Year 1. The bonds pay interest on October 1 and April 1. On April 1, Year 2, Torres sold $60,000 of...
Coca-Cola and PepsiCo are two of the largest and most successful beverage companies in the world in terms of the products that they sell and their receivables management practices. To evaluate their...
How would you explain the meaning of the sine function to a student who has just completed college algebra?
What two factors make it difficult to achieve that ideal relationship?
Complete Tsate's Form 1040-SR, Schedules A, B and D, Form 8949, Form 6252 and Qualified Dividends and Capital Gain Tax Worksheet. Tsate Kongia (birthdate 02/14/1954) is an unmarried high school...
ABC Insurance Company is a leading provider of property and casualty insurance. They are facing significant challenges in managing their risk exposures, particularly in relation to natural disasters...
Jennifer Nantale is a new staff auditor on the audit engagement of Greenville Light & Sound, which is a publicly traded company with a calendar year end. The engagement team has completed its review...
Sanjay is a single taxpayer that operates a curry cart on the streets of Baltimore. The business is operated as a sole proprietorship with no employees (Sanjay does everything). Sanjays Schedule C...
Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017. He also generates a net operating loss of $6,000 in 2018. Finally, in 2019, Tylers business turns a corner and he...
What is the Sharpe approach to measuring portfolio risk? If a portfolio has a higher Sharpe measure than the market in general under the Sharpe approach, what is the implication?
Cat's Eye, Inc. owes Brusters, Inc. $45,000 on a note payable, plus $3,250 interest. Bruster's agrees to accept 1,000 shares of Cat's Eye common stock in full settlement of the debt. The stock has a...
You are looking at an investment that will pay $1200 in 5 years if you invest $1000 today. What is the rate of interest?
What were the distinctive non-verbal communication attributes demonstrated by Steve Jobs, and how were these traits strategically leveraged during his engagements in meetings and presentations?
The need to procure machines is by renting machines through an operating lease system at a cost of Rp. 1,000,000,000/ year or through a finance lease system at a cost of IDR 1,500,000,000/ year. what...
As you requested, I examined the entire workflow for the order from Bob's Construction, Inc., dated February 1, 20X6. I was able to locate all of the available relevant documents that were in the...
Your Environment Ltd. manufactures household cleaning supplies. The shareholders' equity accounts of Your Environment Ltd., with balances on January 1, 2015, are as follows: Common shares (1,000,000...
For a nonzero constant a, find the intercepts of the graph of (x 2 + y 2 ) 2 = a 2 (x 2 - y 2 ). Then test for symmetry with respect to the x-axis, the y-axis, and the origin.
Shannon has a long-term capital loss of $7,000 on the sale of bonds in 2016 and no other capital gains or losses. Her taxable income without this transaction is $51,000. What is her taxable income...
The top tax rate for long-term capital gains is ___ percent, and the net investment income Medicare surtax for high-income taxpayers is ___ percent, for a maximum long-term capital gain tax rate of...
What is the formula for computing taxable income as summarized in the textbook?
2. Find the expected return and standard deviation of a portfolio which holds $300 in asset A and $700 in asset B. There is a correlation of -0.6 between asset A and B. + Expected Asset Expected...
(f) A feed stream of powder containing lactose filler and salicylic acid (API) in the required ratio will be sent to a granulator. A common liquid binder, povidone, will be added to the mixture via...
1. The following forecasts are available for the state of the economy and for two securities: State of the Economy Severe Recession Recession Normal Growth Boom Probability of State 25.00% 25.00%...

Julie, a single taxpayer, has completed her 2018 Schedule C and her net loss is $40,000. Her

Question:

Step by Step Answer:

a 22000 loss 30000 4...View the full answer

Income Tax Fundamentals 2019

Students also viewed these Business questions