Gall is unmarried, age 47, and maintains the home where her 15-year-old qualifying child son, Oscar...
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Gall is unmarried, age 47, and maintains the home where her 15-year-old qualifying child son, Oscar live. Assume any preferential tax rate 15%. Gail has the following tax information for 2020: Business income from sole proprietorship (assume self-employment tax -$11.000) - S65,000 Other taxable income $20,000 Estimated tax payments- $14,000 Itemized deductions $15,000 Assume recovery rebate credit = $3,000 and that she received advanced amounts $2,700. Compute AGI. taxable income. tax liability, and refund or amount due. Show your work!! Gall is unmarried, age 47, and maintains the home where her 15-year-old qualifying child son, Oscar live. Assume any preferential tax rate 15%. Gail has the following tax information for 2020: Business income from sole proprietorship (assume self-employment tax -$11.000) - S65,000 Other taxable income $20,000 Estimated tax payments- $14,000 Itemized deductions $15,000 Assume recovery rebate credit = $3,000 and that she received advanced amounts $2,700. Compute AGI. taxable income. tax liability, and refund or amount due. Show your work!!
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Gail is living with her son and maintaining a home so her filing status is Head of Household for whi... 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:
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