Question: Javin is 35 years old, files single, and has the following items in 2020: Business Revenue: $120,000 Business Cost of Goods Sold: $60,000 Business Rent

Javin is 35 years old, files single, and has the following

Javin is 35 years old, files single, and has the following items in 2020: Business Revenue: $120,000 Business Cost of Goods Sold: $60,000 Business Rent Expense: $30,000 Contribution to Roth Ira: $5000 Self-Employed Health Insurance: $15,000 Total Self-Employment tax on business income: $7500 Interest Income: $15,000 Qualified Dividends: $5000 Medical Expenses: $5000 Property Taxes: $8000 Charitable Contributions: $500 3 Part question. Please label your answers clearly. A. What is Javin's 2020 Gross income? B. What is Javin's 2020 AGI? C. What is Javin's 2020 Taxable income

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Again referring to Exercise 9.1 in Chapter 9, how does what you know about regression contribute to your understanding of infant health in developing countries?

Q:

Javin is 35 years old, files single, and has the following items in 2020: Business Revenue: $120,000 Business Cost of Goods Sold: $60,000 Business Rent Expense: $30,000 Contribution to Roth Ira:...

Q:

Javin is 35 years old, files single, and has the following items in 2020: Business Revenue: $120,000 Business Cost of Goods Sold: $60.000 Business Rent: $30,000 Contribution to Roth Ira: $5000...

Q:

Javin is 35 years old, files single, and has the following items in 2020: Business Revenue: $120,000 Business Cost of Goods Sold: $60.000 Business Rent: $30,000 Contribution to Roth Ira: $5000...

Q:

Javin is 35 years old, files single, and has the following items in 2020: Business Revenue: $120,000 Business Cost of Goods Sold: $60.000 Business Rent: $30,000 Contribution to Roth Ira: $5000...

Q:

Question 1(20 marks) January Ltd's equity at 30 June 2016 was as follows: 400000 ordinary shares, issued at $1.60, fully paid 500000 ordinary shares, issued at $2, called to $1.20 180000 redeemable...

Q:

Question 1(20 marks) January Ltd's equity at 30 June 2016 was as follows: 400000 ordinary shares, issued at $1.60, fully paid 500000 ordinary shares, issued at $2, called to $1.20 180000 redeemable...

Q:

Individual Return (Linda and Kyle Smith) Linda and Kyle Smith are married taxpayers who file a joint return. Their social security numbers are 123-45-6789 and 111-11-1111, respectively. Linda's...

Q:

For the following case below please do the followings: 1. Check and use the Chart of Accounts provided (do not create new accounts). 2. Make the General Journal for the month (all journal entries...

Q:

For the following case below please do the followings: 1. Check and use the Chart of Accounts provided (do not create new accounts). 2. Make the General Journal for the month (all journal entries...

Q:

There are two problems due this week (each worth 35 points) as follows. Problem 1.6 (page 20) In comprehensive paragraphs, answerrequirements a to e. You will have 5 paragraphs total of four to five...

Q:

Jamestown Ltd. currently produces boat sails and is considering expanding its operations to include awnings. The expansion would require the use of land the firm purchased three years ago at a cost...

Q:

The BJT common-emitter amplifier of Fig. P10.104 includes an emitter-degeneration resistance Re Vcc Fig P. 10.104 R Rc OV

Q:

Find the general indefinite integral. ( Remember the const s e c ( t ) ( 7 s e c ( t ) 4 t a n ( t ) ) d t

Q:

The government has just voted to repair the parking garages to all federal building and estimate the cost to be $750,000. The government discloses this decision by debiting which account?

Q:

You have to write functions for the following tasks: a. Write a function to generate n random numbers in between a range of 100 to 200 in an array. int[] GenerateRandom(int n) b. Write a function to...

Q:

A company acquires a subsidiary and will prepare consolidated financial statements for external reporting purposes. For internal reporting purposes, the company has decided to apply the equity...

Q:

Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2018. On that date, Paar's equipment (10-year remaining life) has a book value of $420,000 but a fair value of $520,000. Kimmel has...

Q:

If no legal, regulatory, contractual, competitive, economic, or other factors limit the life of an intangible asset, the asset's assigned value is allocated to expense over which of the following?...

Q:

9 Multiple Choice 0 . 5 points The dysfunctional role within a team prepping for a group speech called the ? ? ? ? ? ? ? ? ? ? ? ? ? is a person who uses meetings as a way to disclose feelings /...

Q:

Should all Pizza Barn locations across Canada use the same recruitment and selection processes? Do geographic diversity and differences in the labour market mean that these processes should differ on...

Q:

Should Joseph consider internal employees to fill the current junior analyst vacancies? Why or why not? Joseph Bloom was confused and disappointed. As IT director for a medium-sized technology firm,...

Q:

Access the corporate website for Bombardier, one of Canadas premier aerospace and transportation companies, at bombardier.com, and click on Careers. Watch the short video and read the rest of the...