(please Solve quickly) Darius, an unmarried individual, lived with his 15 year old daughter, Jackie, during all of 2021. For 2021, he had the following tax information:Wages$110,000Interest income3,500Lottery winnings10,000Short-term capital gain4,000Self-employment income4,500Life insurance proceeds received50,000Net rental income12,000Gift received from mom15,000Self-employment tax paid636Alimony paid(divorce was finalized on 2/15/2019)7,000Speeding ticket paid400Grocery bill (monthly)500Itemized deductions15,500Calculate Darius's taxable income and tax liability for 2021.

Taxable income: It refers to the total income of the taxpayer that is subjected to the tax charges.

Darius, an unmarried individual, lived with his 15 year old daughter, Jackie, during all of 2021. For 2021, he had the following tax information: Wages $110,000 Interest income 3,500 Lottery winnings Short-term capital gain Self-employment income 10,000 4,000 4,500 Life insurance proceeds received 50,000 Net rental income 12,000 Gift received from mom 15,000 Self-employment tax paid 636 Alimony paid (divorce was finalized on 2/15/2019) Speeding ticket paid Grocery bill (monthly) 7,000 400 500 Itemized deductions 15,500 Calculate Darius's taxable income and tax liability for 2021.

Darius, an unmarried individual, lived with his 15 year old daughter, Jackie, during all of 2021. For 2021, he had the following tax information: Wages $110,000 Interest income 3,500 Lottery winnings Short-term capital gain Self-employment income 10,000 4,000 4,500 Life insurance proceeds received 50,000 Net rental income 12,000 Gift received from mom 15,000 Self-employment tax paid 636 Alimony paid (divorce was finalized on 2/15/2019) Speeding ticket paid Grocery bill (monthly) 7,000 400 500 Itemized deductions 15,500 Calculate Darius's taxable income and tax liability for 2021.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter16: Property Transactions: Capital Gains And Losses

Section: Chapter Questions

Problem 3BCRQ

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