homework

a-c

Homework Problem I Dwayne Johnson is single and living alone. He had income and expenditures for the year as follows. $65,000 Salary income (from W-2) Interest income from Bank account Hasieopa County bends 1,200- 3,000 20,000 Inheritance from grandparent Contribution to Roth I.R.A Interest expense on student loan 5,000- 1,500 Potential Itemized Deductions: Interest expense on home mortgage Interest expense on car toan Interest expense on oredit-cards Property taxes paid (car and home) Charitable contributions Pederal income tax withheld 6, 000 ? 1,100 300 2,700- 3,000 10,000 State income tax withheld 2,000- Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded) Homework Problem I Dwayne Johnson is single and living alone. He had income and expenditures for the year as follows. $65,000 Salary income (from W-2) Interest income from Bank account Hasieopa County bends 1,200- 3,000 20,000 Inheritance from grandparent Contribution to Roth I.R.A Interest expense on student loan 5,000- 1,500 Potential Itemized Deductions: Interest expense on home mortgage Interest expense on car toan Interest expense on oredit-cards Property taxes paid (car and home) Charitable contributions Pederal income tax withheld 6, 000 ? 1,100 300 2,700- 3,000 10,000 State income tax withheld 2,000- Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded)