Compute the taxable income for 2022 in each of the following independent situations: a. Aaron and Michele, ages 40 and

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Compute the taxable income for 2022 in each of the following independent situations:

a. Aaron and Michele, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $27,000.

b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000.

c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100.

d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650.

e. Chang, age 42, is divorced but maintains the home in which he and Lei, his daughter, live. Lei is single and qualifies as Chang’s dependent. Chang has AGI of $64,000 and itemized deductions of $9,900.

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Related Book For  answer-question

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

Question Details
Chapter # 3- Tax Formula and Tax Determination; An Overview of Property Transactions
Section: Discussion Questions
Problem: 27
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Question Posted: September 24, 2023 07:31:43