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- Question 2 Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $169,459, and her tax deductible purchases are: • Charitable contributions: $1,959 Mortgage interest: $2,334 • Educational Expenses: $5,115 Compute her final income tax using the following information: 2021 Individual Taxpayers If Taxable Income is Between: $0-$9,950 $9,951-$40,525 $40,526-$86,375 $86.376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 or more The Tax Due is: 10% of taxable income $995 plus 12% of the amount over $9,950 $4,664 plus 22% of the amount over $40,525 $14,751 plus 24% of the amount over $86,375 $33,603 plus 32% of the amount over $164,925 $47,843 plus 35% of the amount over $209,425 $157,804.25 plus 37% of the amount over $523,600 Round your answer to the nearest dollar. Recall the standard deduction for single filers: $12,550Question #72 of 85 Question ID: 1251879 Jamie has an adjusted gross income this year of $40,000. He would like to reduce his income taxes. During the year, he plans to contribute property valued at $20,000 to the National Federation for the Blind, a qualified public charity. Which one of the following statements regarding the income tax implications for Jaime of a charitable gift is correct? A) If Jamie gave an interest in a parcel of commercial real estate, held short term, with a fair market value of $20,000 and a basis of $15,000, he can deduct either the fair market value of the property or his basis in this property. B) If Jamie gave a life insurance policy, with a replacement cost of $20,000, on which he has paid net premiums of $5,500, he could deduct either $20,000 or $5,500. C) If Jamie gave a collection of first edition books in braille (which the charity would display in its collection), held long term, valued at $20,000 with a basis of $9,000, he…QUESTION 3 Francisco's gross income this year is $29,550. His employer withholds $55 per month to pay for his health insurance premium, and another $60 per month toward his retirement fund. Since he is single he qualifies for a $12,000 standard deduction. What is his taxable income?
- KA. QUESTION 10 Maria is employed by a major defense contractor and earns $156,000 in 2016. She Calculates: a. The amount of Social Security taxes withheld from your income b. The amount of Medicare tax withheld from your income c. The amount of FUTA withheld from your incomeQUESTION 19 Mark, age 66, is single and has no dependents. His AGI is $56,000 and his itemized deductions are $12,850. He is not claimed as a dependent by anyone else. a. How much is Mark's standard deduction? b. How much is Mark's taxable income? Please do NOTenter any commas in your answers. If the answer is zero, please enter the word NONE, not the numeral 0. QUESTION 20 Benjamin, age 18, is claimed as a dependent by his parents in 2021. He has dividend income of $1,000 and earns $1,700 from a part- time job. a. How much is Benjamin's AGI? b. How much is Benjamin's standard deduction? c. How much is Benjamin's taxable income? Please do NOT enter any commas in your answers. If the answer is zero, please enter the word NONE, not the numeral 0.Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beths birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute 3 to the Presidential Election Campaign Fund. The following information is shown on Beths Wage and Tax Statement (Form W2) for 2018. The following information is shown on Beths Wage and Tax Statement (Form W2) for 2018. During the year, Beth received interest of 1,300 from Arizona Federal Savings and Loan and 400 from Arizona State Bank. Each financial institution reported the interest income on a Form 1099INT. She received qualified dividends of 800 from Blue Corporation, 750 from Green Corporation, and 650 from Orange Corporation. Each corporation reported Beths dividend payments on a Form 1099DIV. Beth received a 1,100 income tax refund from the state of Arizona on April 29, 2018. On her 2017 Federal income tax return, she reported total itemized deductions of 8,200, which included 2,200 of state income tax withheld by her employer. Fees earned from her part-time tax practice in 2018 totaled 3,800. She paid 600 to have the tax returns processed by a computerized tax return service. On February 8, 2018, Beth bought 500 shares of Gray Corporation common stock for 17.60 a share. On September 12, 2018, Beth sold the stock for 14 a share. On January 2, 2018, Beth acquired 100 shares of Blue Corporation common stock for 30 a share. She sold the stock on December 19, 2018, for 55 a share. Both stock transactions were reported to Beth on Form 1099B; basis was not reported to the IRS. Beth bought a used sport utility vehicle for 6,000 on June 5, 2018. She purchased the vehicle from her brother-in-law, who was unemployed and was in need of cash. On November 2, 2018, she sold the vehicle to a friend for 6,500. During the year, Beth records revenues of 16,000 from the sale of a software program she developed. Beth incurred the following expenses in connection with her software development business. Beth elected to expense the maximum portion of the cost of the computer, printer, and furniture allowed under the provisions of 179. These items were placed in service on January 15, 2018, and used 100% in her business. Although her employer suggested that Beth attend a convention on current developments in corporate taxation, Beth was not reimbursed for the travel expenses of 1,420 she incurred in attending the convention. The 1,420 included 200 for the cost of meals. During the year, Beth paid 300 for prescription medicines and 2,875 for doctor bills and hospital bills. Medical insurance premiums were paid for her by her employer. Beth paid real property taxes of 1,766 on her home. Interest on her home mortgage (Valley National Bank) was 3,845, and interest to credit card companies was 320. Beth contributed 2,080 to various qualifying charities during the year. Professional dues and subscriptions totaled 350. Beth paid estimated taxes of 1,000. Part 1Tax Computation Compute the net tax payable or refund due for Beth R. Jordan for 2018. If you use tax forms for your solution, you will need Form 1040 (and its Schedules 1, 4, 5, B, C, D, and SE) and Forms 4562 and 8949. Suggested software: ProConnect Tax Online Part 2Tax Planning Beth is anticipating significant changes in her life in 2019, and she has asked you to estimate her taxable income and tax liability for 2019. Beth just received word that she has been qualified to adopt a two-year-old daughter. Beth expects that the adoption will be finalized in 2019 and that she will incur approximately 2,000 of adoption expenses. In addition, she expects to incur approximately 3,500 of child and dependent care expenses relating to the care of her new daughter, which will enable her to keep her job at Mesa Manufacturing Company. However, with the additional demands on her time because of her daughter, she has decided to discontinue her two part-time jobs (i.e., the part-time tax practice and her software business), and she will cease making estimated income tax payments. Beth expects her interest income to increase from 1,700 to 2,050. In your computations, assume that all other 2019 income and expenses will be the same as 2018 amounts.