Last year Juni earned $49,800 from her job, and $42 in interest income. Her employer withheld $4800 to pay for health insurance and another $3000 for her tax-deferred retirement account. She qualifies for a deduction of $18,700. Calculate her Gross, Adjusted Gross, and Taxable incomes.

Q: Andrew​, who is​ single, retired from his job this year. He received a salary of $22,000 for the…

A: Adjusted gross income (AGI) is calculated by deducting deductions for AGI from the gross income.

Q: Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer…

A: Tax is the amount which an individual or business is liable to pay the government for business…

Q: Annie's employer withheld $10,488 in federal income tax. After completing her return, Anvie…

A: Federal income tax:- It is the tax amount that an individual owes to the government. It is the tax…

Q: Karen, 28 years old and a single taxpayer, has a salary of $35,000 and rental income of $33,000 for…

A: Solution  Rental income  refer the income received from rent from the building or house is taxed…

Q: A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed…

A: Itemized deduction includes: 1. Interest expense: Home Mortgage interest on acquisition in debtness.…

Q: Ms. Lincoln paid $14,340 of medical expenses this year that were not reimbursed by her insurance…

A: For claim the medical costs or expenses deduction, you should itemize your deductions. itemizing…

Q: Ms. Lincoln paid $14,340 of medical expenses this year that were not reimbursed by her insurance…

A: Itemize deductions: It is the deduction that will decrease the taxable income of individual…

Q: Skylar is single and earns $410,000 in salary during 2018. What is the amount of 0.9 percent…

A: Employers are required to withhold additional Medicare tax, above the 1.45% Medicare tax rate, at a…

Q: A woman earned wages of $49,800, received $1700 in interest from a savings account, and contributed…

A: Gross income is the total income earned by the individual, organization during the year before…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021.…

A: Answer:-  FICA Tax definition: - FICA stands for the Federal Insurance Contribution Act. It is…

Q: During the 2021 financial year, Kate (a resident taxpayer) received wages from her employment…

A: Since the income exceeds $18,200 , the income will be taxable. Employer withholds Pay as you go…

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

A: Given: Particulars Amount Service amount $35,000 Marginal tax rate 37% After tax rate of…

Q: Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in…

A: Given, Clarita is a single taxpayer Dependent children = 2 (below age 13) Qualified child care…

Q: Frederick is married, he earned $2,655 last week, and had year-to-date earnings of $141,344. Use…

A: An employee who makes $141,344 a year . Though Medicare tax is due on the entire salary, only the…

Q: Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last…

A: Tax Calculation According IRS (Internal Revenue Services) calculation and filling of taxes are…

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: Cardo works in a private company. he received de minimis benefit during the taxable year. How much…

A: Non taxable De minimis are allowances which are exempted or partially exempted from tax.

Q: During the 2020 tax year, Gwen supports her family as a physical therapist. She reports $90,000 of…

A: Health insurance is a type of insurance that pays for medical costs incurred as a result of an…

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: llene rents her second home. During the year, llene reported a net loss of $15,700 from the rental.…

A: correct answer is $10,450

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: Beatrix’s annual salary is ₱430,000.00. While she is single, she has one dependent declared under…

A: Taxable income is the net income earned by an individual on which the tax is payable. It is…

Q: Determine whether the taxpayer in each of the following situations is in constructive receipt of…

A: Constructive receipt of income is an accounting concept under which an individual or business entity…

Q: Patricia, an unmarried taxpayer who is head of household, has adjusted gross income of \$42 ,800 and…

A: Answer: If Patricia elects to participate in the employer provided program and has her expenses…

Q: In 2020, Bianca earned a salary of $189,000 from her employer. Determine the amount of FICA Social…

A: Answer The Social Security  withholding rate is gross pay times 6.2% up to the maximum pay level for…

Q: What is Jenny's tax loss for the income year?     $17,000     $20,000     $11,000     Nil…

A: The assessable income is the income on which the tax is calculated. The assessable is calculated by…

Q: A woman earned wages of $34,200, received $2900 in interest from a savings account, and contributed…

A: The adjusted gross income is calculated as deducting adjustments from gross income.

Q: During the year, Brenda (70), a single taxpayer, received $18,000 in social security benefits. Her…

A: Introduction:- Calculation of how much of Brenda's social security benefits are taxable as follows:-…

Q: A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed…

A: An itemised deduction seems to be an expense that may be deducted from your adjusted gross income…

Q: Jeremy earned $100,400 in salary and $6,400 in interest income during the year. Jeremy’s employer…

A:

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did…

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more…

Q: During the year, Brenda (70), a single taxpayer, received $18,000 in social security benefits. Her…

A: Combined Income=Social security benefits×12+Wages+Pension

Q: Malcolm Moore, single, had medical expenses of $5,000 last year and was able to deduct $3,000 of…

A: Gross Taxable Income: Gross income is defined as any income you earn that is not specifically…

Q: Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What…

A: Taxable income refers to the amount to which tax is imposed. It is arrived at after allowing certain…

Q: Jane sued her employer for age discrimination. She was awarded $5,000 to cover the medical bills she…

A: Given,  $5,000 to cover the medical bills $20,000 to punish the employer for discrimination $10,000…

Q: Gina receives a $2,900 distribution from her educational savings account. She uses $1,500 to pay for…

A: ESA Distribution: ESA distributions are tax-free. Amount of the distribution should be less than…

Q: Ms. Gleason, an unmarried taxpayer, had the following income items: $ 40,000 3,200 Salary Net income…

A: Tax is the amount of expenses that are charged by the government from the organisation and…

Q: In April of this year Rachel received a $1,780 refund of state income taxes that she paid last year.…

A:

Q: He belongs to a medical aid fund to which he contributed R3 000 per month to during the year of…

A: Introduction: When one account incurs expenditures or receives money on behalf of one or more other…

Q: A man earned wages of $35,000, received $2,500 in interest from a savings account, and contributed…

A: Taxable income: It can be defined as an income that is used or considered while calculating the tax…

Q: How much of the above amounts is Frank entitled to deduct?

A: Tax: Tax is a percentage of income of individual or a company which is collected by the government…

Q: Andrew​, who is​ single, retired from his job this year. He received a salary of $24,000 for the…

A: Gross income: It is the total of income of the individual from all the sources of income earning.

Q: In 2018, Nelia Gomez, an MWE, received from her employer an annual minimum wage salary of ₱99,702.…

A: Tax is charged on the income of an individual, firm, company, or organization at a predetermined…

Q: Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made…

A: Calculation of Paige's total income: Particulars Amount Income from Wages $100,000 Add:…

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

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Sally McKrachen is a single young professional with a gross income of $51,000. Sally has no…

A: Taxable income is the income on which an individual pays tax. This is calculated by subtracting any…

Q: Patricia, an unmarried taxpayer who is head of household, has adjusted gross income of $42,800 and…

A: It is the tax credit available from the government to the tax paying parent who have dependent child…