Calculate the amount of capital gains

Q: Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and…

A: There is a limit of set off of Long term capital loss during a limit with taxable income.

Q: Jerry is single, age 60, and had adjusted gross income of $120,000 in 2020. His deductible expenses…

A: The following computations are done for Jerry who is a single tax payer.

Q: Javier and Anita Sanchez purchased a home on January 1, 2021, for $600,000 by paying $200,000 down…

A: The standard amount of deduction for interest expense for the year 2021 is determined to be $12,550…

Q: John is single and has AGI of $250,000. He also made the following investments. What is his total…

A: Capital gain refers to the increase in an asset value and it becomes realized once the assets are…

Q: Denise is divorced and files a single tax return claiming her two children, ages 7 and 9, as…

A: Given, AGI = $ 81,500 Dependent children = 2 Age = 7& 9 Tax return TYPE = Single

Q: Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his…

A: Given information, withheld from his paycheck=$2,250 for state taxes and $400 for city taxes. Simon…

Q: In 2021, Sven is single and has $138,000 of regular taxable income. He itemizes his deductions as…

A: The alternative minimum tax (AMT) applies to taxpayers who falls under high income by fixing a limit…

Q: Using the following facts, determine Jaron’s 2019 taxable income. 1. In November 2017, when his wife…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: In 2020, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real…

A: By taking ordinary income and incorporating disallowed items and credits including state and local…

Q: Boomer owns a 4-bedroom home located two miles from the Raymond James Stadium in Tampa. On February…

A: Topic 414 of the IRS code deals with Rental income and expenses. A taxpayer has to report all rental…

Q: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

Q: A taxpayer disposed of two homes in Ontario in 2021, (both of which met the qualifications of a…

A: A capital gain rate of 15% applies if your taxable income is $80,000 or more but less than $441,450…

Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of…

A: Tax:   A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…

Q: On January 12, 2022, Rica purchased a P2,000,000.00 life insurance policy for P200,000.00. During…

A: Life insurance policy is a contract between an insurance policy holder and an insurance company…

Q: Sean, who is single, received social security benefits of $8,480, dividend income of $12.610, and…

A: In the given scenario, the combined gross income for Sean is :  = Social Security benefit + Dividend…

Q: During 2021, Vasu wants to take advantage of the annual exclusion and make gifts to his 6 married…

A: The goal of family planning is to transfer the assets or income among the family members with…

Q: On February 1, 2021, Stephen (who is single) sold his principal residence (home 1) at a $100,000…

A: Here in this context Stephen sell the Home one with a gain of $100000 and exclude entire gain on the…

Q: Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017. He also generates a net…

A: Given values: Workings: Net operating loss = $ 12000 in 2017

Q: How much is the total donor's tax due of Spouses Oredan?

A: Donation tax is the tax which has to be charged on the donations made during the year and the…

Q: Mike, a single taxpayer, purchased a house 20 years ago for $30,000. He sells the house in December…

A: Capital Gain : Capital gain refers to the appreciation in the value of the asset's value over the…

Q: In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation…

A: The dividends are grossed up by "15%" for non-eligible dividends in the year 2021. To calculate the…

Q: Patricia purchased a home on January 1, 2017 for $1,360,000 by making a down payment of $100,000 and…

A: Itemized Deductions: This refers to the expenditure on services, products, or contributions that are…

Q: In 2021, Jasmine and Thomas, a married couple, had taxable would have reported taxable income of…

A: In this question, we have to compute the tax.

Q: In 2020, Juan entered into a contract to write a book. The publisher advanced Juan $50,000, which…

A: Marginal tax Rate: It is the  additional tax payable  for every additional dollar earned as income.…

Q: Lacy is a single taxpayer. In 2020, her taxable income is $43,800. What is her tax liability in each…

A: A qualified dividend is the earnings on which the capital gain tax is applied. These taxes are 0%,…

Q: Robert is a single taxpayer who has an AGI of $145,000 in 2020, his taxable income is $122,000. What…

A: Tax liability of an individual depends on the net taxable income for the previous period. Taxable…

Q: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Stan has more than $2,100 unearned income, kiddle tax rates will be applicable on her income.

Q: In 2019, Michael has net short-term capital losses of $1,500, a net long-term capital loss of…

A: Capital Gains: When a profit is earned after selling a capital asset like a stock, real estate, or…

Q: Alicia, a resident alien, made the following donation: On Jan. 21, 2020, P4,000,000 to a friend as…

A: Donor's tax refers to the tax which is paid by the who does a gratuitous transfer the value of which…

Q: In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes…

A: Tax is regarded as the mandatory amount which is paid by the taxpayer to the state or local…

Q: of $4,000,000

A: Gift rupees= $4,000,000.

Q: Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and…

A: Taxable income: It is the amount of income on which the tax liability of individual and corporation…

Q: Joyce is a widowed taxpayer whose husband Willard passed away on March 31, 2020. Joyce and Willard…

A: Based on the given data, Purchase cost of the home on September 12, 2004 = $215,000 Sale price of…

Q: In 2019, Michael has net short-term capital losses of $1,500, a net long-tern capital loss of…

A: As per IRS, "If a taxpayer’s net capital losses are more than their net capital gains, they can…

Q: Richard and Alice are divorced and under the terms of their written divorce agreement signed on…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brain and Kim have taxable income of…

A: Brian and Kim are minor kids their taxable income=$52000 Stan's Interest income=$4500

Q: Antonio and Maria deduct for state taxes?

A: a. Itemized deductions of $9,500 and deduct $5,600 for taxes on Antonio’s Schedule C for his…

Q: Mike is single, age 67, and has gross income of $150,000. His expenses are as follows: Alimony paid…

A: Taxable income refers to base income on which person is liable to tax . It include some or all items…

Q: Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2018. Also in…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in…

A: Adjusted Gross income:    It is measure that is used in determining the income from the gross…

Q: Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary.…

A: It is given that, Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from…

Q: In January of 2020, Joseph converted a building from a personal use asset to a business use asset.…

A: As per the rules of IRS, if an individual covert their personal use asset to a business use asset,…

Q: Melissa sold some of her Bitcoin in 2021 for a $200,000 long-term capital gain, bringing her total…

A: When a capital asset is sold, the phrase capital gain refers to the rise in its value. Simply put, a…

Q: Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2019, for…

A: Calculation of realized gain, recognized gain and adjusted basis of new residence:Answer: Realized…

Q: Alicia sold her personal residence to Rick for $300,000. Before the sale, Alicia paid the real…

A: Basis is not dependent on the person who paid taxes. It can be calculated by determining the…

Q: Britta incurred the following capital gains and losses in 2019:               Short-term capital…

A: Calculate the net gain or loss Britta must recognize in 2019:

Q: Sean, who is single, received social security benefits of $8,000, dividend income of $13,000, and…

A: Given information is: Social security benefits = $8000 Dividend Income = $13000 Interest Income =…

Q: Michelle had a $200,000 long-term capital gain when she sold part of her Bitcoin in 2021, increasing…

A: When a capital asset is sold, the phrase capital gain refers to the rise in its value. Simply put, a…

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: In 2021, Avi, a single taxpayer, had taxable income of $110,000. This amount included short-term…

A: Answer : Option  $14,000 is correct answer. Capital losses =  We can not set off Capital losses with…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.