Clarabelle Cow uses the filing status of head of household. She has two dependent children (both...
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Clarabelle Cow uses the filing status of head of household. She has two dependent children (both under the age of 17) and she retired from the fire department during the year. She had the following items of income and expense for 2020: Salary, prior to retirement Interest income from Bank of Albuquerque Interest income from State of California bonds Pension (use a 42% exclusion ratio) Qualified dividends from AT & T Child support received Income from illegal activities Unemployment compensation Lottery winnings! Long-term capital loss Personal loan from his parents Itemized deductions 83,000 7,100 6,800 12,000 4,125 7,000 850 1,940 2,200 (4,100) 9,050 17,875 a. What is Clarabelle's Adjusted Gross Income for 2020? b. What is Clarabelle's tax liability for 2020? Clarabelle Cow uses the filing status of head of household. She has two dependent children (both under the age of 17) and she retired from the fire department during the year. She had the following items of income and expense for 2020: Salary, prior to retirement Interest income from Bank of Albuquerque Interest income from State of California bonds Pension (use a 42% exclusion ratio) Qualified dividends from AT & T Child support received Income from illegal activities Unemployment compensation Lottery winnings! Long-term capital loss Personal loan from his parents Itemized deductions 83,000 7,100 6,800 12,000 4,125 7,000 850 1,940 2,200 (4,100) 9,050 17,875 a. What is Clarabelle's Adjusted Gross Income for 2020? b. What is Clarabelle's tax liability for 2020?
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1 Clarabelle Cow Adjusted Gross Income a Salaryprior to retirement 83000 b Intere... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
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