Required Information [The following Information applies to the questions displayed below.] Shauna Coleman is single. She...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required Information [The following Information applies to the questions displayed below.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable Income for this year. She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following Information with hopes that you could use it to determine her taxable income for 2023. a. Shauna paid $4,728 for medical expenses for care from a broken ankle in October. Also, Shauna's boyfriend, Blake, drove Shauna (In her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,520 in health Insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health Insurance premiums and the medical expenses for her broken ankle. Shauna had Lasik eye surgery last year and paid $3,120 for the surgery (she received no Insurance reimbursement). She also incurred $498 of other medical expenses for the year. c. SD withheld $1,920 of state Income tax, $7,615 of Social Security tax, and $14,980 of federal Income tax from Shauna's paychecks throughout the year. d. In 2023, Shauna was due a refund of $298 for overpaying her 2022 state taxes. On her 2022 state tax return that she filed in April 2023, she applied the overpayment toward her 2023 state tax liability. She estimated that her state tax liability for 2023 will be $2.420. e. Shauna paid $3,320 of property taxes on her personal residence. She also paid $548 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $248 property tax based on the state's estimate of the value of her car. Shauna has a home mortgage loan in the amount of $244,000 that she secured when she purchased her home. The home is worth about $424,000. Shauna paid Interest of $12,780 on the loan this year. h. Shauna made several charitable contributions throughout the year. She contributed stock In ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,480 and her basis in the shares was $592. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $348 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $548 and Shauna's basis in the Items was $348. Shauna had every reason to believe the church would keep them on display Indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,320 of services to her church last year. 1. Shauna paid $298 in Investment advisory fees and another $198 to have her tax return prepared (that is, she paid $198 In 2023 to have her 2022 tax return prepared). J. Shauna Is Involved in horse racing as a hobby. During the year, she won $2,620 in prize money and Incurred $14,800 In expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,120 in gambling losses over the year (mostly horse-racing bets) and had only $248 In winnings. a. Assume Shauna's AGI is $131,000. Determine Shauna's taxable income. Note: Round your Intermediate calculations to the nearest whole dollar amount. Answer is complete but not entirely correct. Taxable income $ 102.244 Required Information [The following Information applies to the questions displayed below.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable Income for this year. She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following Information with hopes that you could use it to determine her taxable income for 2023. a. Shauna paid $4,728 for medical expenses for care from a broken ankle in October. Also, Shauna's boyfriend, Blake, drove Shauna (In her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,520 in health Insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health Insurance premiums and the medical expenses for her broken ankle. Shauna had Lasik eye surgery last year and paid $3,120 for the surgery (she received no Insurance reimbursement). She also incurred $498 of other medical expenses for the year. c. SD withheld $1,920 of state Income tax, $7,615 of Social Security tax, and $14,980 of federal Income tax from Shauna's paychecks throughout the year. d. In 2023, Shauna was due a refund of $298 for overpaying her 2022 state taxes. On her 2022 state tax return that she filed in April 2023, she applied the overpayment toward her 2023 state tax liability. She estimated that her state tax liability for 2023 will be $2.420. e. Shauna paid $3,320 of property taxes on her personal residence. She also paid $548 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $248 property tax based on the state's estimate of the value of her car. Shauna has a home mortgage loan in the amount of $244,000 that she secured when she purchased her home. The home is worth about $424,000. Shauna paid Interest of $12,780 on the loan this year. h. Shauna made several charitable contributions throughout the year. She contributed stock In ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,480 and her basis in the shares was $592. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $348 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $548 and Shauna's basis in the Items was $348. Shauna had every reason to believe the church would keep them on display Indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,320 of services to her church last year. 1. Shauna paid $298 in Investment advisory fees and another $198 to have her tax return prepared (that is, she paid $198 In 2023 to have her 2022 tax return prepared). J. Shauna Is Involved in horse racing as a hobby. During the year, she won $2,620 in prize money and Incurred $14,800 In expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,120 in gambling losses over the year (mostly horse-racing bets) and had only $248 In winnings. a. Assume Shauna's AGI is $131,000. Determine Shauna's taxable income. Note: Round your Intermediate calculations to the nearest whole dollar amount. Answer is complete but not entirely correct. Taxable income $ 102.244
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Write a BST client that uses the data file ip-tocountry.csv found on the booksite to determine the source country of a given IP address. The data file has five fields: beginning of IP address range,...
-
How does Darden restaurants described in the Global Company Profile, find competitive advantage in its supply chain?
-
What are administrative costs? How are they treated on the income statement?
-
The Aloha Company is considering the purchase of a machine costing \(\$ 200,000\). The estimated net incomes from the machine are: The machine is to be depreciated on the sum-of-the-years'-digits...
-
The following financial data have been deter-mined from analyzing the records of Joes Ceramics (a one- product firm): Contribution margin per unit ..... $ 25 Variable cost per unit ........ $ 21...
-
Describe the difference between scheduled access and random access? Next, explain whether 802.11 standard supports scheduled access or random access and how is that accommodated in the standard?
-
Fernando Bank has an interest expense of $150 million, earning assets of $1,400 million, and a NIM of 5.00 percent. The bank also has interest-bearing liabilities of $1,120 million. calculate...
-
What is debt capital and equity capital, and how would a firm decide to depend on any of them?
-
What is account receivable aging and what purpose would it serve?
-
What are the major harvesting strategies? Briefly explain each and every one of them.
-
What is meant by capital structure, and why is it important?
-
What is the ABC system of inventory and how did it come about?
-
2. Simplified equations for the flip-flop inputs and the outputs are given using these equations Build a circuit. D1 = Q1 QO' X' + Q1' QO X' DO = X + Q1 QO 3. Point Out the steps involved in the...
-
Write a paper about how diet relates to breast cancer in women study design to use: case control study purpose & rationale the purpose of this final project is to utilize the methods and...
Study smarter with the SolutionInn App