Bolack is single and earned $140,000 this year as a TV actor. Bojack's friend, Todd, is...
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Bolack is single and earned $140,000 this year as a TV actor. Bojack's friend, Todd, is 24 years old and unemployed. Todd has lived with Balack for the past five years. Bolack pays all of thehousehold expenses as well as Todd's living expenses because Todd has no income. Todd and Bolack are not related. In addition to his salary, Bolackreceived interest of $2,350 from municipal bonds (tax-exempt) and $1,500 from corporate bonds (taxable) He paic alimony of $10,000 to his former spouse (they got divorced in 2016) and contributed $5.500 to a traditional IRA individual retirement account) this year, both of which are deductions for AGI. Bojack also paid $15,000 of expenses that qualify as itemized deductions and had a total of$10,000 in federal incometaxes withheld from his paychecks over the course of the year. Please answer all ofthe cells below that are highlighted in yellow. NOTE you will have to say yes" to recognize an item AND pick an area of the tax return in columns Fand G before an item will appear in the tax return calculation at the bottom of the screen. Recognize on this year's tax return? Where? Bolack's earnings as a TV actor Municipal Bond interest o Corporate Bond interest 1 Alimony Paid 2 Traditional IRA Contribution 3 Itemized Deductions 4 Federal Income Tax Withholding 15 Standard Deduction-Single 16 Standard Deduction-Head of Household 17 140,000.00 Yes 2,350.00 Yes Gross Income Gross income 1,500.00 Yes Gross income 10,000.00 Yes 5,500.00 Yes FOR AGI Deductions FOR AGI Deductions 15,000.00 Yes 10,000.00 Yes Credits EPrepayments %24 12,400.00 No 18,650.00 Yes Other Taxes Bolack is single and earned $140,000 this year as a TV actor. Bojack's friend, Todd, is 24 years old and unemployed. Todd has lived with Balack for the past five years. Bolack pays all of thehousehold expenses as well as Todd's living expenses because Todd has no income. Todd and Bolack are not related. In addition to his salary, Bolackreceived interest of $2,350 from municipal bonds (tax-exempt) and $1,500 from corporate bonds (taxable) He paic alimony of $10,000 to his former spouse (they got divorced in 2016) and contributed $5.500 to a traditional IRA individual retirement account) this year, both of which are deductions for AGI. Bojack also paid $15,000 of expenses that qualify as itemized deductions and had a total of$10,000 in federal incometaxes withheld from his paychecks over the course of the year. Please answer all ofthe cells below that are highlighted in yellow. NOTE you will have to say yes" to recognize an item AND pick an area of the tax return in columns Fand G before an item will appear in the tax return calculation at the bottom of the screen. Recognize on this year's tax return? Where? Bolack's earnings as a TV actor Municipal Bond interest o Corporate Bond interest 1 Alimony Paid 2 Traditional IRA Contribution 3 Itemized Deductions 4 Federal Income Tax Withholding 15 Standard Deduction-Single 16 Standard Deduction-Head of Household 17 140,000.00 Yes 2,350.00 Yes Gross Income Gross income 1,500.00 Yes Gross income 10,000.00 Yes 5,500.00 Yes FOR AGI Deductions FOR AGI Deductions 15,000.00 Yes 10,000.00 Yes Credits EPrepayments %24 12,400.00 No 18,650.00 Yes Other Taxes
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Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
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