8. Margaret sUccessfully litigated several lawsuits during 2020, receiving amounts as listed below. $7,000 Breach of contract damage award 5,000 Compensation award (defamation) for lost wages Punitive damages (physical injury) Compensation award for physical injury Workers' compensation (sickness) What income amount will Margaret report on her 2020 federal income tax return? 4,000 1,000 2,000 $15,000 16,000 19,000 D 12,000 None of the above ABCC E

Q: Compute Monica 's 2020 AGI, taxable income and tax liability on the basis of the following…

A: Taxes are calculated on the AGI.

Q: On January 1, 2020, Scott’s employer gave him a City of Denver Bond and a City of Hong Kong (China)…

A: The total pay from an employer before taxes or other deductions is an individual's gross income,…

Q: ompensation income of P1,140,000, net of statutory payments. Tax exempt 13th month pay and other…

A: Taxable compensation income refers to the sum total of all the income derived from various…

Q: 2. Warren owns a marketing business. He travels to Maryland in May 2020 to discuss acquiring an…

A: Tax return: The form under which the tax payer reports its taxable income and the tax liability is…

Q: Eva received $73,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $16,000 in…

A: Calculate regular income tax liability for Eva for the year.

Q: Eva received $62,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $5,500…

A: Tax liability: Tax liability is the total amount of tax debt owed by an individual, corporation, or…

Q: Eva received $60,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $5,000…

A: WN: Lesser of: (a) 20% of qualified business income [(20% x (3) = $55,000 x 20% = $11,000)] or (b)…

Q: $24,750 Yukari steals $100,000 from her employer through a series of clever transactions during…

A: Negligent Tax Return : If an erroneous claim for a refund or a credit   is filed,  A penalty will be…

Q: Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in…

A: Taxable income:- Income of an individual liable for paying tax is known as the taxable income of an…

Q: Zephyr died on July 5, 2021 leaving the following data on deductions Unpaid 2020 real estate taxes,…

A: Calculations are as follows.

Q: In 2021, Rudy won his defamation case and was awarded $500,000. The attorn will collect from Rudy…

A: Concept : The compensation against Defamation is fully taxable . The amount paid to attorney on a…

Q: Wendy is a single taxpayer and pays tuition of $7,800 in 2020. Her 2020 AGI is $66,000. What is the…

A: (1) As per the provisions of IRS in 2020 the Single Taxpayers whose AGI up to $ 65,000 can claim a…

Q: Regina has four employees who earned $75,000, $27,000, $2,100, and $6,200 during 2020, respectively.…

A: Net FUTA Tax rate = FUTA Tax rate - SUTA Tax Rate = 6% - 5.4% = 0.6%

Q: Mary is a self-employed attorney.   a. ​ Assuming that Mary earns $27,500 from her practice,…

A: For the 2020 tax year, the self-employment tax rate is 15.3%. Social Security represents 12.4% of…

Q: Eva received $71,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred…

A: Self-employment tax is a tax including Social Security taxes and Medicare taxes mainly for the…

Q: The taxable income of Jenny for first week of January 2021 was R3 220. She did not earn overtime pay…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Ross is a surgeon at a local hospital in Denver. In 2020, Ross earns a salary of $300,000. In…

A: Adjusted Gross Income (AGI)=Salary+Investment income+Active Income from Activity A+Passive Income…

Q: operations before paying Sam’s any of the $40,000. The debt is wholly worthless in 2020.

A: Bad debt treatment under cash method: If we use the cash method of accounting ,we  generally report…

Q: The following information is available for Tyler and Beau Nicky, a married couple filing a joint…

A: What is the amount withheld for each element of FICA taxes (Social Security and Medicare)?…

Q: Q1.  Maria donated $80,000 cash to a public charity in 2020.

A: Ans to Q 1.           As per IRS provisions for public charity for individuals…

Q: Jeremy earned $101,200 in salary and $6,600 in interest income during the year. Jeremy’s employer…

A: AGI deduction=0 Adjusted gross income=107800-0 =107800

Q: During 2021 Jean underwent the following transactions: $100,000 for pain and suffering and $20,000…

A: Here describe the details of transaction which are incurred in the individual which can be subject…

Q: During 2021 Jean underwent the following transactions:       $100,000 for pain and suffering and…

A: Here discuss about the details of transaction which are related with subject to taxation as well.…

Q: In 2020, Lucas O'Neal has gambling winnings of $7,000 and gambling losses of $11,000. Assuming Lucas…

A: Standard deduction: The standard deduction is the deductions that are available to the taxpayers.

Q: 8. James earned $55,000 of net earnings from a tax preparation business that he runs during tax…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: R. Pedro Penduko resigned in 2019 after 20 years of service. He had the following income during the…

A: Gross Income While calculating the gross income there are number of items which are exemption from…

Q: In 2018, Song Kang resigned from his employment an received a PhP 2,000,000 retirement pay from his…

A: RA (republic act) Number 4917 is an act that provides that retirement benefits to employees of…

Q: . X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her…

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: Dianna has performed very well in her salesperson’s role during July 2022. Her employer wants to…

A: Dianna's employer on her great performance wants to reward her with a cash bonus of $1000 after the…

Q: Mr. and Mrs. Reyes are married individuals, Mr Reyes receives an annual taxable income of 365,000…

A: As per the provision in Philippines following ax slabs is applicable No Income tax if income is…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: A tax is referred to as a charge on the income earned by the corporation and individuals. The tax is…

Q: Mang Panday, a resident citizen taxpayer approached you and presented the following- * Description…

A:

Q: Eva received $62,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $5,500…

A:

Q: In 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and…

A: Depreciation is the amount that is charged on the fixed assets and by which the asset value…

Q: In 2020, Juliet Ulbod earned P500,000.00 as income from her beauty parlor and received P250,000.00…

A: Gifts are subject to donor's tax. The tax is levied, assessed, collected and paid upon the transfer…

Q: Calculate Sally’s deduction for qualified business income.

A:

Q: 1.Charles, who is single and age 61, had AGI of $400,000 during 2020. He incurred the following…

A:

Q: n May 1, 2020, Anthony was in an automobile accident while on his way to work. Following doctor’s…

A: Answer: Concept: In case of any personal injury during the job, the amount shall be recognized which…

Q: Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in…

A: Eva is subjected to self employment tax on her self employment income. The 92.35% of the…

Q: During 2019, Greg Cruz (1401 Orangedale Road, Troy, MI 48084) works for Maple Corporation and Gray…

A: FICA is termed as Federal Insurance contribution act, which is a United States payroll tax and it is…

Q: The taxable income of Jenny for first week of January 2021 was R3 220. She did not earn overtime pay…

A: SOLUTION- GIVEN , TAXABLE INCOME= R 3220 PENSION CONTRIBUTION = R 280

Q: Eva received $62,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $5,500…

A: Since Eva’s salary is below the Social Security wage base limit of $142,800, she is required pays…

Q: MY has earned the following income in 2022 Salary as a professor, net of withholding tax of P50, 000…

A: Working Notes :-…

Q: JB has earned the following income in 2022 Salary as a professor, net of withholding tax of P50, 000…

A: Income Tax Rate for 2022 as per BIR for individuals in Phillipines                     Income…

Q: Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Christine and Sean run an accounting computer software business in Snellville. Toward the end of…

A: Section 179 of the U.S (United States of America) Internal Revenue Code, deals with deduction of the…

Q: Eva received $62,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $5,500…

A: All amounts are in dollar.

Q: Shellie, a single individual, received her Bachelor’s degree in 2019, and took a job with a salary…

A: SOLUTION- ACCORDING TO SECTION 80 E   IF YOU HAVE TAKEN AN EDUCATION LOAN TO FUND YOUR HIGHER…

Q: 20. Which of the following is subject to tax? a. P6,000 representing his unused vacation ieave…

A: Travelling expenses reimbursement is not subject to tax.

Q: 4.... Joan earned $90,000 in salary in 2021. She contributes $7,500 in 2022 to an RRSP belonging to…

A: RRSP is Registered Retirement Saving Plan in Canada which help the employees…