Fareh is not married and supports her 12 year old child who lives with her. Fareh...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Fareh is not married and supports her 12 year old child who lives with her. Fareh works as an employee with gross salaries and wages of $122,000. Fareh's only other income was interest of $7,300, qualifying dividends of $3,150, and other information follows: Contribution to solo(k) retirement plan, withheld from the salary Loss on sale of Alphatech stock held 2 years. Mortgage interest on primary residence State and local property tax on residence Property tax included in personal auto registration State sales taxes paid State income taxes paid Charitable contributions of cash Political contributions $ 4,500 -3,700 4,950 3,350 160 370 1,800 1,750 550 All information is for 2020. Calculate Fareh's adjusted gross income, taxable income, and gross tax. Show your work! Fareh is not married and supports her 12 year old child who lives with her. Fareh works as an employee with gross salaries and wages of $122,000. Fareh's only other income was interest of $7,300, qualifying dividends of $3,150, and other information follows: Contribution to solo(k) retirement plan, withheld from the salary Loss on sale of Alphatech stock held 2 years. Mortgage interest on primary residence State and local property tax on residence Property tax included in personal auto registration State sales taxes paid State income taxes paid Charitable contributions of cash Political contributions $ 4,500 -3,700 4,950 3,350 160 370 1,800 1,750 550 All information is for 2020. Calculate Fareh's adjusted gross income, taxable income, and gross tax. Show your work!
Expert Answer:
Answer rating: 100% (QA)
Calculation of Farehs adjusted gross income taxable income and gross tax Computation of Taxable inco... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
Students also viewed these finance questions
-
When a taxpayer works as an employee and as a self-employed independent contractor during the year, how does the taxpayer determine her employment and self-employment taxes payable?
-
Bobbie works as an employee for Altron Corp. for the first half of the year and for Betel Inc. for rest of the year. She is relatively well paid. What FICA tax issues is she likely to encounter? What...
-
What is the coefficient of O2 ? 5 O 10 11 O 4 FeS2 + 02 --> - Fe2O3 + SO2 -
-
According to the 1980 revisions to the Copyright Act of 1976,_____. a. the owner of a copyrighted program is allowed to make multiplecopies or adaptations for use on other computers b. copyright...
-
Consider two lotteries. The outcome of each lottery is the same: 1, 2, 3, 4, 5, or 6. In the first lottery each outcome is equally likely. In the second lottery, there is a 0.40 probability that the...
-
Montgomery College has a 50-piece band and a 36-piece orchestra. If 14 people are members of both the band and the orchestra, can the band and orchestra travel in two 40-passenger buses?
-
You are newly employed by Silver and Gold Ltd to promote their environmental approach to mining for minerals. In their annual report and promotional material, Silver and Gold Ltd states that...
-
Give the Circular 230 position concerning each of the following situations sometimes encountered in the tax profession. a. Taking an aggressive pro-taxpayer position on a tax return. b. Not having a...
-
Write a Go program that processes a list of messages using a concurrent function. A main function passes the list of messages to a go function that encrypts each message and send each resulting...
-
Calls for WI and IL both arrive at the Log call process in two separate streams as follows: WI calls: Arrive in a defined daily pattern of 20 calls per hour during the 8 hour period on Monday between...
-
Do a horizontal analysis of the balance sheet data for Nike, using 2026 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round...
-
You are looking to fill a vacant 1,000 square foot space in one of the buildings you manage. You are considering lease proposals by two potential tenants. All tenant improvements are made in the...
-
CAREER Identify a company or other organization for which you would like to work. Research the organization to find answers to questions such as those listed below. Write a summary of the information...
-
Calculate the end customer price per (11.5-inch) pad based on cost-based pricing i.e., $289.38. To calculate the price per pad, use the Unit Cost data (assuming that the $150K permanent tooling has...
-
What does it mean to be "upper class," "middle class," or "working class" in the United States? What are some terms that you hear in everyday interactions that mark class differences?
-
Respond to at least two of your peers' posts in a substantive manner. Provide information that they may have missed or may not have considered about the 2018 President's Budget. Do you agree with...
-
What role do abstract data types play in facilitating encapsulation and modularization in software engineering, and how do they contribute to the development of robust, scalable systems by promoting...
-
Compare and contrast licensing and subcontracting.
-
Label the blanks in the column heads as either Debit orCredit. CASH PAYMENTS JOURNAL Page Other Accounts Payable Purchases Discounts Ck. Date No. Account Debited Post. Accounts Ref. Cash
-
The journal entries for August, Carleys Car Cares second month of business, have been journalized in the general journal in your Working Papers or in CengageNow. The balances of the accounts as of...
-
On July 1, K. Resser opened Ressers Business Services. Ressers accountant listed the following chart of accounts: Cash Supplies Prepaid Insurance Equipment Furniture and Fixtures Accounts Payable K....
-
The hangers support the joist in such a way that the four nails on each hanger can be assumed to support an equal portion of the load. If the joist is subjected to the loading shown, determine the...
-
The 60 mm x 60 mm oak post is supported on the pine block. If the allowable bearing stresses for these materials are oak = 43 MPa and pine 25 MPa, determine the greatest load P that can be...
-
The hangers support the joist in such a way that the four nails on each hanger can be assumed to support an equal portion of the load. Determine the smallest diameter of the nails at A and B to the...
Study smarter with the SolutionInn App