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Homework Problem II Ryan Reynolds is a single parent living with his three daughters. His twin daughters are 14 years old and a 19 nds Gcc. He had income and expenditures for the year as follows. Salary Prizes won on the Price is Right Interest income from: $85,000 3,000 Bank account City of Glendale bonds Illegal income Inheritance received Gift from parent 1,000 4,000 5,000 50,000 10,000 Potential Itemized Deductions: Diamondbacks season tickets Food Interest expense on car loan Interest expense on home mortgage Property taxes paid (car and home) Charitable contributions Federal income tax withheld State income tax withheld Tuition and books for GCC 4, 400 5,000 1,100 9,000 5,000 4,000 6,000 2,000 3,600 Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded) Note: It is not acceptable to submit this page as homework. Prepare answer, in good form, on a separate sheet. ACC 111 Income Taxes -Page 14 Homework Problem II Ryan Reynolds is a single parent living with his three daughters. His twin daughters are 14 years old and a 19 nds Gcc. He had income and expenditures for the year as follows. Salary Prizes won on the Price is Right Interest income from: $85,000 3,000 Bank account City of Glendale bonds Illegal income Inheritance received Gift from parent 1,000 4,000 5,000 50,000 10,000 Potential Itemized Deductions: Diamondbacks season tickets Food Interest expense on car loan Interest expense on home mortgage Property taxes paid (car and home) Charitable contributions Federal income tax withheld State income tax withheld Tuition and books for GCC 4, 400 5,000 1,100 9,000 5,000 4,000 6,000 2,000 3,600 Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded) Note: It is not acceptable to submit this page as homework. Prepare answer, in good form, on a separate sheet. ACC 111 Income Taxes -Page 14