Analyze this case and: Examine the case below and do the following: 1.Indicates the income items that
Question:
Analyze this case and:
Examine the case below and do the following:
1.Indicates the income items that are part of the gross income.
2.Indicates the salary exclusions.
3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.
4.Calculate adjusted gross income.
5.Indicates the status that the taxpayer must file.
6.Fill out Form 1040.
Case 1
José Pérez is an administrator of a private company, where his salary for this taxable year was $70,000. He received $15,000 in dividends from a corporation in which he invested and a $50,000 inheritance. In addition, he received $10,000 in interest from a cooperative of which he is a member. José is married to Rafaela Morales, who is disabled and receives $20,000 in social security.
The taxpayer, credits and deductions
Introduction
We must analyze the responsibility of the taxpayer to report all the income generated, without distinction of origin. Discuss the most common elements, which include the credits and deductions allowed in the Federal Internal Revenue Code of the EE.UU.. Determine the individual income subject to the payment of taxes and, through this process, we will be able to calculate the adjusted gross income after discounting the deductions and exclusions allowed, as well as calculate the net income subject to taxes.
Analyze this case and:
Examine the case below and do the following:
1.Indicates the income items that are part of the gross income.
2.Indicates the salary exclusions.
3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.
4.Calculate adjusted gross income.
5.Indicates the status that the taxpayer must file.
6.Fill out Form 1040.
Case 1
José Pérez is an administrator of a private company, where his salary for this taxable year was $70,000. He received $15,000 in dividends from a corporation in which he invested and a $50,000 inheritance. In addition, he received $10,000 in interest from a cooperative of which he is a member. José is married to Rafaela Morales, who is disabled and receives $20,000 in social security.
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick