Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $65,000 and contributed $4,600 of it to a qualified retirement account (a for AGI deduction). She also received $8,000 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $15,700 of expenditures that qualified as itemized deductions, including a $1,000 donation to United Way (a public charity). (Use the tax rate schedules and 2021 rules.) b. What would Camille’s taxable income be if she incurred $24,700 of itemized deductions, including a $1,000 donation to the United Way (a public charity), instead of $15,700? DescriptionAmount(1) Gross income(2) For AGI deductions(3) Adjusted gross income$0(4) Standard deduction(5) Itemized deductionsTaxable income
Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $65,000 and contributed $4,600 of it to a qualified retirement account (a for AGI deduction). She also received $8,000 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $15,700 of expenditures that qualified as itemized deductions, including a $1,000 donation to United Way (a public charity). (Use the tax rate schedules and 2021 rules.) b. What would Camille’s taxable income be if she incurred $24,700 of itemized deductions, including a $1,000 donation to the United Way (a public charity), instead of $15,700? DescriptionAmount(1) Gross income(2) For AGI deductions(3) Adjusted gross income$0(4) Standard deduction(5) Itemized deductionsTaxable income
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 34P
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Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille’s home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $65,000 and contributed $4,600 of it to a qualified retirement account (a for AGI deduction). She also received $8,000 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $15,700 of expenditures that qualified as itemized deductions, including a $1,000 donation to United Way (a public charity). (Use the tax rate schedules and 2021 rules.)
b. What would Camille’s taxable income be if she incurred $24,700 of itemized deductions, including a $1,000 donation to the United Way (a public charity), instead of $15,700?
DescriptionAmount(1) Gross income(2) For AGI deductions(3) Adjusted gross income$0(4) Standard deduction(5) Itemized deductionsTaxable income
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT