Which one of these expenditure is not a remove from readjusted gross income? a. Charitable contribution b. Alimony payments c. Casualty losses d. State revenue taxes e. Residence mortgage interest


You are watching: Dan has agi of $50,000 and paid the following taxes during this tax year.

Amanda paid interest of $15,000 on her $300,000 acquisition debt for her residence (fair market value of $500,000), $5,000 of interest on she $70,000 home-equity loan, $1,000 of credit transaction card interest, and $3,000 of margin attention on a loan from she stock broker because that the purchase of stock. Assume the Amanda has actually $1,400 of interest income this year and no investment expense. How much of the interest cost may she deduct this year? a. $28,000. B. $25,000. C. $24,000. D. $21,400. E. Other
Juan incurs the complying with medical prices during the current tax year: Surgeon\"s fees $2,200 clinical insurance premiums 1,600 Hospital fees 800 Prescription drugs 310 cost of eye glasses 200 vitamins bought there is no prescription 300 Juan\"s adjusted gross earnings for the year is $40,000. That receives a $500 reimbursement from his insurance money company. Recognize the lot of his medical expense deduction for the current year. A. $ - 0 - b. $ 410 c. $610 d. $1,400 e. $1,610
Mary provided this information about to her state income taxes: State earnings taxes withheld in 2015 $4,500 Refund the 2014 state revenue tax, received in 2015 400 Deficiency payment in 2015 after ~ audit of her 2013 state revenue tax return: State earnings tax 800 attention on state income tax liability 100 A state earnings tax refund of $200 for 2015 will be claimed on the 2015 state earnings tax return filed top top April 15, 2016. What is her deduction for state earnings taxes on her 2015 federal taxation return? a. $3,500 b. $3,700 c. $4,100 d. $5,300 e. Other
Dan has actually AGI that $50,000 and paid the adhering to taxes throughout this taxation year. State income tax withholding $1,400 State earnings tax approximated payments 750 Federal income tax withholding 3,000 Social security tax withheld from salaries 2,100 State excise taxes on liquor 400 auto license (based ~ above the car\"s weight) 300 State sales taxation paid 475 Calculate just how much Dan have the right to deduct for taxes together itemized deductions this year. A. $4,250 b. $2,150 c. $4,500 d. $4,300e. Other
Taxpayer donated stock (capital gain property) to a public charity in 2015. She to buy the share 3 years ago for $110,000. ~ above the day of the gift, it had actually a fair market value of $300,000. What is her maximum charitable donation deduction for 2015, if she AGI is $400,000? a. $120,000 b. $200,000 c. $150,000 d. $110,000 e. No one of the above
Roberta\"s residence was entirely destroyed through fire. The residence had actually an changed basis that $150,000 and a FMV that $180,000 prior to the fire. Roberta got insurance reimbursement of $120,000 because that the destruction of she home. Roberta\"s adjusted gross revenue was $80,000. She had actually no accident gains. What amount of the fire loss to be Roberta entitled to insurance claim as an itemized extinguish on her taxation return?a. $30,000b. $21,900 c. $1,960 d. $0 e. Other
Joan is a sales manager for big Corporation in Charlotte. This year, Joan make two company trips to new York to visit the purchasing manager at wealthy Corporation. The objective of the visits was to convince well-off Corporation to begin buying office gives from huge Corporation. Huge Corporation go not provide reimbursement for employee organization travel expenses. Joan\"s adjusted gross income is $100,000 for the present year. Joan incurred the following prices for the 2 trips to brand-new York:Air fare $1,500 Lodging $1,000Meals $600What is the quantity of Joan deduction because that these costs after applications of any type of AGI limitations? a. $3,100b. $2,800c. $800d. $1,100 e. Other
Mary Kay is solitary and has three dependent children. In 2015, mar Kay has AGI the $400,000. She documents as a head the household. The exemptions phased-out threshold for a head of household is $284,050. Calculation her deductible total personal and dependency exemptions. A. $960 b. $200 c. $3,460 d. $0 e. Other
Jeremy earn $100,000 in salary and $16,000 in attention income throughout the year. Jeremy additionally has a long-term capital gain of $4,000. Jeremy has actually two qualifying dependent kids who live v him. No of his dependents qualifies for the child tax credit. He qualifies to file as head the household and also has $17,000 in itemized deductions. What is Jeremy\"s tax liability before credits (for withholding, etc.)? use the 2015 tax rate schedules. A. 14,172.50 b. $16,403.5 c. $17,001.00 d. $16,672.50 e. Other
. Mar is single, through no children. Mary\"s elderly mommy (Mindy, period 75) lives with Mary. Mindy functions part-time in ~ a laundry, wherein she earns wages of $5,000 per year, i m sorry Mindy safety on her own medical care. Mar pays $8,000 every year for food, clothing, and other expenses for support of Mindy. What is Mary\"s filing standing for the present year? a. Solitary b. Married submit jointly c. Qualifying widower d. Head that household
Sarah and Sam space married and record a share return. They room both age 67, both have good vision. They get social protection benefits of $12,000 per year, and likewise have pension income of $25,000. They insurance claim the standard deduction. What is their taxable income? a. $0 b. $1,900 c. $3,500 d. $7,600 e Other
Betty is single. In 2015, she obtained her continual salary that $200,000. In December, 2015, the company paid she a cash bonus of $20,000, in addition to her constant salary. How much Social security tax and also Medicare taxes is withheld ~ above the bonus?a. $277.90 b. $217.50 c. $290.00 d. $522.00 e. Other
Louis papers as a solitary taxpayer. That is 29 years old. In April, 2015, he got a $1,000 refund of income taxes the he payment to the State of phibìc Carolina in 2014. Louis declared itemized deductions that $7,000 ~ above the 2014 federal income tax return. This itemized deductions included income taxes paid to the State of phibìc Carolina, in the amount of $2,000 because that 2014. Exactly how much the the north Carolina revenue tax refund because that 2014 have to Louis incorporate in gross earnings on his federal revenue tax return because that 2015? a. $800 b. $1,000 c. $2,000 d. $0 e. Other
Use the adhering to information because that the following two questions. ~ above June 10, 2010, big Corp offered a stock choice to Mark, when Big\"s stock was worth $5 every share. The option gave Mark the appropriate to purchase a total of 100 share of big Corporation stock for $5 every share. On June 1, 2014, the alternative vested. On that day, the stock was worth $30 per share. ~ above June 1, 2014, Mark worked out the alternative by purchasing a complete of 100 shares. Top top June 5, 2015, mark sold every one of the stock for $40 a share. Details room in the table below. No. Of to win Price FMV value of Stock alternative Shares every Share every share 100 share June 1, 2010 give 100 $5 $5 $500 June 1, 2014 Vest 100 $5 $30 $3,000 June 1, 2014 purchase 100 $5 $30 $3,000 June 5, 2015 sold 100 $5 $40 $4,000 assume this is a non-qualified option. How much revenue or gain should mark recognize when computing regular income tax for 2014? a. $0 b. $500 c. $2,500 d. $3,500 e. Other
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Glencoe Accounting: very first Year Course1st EditionGlencoe McGraw-Hill
548 explanations
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