Question: Please show your work. I need to know how to do this by myself, so as much work as possible would be ideal. Thank you,

Please show your work. I need to know how to do this by myself, so as much work as possible would be ideal. Thank you, I will thumb up! I will not be able to use excel, so please show your work by hand!Please show your work. I need to know how to do this

1. Given the following information calculate taxable income Gross Salary $45,000 Interest earnings 300 Dividend income 120 Itemized deduction 14,800 Individual retirement account contribution 1,000 39,620 2. Tracy is single, over 65 and has an AGI of $37.000 this year. She is gathering information for her current year's tax return and has the following items: Unreimbursed medical expenses $3,000 Interest expense (mortgage) 3,040 Interest expense (credit card) 125 Interest expense (car loan) 550 Property taxes 700 Charity 400 How much can she claim as itemized deductions? 4365 3. Based on the following information would you receive a refund or owe additional taxes? How much? Adjusted gross income 47,000 Itemized deductions 18,220 Child care tax credit 80 Federal income tax withheld 4,784 Amount for personal exemptions 6.800 Average tax rate on taxable income 15% 547 refund

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!