The following information applies to Emily for 2022. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the Components of the tax formula to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Emily's taxable income in 2022 is $ Taxable Not taxable 88,100 X. Taxable Taxable Identify whether the items are deductible (fully or partially) by Emily. Amount lost in football office pool Not deductible Contribution to a traditional IRA Taxable Deductible ✓ $85,000 1,100 6,000 6,000 25,000 2,500 500 40
The following information applies to Emily for 2022. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the Components of the tax formula to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Emily's taxable income in 2022 is $ Taxable Not taxable 88,100 X. Taxable Taxable Identify whether the items are deductible (fully or partially) by Emily. Amount lost in football office pool Not deductible Contribution to a traditional IRA Taxable Deductible ✓ $85,000 1,100 6,000 6,000 25,000 2,500 500 40
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 13P
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B3
Transcribed Image Text:The following information applies to Emily for 2022. Her filing status is single.
Salary
Interest income from bonds issued by Xerox
Alimony payments received (divorce occurred in 2014)
Contribution to traditional IRA
Gift from parents
Short-term capital gain from stock investment
Amount lost in football office pool (gambling loss)
Age
Emily has no gambling winnings this year.
Click here to access the Components of the tax formula to use.
Indicate whether the following items are taxable or nontaxable to Emily.
Salary
Gift from parents
Alimony payments received
Short-term capital gain from stock investment
Interest income from bonds issued by Xerox
Emily's taxable income in 2022 is $
Taxable
Not taxable
Identify whether the items are deductible (fully or partially) by Emily.
Amount lost in football office pool
Not deductible
Contribution to a traditional IRA
88,100 X.
Taxable
Taxable
Taxable
Deductible
$85,000
1,100
6,000
6,000
25,000
2,500
500
40
![Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800
interest from a money market account, and $300 interest from City of Chicago bonds.
If an amount is zero, enter "0".
Click here to access the 2022 tax rate schedule.
a. Determine the following:
Taylor's standard deduction for 2022 is $
Taylor's taxable income for 2022 is $
Feedback
▼Check My Work
700 X.
0
x.
To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment
income) of certain children is taxed as if it were the parents' income. The kiddie tax applies to any child who is under age 19 (or under age 24 if a
full-time student) and has unearned income of more than $2,300.
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff06d33a6-22e7-458c-9fac-b19161950348%2F285e2469-9692-4bfc-83c7-d28ad320df56%2F7gz1j0l_processed.png&w=3840&q=75)
Transcribed Image Text:Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income: $6,250 wages from a summer job, $800
interest from a money market account, and $300 interest from City of Chicago bonds.
If an amount is zero, enter "0".
Click here to access the 2022 tax rate schedule.
a. Determine the following:
Taylor's standard deduction for 2022 is $
Taylor's taxable income for 2022 is $
Feedback
▼Check My Work
700 X.
0
x.
To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment
income) of certain children is taxed as if it were the parents' income. The kiddie tax applies to any child who is under age 19 (or under age 24 if a
full-time student) and has unearned income of more than $2,300.
b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax.
Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]
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