Amy’s Adjusted Gross Income (AGI)?

Q: rtney works as a manager at a high-end retail store. She earns ry of $95,000. She also invests in…

A: Taxable income is the part of a person's or a company's income that is used to calculate how much…

Q: In 2021, Lance earns $39,000 from his job in total income. He contributes $3,000 to his Roth 401(k),…

A: Roth 401(k) is a account which in which a small contribution is deposited by employee to generate…

Q: What is the maximum amount Amber can elect for salary deferral treatment for 2020?   If Amber elects…

A: Section 401(k) plan:   In § 401(k) plan, employees are allowed to cover compensation up to $19,000…

Q: If Jonathon worked for his mother's sole proprietorship, what salary would she have to pay him to…

A: Tax is the compulsory payment made by the taxpayer to his country's government.

Q: Quinn is single, age 52 and has the following income and expenses for 2020: Wages earned 40,000…

A: In the context of the given question, we are required to compute the adjusted gross total income of…

Q: rue or false?

A: Income is a residual amount left after netting of net expenses incurred to earn that income. The net…

Q:

A: Tax refers to the compulsory charge levied by the government over the income gained by an entity.

Q: Mary is a 47-year old corporate attorney. She earns $225,000 per year and receives group term life…

A: Income from the benefits which has been got by the employee from the employer requires to be…

Q: In 2021, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State…

A: maximum qualified expense claim=4000 maximum AOTC=2500

Q: Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year…

A: The Taxpayers are considered as unmarried sometimes even when they are not separated legally, then…

Q: What is Leah’s total annual compensation?

A: The total annual compensation of Leah would consists of annual salary plus employer's contribution.…

Q: rks for Bee Gone Inc. In 2021, her annual salary is $40,000. In addition to her salary, her employer…

A: Taxable income refers to the sum value of money earned or gained by an individual or an entity that…

Q: Eric, your friend, received his Form W-2 from his employer (below) and has asked for your help.…

A: At the conclusion of the year, employers must deliver Form W-2, frequently referred to as the Wage…

Q: Amber's employer, Lavender, Inc., has a § 401(k) plan that permits salary deferral elections by its…

A: Answer a: The maximum amount that Amber can elect as per section 401(k) plan salary deferral for…

Q: Sally, who turned age 72 this year, owns 12% of Apex Company. She has accumulated $5 million in her…

A: Income Tax - It is a direct tax imposed by the government levies on the individual over a particular…

Q: Robert and Mary file a joint tax return for 2021 with adjusted gross income of $104,000. Robert and…

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

Q: Jordan owns and operates Jordan’s Exotic Jouneys (JEJ), a sole proprietorship. JEJ sponsors a…

A: Computation:

Q: Jenny, age 24, and her daughter Marie, age 3, moved in with her mother, Barbara, after she separated…

A: Determination of Dependency To determine the dependency criteria the important aspect is the…

Q: Raj Koothrappali is a senior citizen married to 74-year-old Howard Wolowitz. Raj lives solely on the…

A: A) Federal Tax before credit  1) Raj koothrapalli Income from Investment.       $400000 Federal tax…

Q: In January of year 0, Justin paid $6,200 for an insurance policy that covers his business property…

A: IRC requires both the cash and accrual taxpayers to capitalize the prepaid expense if that expense…

Q: Ann earns $95,000 per year in salary. She pays 25% federal income tax, 6% state income tax, 6.2%…

A: The question is based on the calculation of gross monthly income and net monthly income . Net income…

Q: Jason and Peggy are​ married, file​ jointly, and have one dependent​ (12-year old qualifying​…

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

Q: xes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child (age 14) who…

A: Child tax credit refers to the benefit provided to the guardian of the children in order to decline…

Q: Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In…

A: Legal Services = $ 27000 Current year = 32% Next year = 35%

Q: Javier and Anita Sanchez purchased a home on January 1, 2021, for $852,000 by paying $284,000 down…

A: A company's interest expense indicates the cost of borrowing. Interest expense is a semi-item on the…

Q: Francisco's gross income this year is $29,550. His employer withholds $55 per month to pay for his…

A: The taxable income is used to calculate the total gross income which is deduct with the employer pay…

Q: In 2021, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State…

A: AOTC can be claimed upto 4000$ if AGI is less than 180000 in case of filing joint return

Q: Heather, an individual, reported the following items of income and expense during the current year:…

A: Working notes :-                              Alimony , Post -TC…

Q: Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket in 2020.…

A: Particulars When they consider the option When they do not consider the option Income 75,000…

Q: 1. Luisa Williams earns $7.50/hour, and worked 44 hours during the most recent week. She makes a…

A: We are required to compute the Deduction amount for  Social security, Medicare, and Voluntary…

Q: Lizzy is 34 year old, single mom with two kids in tax year 2020 and lives in San Diego. Owen 4…

A: Lizy filling status will be head of household as she has two dependent child and qualifies as head…

Q: Calculate Otto’s self-employment tax Calculate the employer’s portion of the nanny tax that they…

A: Self-employment tax: Tax paid by the owner of the small business entity to fund the Medicare and the…

Q: Jody is a physician's assistant (not covered by a retirement plan) with a salary of $40,000 from the…

A: Solution Your traditional IRA contribution may be tax deductible . The deduction may be limited if…

Q: Tammy has $200,000 of QBI from her neighborhood clothing store (a sole proprietorship). Her…

A: A qualified business income (QBI) deduction is a below-the-line deduction. Adjusted gross income is…

Q: What is the amount of the child and dependent care credit they should report on their tax return for…

A: Child and Dependent Care credit : Among the various tax credit or deductible expenses, this tax…

Q: Peter's gross income is $80,000 a year, and Wendy earns $100,000 a year. They put $3,000 each into…

A: a. Gross income =  Peter’s gross income + Wandy gross income  = $80000 + $100000 = $180000   b.…

Q: 1) What amount of Amanda’s gross business revenue is included in Gross Income?

A: As per our protocol we provide solution to one question only but you have asked multiple questions…

Q: Tin rents her beach house for 60 days and uses it for personal use for 30 days during the year. The…

A: Total expenses deductible = Mortgage Interest + Rental estate taxes

Q: Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce…

A: 1. $80000 which is the revenue for the business.   2. $5500-$4000= $1500 He shall be reimbursed…

Q: Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses…

A: Balance sheet is an important part of any organisation as it shows the the company's true face in…

Q: Jayana, a calendar-year taxpayer, uses the cash method of accounting for a sole proprietorship. In…

A: Under the cash basis of accounting, the expenses are accounted for in the period in which they are…

Q: For the following taxpayers, indicate whether the taxpayer should file a tax return and why. a.…

A: based on the US tax rates and rules the individual and the body corporate need to file their tax…

Q: Amy earns an income of 50,000 this year as an employee of rooster enterprises. She pays the…

A: The gross income would result in the total amount of income which has been earned by any individual…

Q: Sandra earns $21,000 in employment income in 2020 and her spouse Susan earns $18,000. They have two…

A: The maximum child care expense deduction the family can take is $6,500. Detailed…

Q: Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses…

A: Income tax payable is an obligation for the tax payers to the government on the taxable income.…

Q: Allie received a $50,000 distribution from her 401(k) account this year that she established while…

A: Taxes- Taxes are compulsory contributions levied on individuals or corporations by a government body…

Q: Calculate the Gross Income, Adjusted Gross Income, and Taxable Income

A:

Q: Elsie, single, had an AGI of $134,712 in 2020. All of her income was from wages. Elsie owns 100% of…

A: The rental real estate loss allowance is a United States federal tax deduction available to…