Shannon, a single taxpayer, has a long-term capital loss of $7,000 on the sale of bonds in 2019 and no other capital gains or losses. Her taxable income without this transaction is $47,000. What is her taxable income considering this capital loss?

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

Q: Julie, being self-employed, is required to make estimated payments of her tax liability for the…

A: In case estimated tax of an individual is $1,000 or more than quarterly payment of tax should be…

Q: Emily, who is single, sustains an NOL of $10,080 in 2021. The loss is carried forward to 2022. For…

A: calculation of  adjusted gross income and taxable income and other requirement are as follows

Q: Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they…

A: Alternative minimum taxable income is the income on which a flat tax rate is applied. It usually…

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: Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993. He…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: Given : Mary's  age 70 and head of household (unmarried) Income =  $37,000 Exclusions =  $500…

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: Jack files married filing separately, and in 2020 his taxable income is $278,300, as computed below.…

A: The amount being paid to the tax authority or government as their revenue is known as tax. It is…

Q: Taylor, age 18, is claimed as a dependent by her parents. For 2021, she has the following income:…

A: Income Tax- Income Tax refers to the charge which is calculated on the salary of a personal or a…

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: under Care ACT

A: Option E is correct i.e. None of a through d is correct   Particulars 2019 2020 Salary…

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: 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: Huy is single, age 40, and operates a sole proprietorship.In 2020, Huy's sole proprietorship…

A: It is the deduction available on the qualified business income subject to the provisions of IRS.…

Q: In 2019, Gloria, a single taxpayer, receives a Schedule K-1 from a partnership she is invested in.…

A: QBI deduction:   QBI is the net number of qualified items of income, gain, deduction and loss from…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $42,800. What is her tax liability in each…

A: a) 10% x $9950 + 12% x ( $40525 - $9950) + 22% x ($42800 - $40525) =$995 + $3669 + $500.5 =$5164.5…

Q: In December 2020, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…

A: Long term capital gain above $ 80000 = 125000 - 80000 = $ 45000

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: Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $66,000. Assume…

A: Gross pay: It is the total amount of wages earned by employees without deducting any taxes or…

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 2019, Simon, age 12, has interest income of $7,980 and no earned income. He has no investment…

A: To Determine – Simon’s net unearned income and Total tax As Simon is only 12 years of age and has…

Q: Jenny, single, operates a sole proprietorship. In 2020, her sole proprietorship generates QBI of…

A: A tax is a mandatory contribution or financial fees levied by the government on the income generated…

Q: Huy is single, age 40, and operates a sole proprietorship. In 2020, Huy's sole proprietorship…

A: Qualified business income (QBI) deduction is a deduction available to eligible sole proprietors…

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: Henrich is a single taxpayer. In 2020, his taxable income is $450,000. What is his income tax and…

A: Income tax liability: It is the amount of tax a taxpayer is liable to pay on the taxable income…

Q: In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income.…

A: The profitability of the company can be arrived from the income statement prepared by the management…

Q: Jane is a single taxpayer with a current year AGI of $181,000 and current year income tax liability…

A: Smallest amount of withholding is 90% of the tax for current year or 100% of tax shown on return in…

Q: Mario, a single taxpayer with two dependent children, has the following items of income and expense…

A: Part( a )Mario's taxable income or loss for 2020. Adjusted Gross Income :-  Gross receipts from…

Q: Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an…

A: Marginal Tax rate = Change in Tax / Change in Taxable Income

Q: Susanna is single with taxable income in 2019 of $188,225 of which $130,000 is attributable to her…

A: The qualified business income deduction (QBI) seems to be a tax cut that allows qualifying…

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: During 2019​, Dale incurs the following deductible​ expenses: $1,400 in state income​ taxes, $3,400…

A: Taxable income is the percentage of income used to determine the amount of tax that a person or a…

Q: Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017 and elects to forego any…

A: The Total amount to be carried forward to 2020 is up to $17000 because there is no further profit…

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: nnie, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2021, she…

A: Taxable Income = Gross Income - Deductions

Q: Kate is an accrual basis, calendar-year taxpayer. On November 1, 2021, Kate leased out a building…

A: The question is related to the income from house property. The details are given. Monthly Rent =…

Q: Martha has a net capital loss of $17,000 and other ordinary taxable income of $45,000 for the…

A: The rules suggest that if the capital gains are less than the capital losses, the taxpayer can…

Q: In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…

A: A. LONG TERM CAPITAL GAIN ABOVE $78,750 = $125,000 - $78,750 =$46,250   B. TAX ON LONG TERM…

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: 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: Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole…

A: Qualified business income (QBI) deduction: Qualified business income deduction is the amount that…

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…

Q: Paulina Morales, a single taxpayer, had wage income of $68,950 in 2019. Her only other income was…

A: Given that, Paulina Morales is as single tax payer wage income = $68950 Her only other income =…

Q: Diego, age 28, married Dolores, age 27, in 2019. Their salaries for the year amounted to $80,000 and…

A: Tax liability: When the assessee is earned the income of among any of the sources of income then its…

Q: n 2019, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of…

A: Every Individual who is earning more than the limit prescribed then person has to pay tax amount to…

Q: During 2020, Leisel, a single taxpayer, operates a sole proprietorship in which she materially…

A: Sub-Section L of Section 461 of the Internal Revenue Code (IRC) specifies the restriction threshold…

Q: Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98,000 and his…

A: Calculation of Taxable income: