This year Jack intends to file a married-joint return. Jack received $179,600 of salary, and paid...
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This year Jack intends to file a married-joint return. Jack received $179,600 of salary, and paid $8,150 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $9,000 and $29,400 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is Jack's adjusted gross income? b. Suppose that Jack also reported income of $12,900 from a half share of profits from a partnership. Disregard any potentlal self- employment taxes on this income. What AGI would Jack report under these circumstances? This year Jack intends to file a married-joint return. Jack received $179,600 of salary, and paid $8,150 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $9,000 and $29,400 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is Jack's adjusted gross income? b. Suppose that Jack also reported income of $12,900 from a half share of profits from a partnership. Disregard any potentlal self- employment taxes on this income. What AGI would Jack report under these circumstances?
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Answer rating: 100% (QA)
a Salary 179600 Less Alimony 29400 Moving Expense deduction 9000 Modifi... View the full answer
Related Book For
Essentials of Federal Taxation 2019
ISBN: 9781260190045
10th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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