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John (age 52 and single) has earned income of $3,000. He has $33,800 of unearned (capital gain) income.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe6ce3753-b96c-43e9-b162-619ea9ec998a%2F26fa6e26-eea6-4ca5-ba14-a499fa6544bb%2F4xyi4f8.jpeg&w=3840&q=75)
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- Brad and Angie are married and file a joint return. For year 14, they had income from wages in the amount of 100,000 and had the following capital transactions to report on their income tax return: What is the amount of capital loss carryover to year 15? a. (155,000) b. (152,000) c. (132,000) d. (125,000)During the year Marija had employment income of $50, 000, property income of $5, 000, a business loss of $12,000, income from an RRSP withdrawal of $3, 000, and a capital loss of 530,000 on the sale of shares in a small business corporation. How much is Marija's net income for tax purposes in accordance with Section 3 of the Income Tax Act?Multiple ChoiceS16, 000S0S46, 000531,000The following information applies to Emily for 2023. Her filing status is single. Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received (divorce occurred in 2014) 6,000 Contribution to traditional IRA 6,500 Gift from parents 25,000 Short-term capital gain from stock investment 2,500 Amount lost in football office pool (gambling loss) 500 Age 40 Emily's taxable income in 2023 is how much?
- Stella files single. In 2021, she had $70,00 in wages, $15,000 income from a limited partnership, and a $26,000 loss from rental real estate she actually participated in. how can she apply the losses?In 2020 Morgan is unmarried and has no dependents. She has self-employment income of $80,000 and $5,000 in dividend income. Her tax return also shows: $1,700 for self-employed health insurance premiums $11,304 for self-employment taxes $7,500 in medical expenses not related to her self employment $9,000 in charitable contributions of property not related to her self employment Based on this information, what is her adjusted gross income? Select one: a. $79,348 b. $71,996 c. $55,496 d. $77,648For 2018, Roberta is a self-employed truck driver with earnings of $45,000 from her business. During the year, Roberta received $2,500 in interest income and dividends of $500. She also sold investment property and recognized a $1,500 gain. What is the amount of Roberta’s self-employment tax (Social Security and Medicare taxes) liability for 2018? a. $2,790 b. $3,443 c. $6,358 d. $6,885 e. $7,344
- Jane Binyan is single with one dependent and files as head of household. She is the chief financial officer at the university where she works, and her salary is $173,400. She has other income of $2800, interest income of $8400, and adjustment to income of $6000 for a 401K retirement plan at work. Her itemized deductions are $14,380 in mortgage interest, $4820 in state income tax, $7800 in real estate taxes, and $6800 in charitable contributions. What is the amount of her tax? A)$28,450 B)$28,100 C)$28,775 D)$28,669PLEASE HELP ME UNDERSTAND AND USE THE INFORMATION PROVIDED WITH THE FOLLOWING THANK YOU! IT WILL NOT MAKE SENSE TO ME IF INFORMATION IS USED FROM A DIFFERENT QUESTION. Lillian and Jackson Clark are married in their early 20s living in Los Angeles. Jackson Clark earned $93,000 in 2018 from his sales job. During the year, his employer withheld $11,685 for income tax purposes. In addition, the Clarks received interest of $350 on a joint savings account, $750 interest on tax-exempt municipal bonds, and dividends of $400 on common stocks. At the end of 2018, the Clarks sold two stocks, A and B. Stock A was sold for $700 and purchased four months earlier for $800. Stock B was sold for $1,500 and bought 3 years earlier for $1,100. Although his company's pension plan covers Jackson, he plans to contribute $5,500 to a traditional deductible IRA for 2018. In addition, their only child, Carter, age 2, received (as his sole source of income) dividends of $200 from Hershey's stock. PLEASE EXPLAIN…Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax (due/refund) rounded to the nearest whole dollar of $.
- 23. Adela and James are married and file tax returns jointly. Last year Adela earned $43,500 and James earned $44,700 in wages. Additional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,290, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350. From this information, calculate their taxable income (in $). $Helen, age 74 and a widow, is claimed as a dependent by her daughter. For 2020, Helen had income as follows: $2,500 interest on municipal bonds; $3,200 Social Security benefits; $3,000 income from a part-time job; and $2,800 dividends on stock investments.During the current year, Irving, an individual, had long-term capital losses of $2,000 and short-term capital losses of $1,500. If this is the first year Irving has experienced capital gains or losses, what amount of these losses may Irving deduct this year? Group of answer choices A.$3,500 B.$3,000 C.$1,750 D.$2,500
