Max (age 68) works as a salesman at a car dealership. In 2022, he earned $40,000...

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Max (age 68) works as a salesman at a car dealership. In 2022, he earned $40,000 in wages and commissions. In addition, Max's boss gave him 2 tickets to a Patriots' game for meeting his sale targets. The tickets had a face value of $300 each. At the time Max received the tickets, the ticke were selling everywhere for $350 each. Max also has a lot of loans. Fortunately, the bank decide forgive one of his loans, which was $20,000. At the time of the loan forgiveness, Max had total as of $70,000, and total liabilities of $80,000. Given only the information in this problem, what is Max's taxable income in 2022? (10 points) I During 2022, Rob had the following transactions: Wages from part-time job $25,000 State academic scholarship (50% use for tuition, 50% used for room and board) Capital losses Online poker winnings Online poker losses 100 How much is Rob's AGI in 2022 if no other events occurred? How much is his taxable income? How much is his tax? (6 points) $20,000 4,000 500 Max (age 68) works as a salesman at a car dealership. In 2022, he earned $40,000 in wages and commissions. In addition, Max's boss gave him 2 tickets to a Patriots' game for meeting his sale targets. The tickets had a face value of $300 each. At the time Max received the tickets, the ticke were selling everywhere for $350 each. Max also has a lot of loans. Fortunately, the bank decide forgive one of his loans, which was $20,000. At the time of the loan forgiveness, Max had total as of $70,000, and total liabilities of $80,000. Given only the information in this problem, what is Max's taxable income in 2022? (10 points) I During 2022, Rob had the following transactions: Wages from part-time job $25,000 State academic scholarship (50% use for tuition, 50% used for room and board) Capital losses Online poker winnings Online poker losses 100 How much is Rob's AGI in 2022 if no other events occurred? How much is his taxable income? How much is his tax? (6 points) $20,000 4,000 500

Answer rating: 100% (QA)

To calculate Maxs taxable income in 2022 we need to start by adding up his total inc... View the full answer