Question

 

 

This year Jack intends to file a married-joint return. Jack received $175,000 of salary, and paid $7,250 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,450 and $30,300 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

a. What is Jack's adjusted gross income?

Expert Solution

Want to see the full answer?

Check out a sample Q&A here
Blurred answer
Students who’ve seen this question also like:
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN: 9780357391723
Author: Maloney
Publisher: Cengage
Not helpful? See similar books
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Gross Income: Concepts And Inclusions. 56P
marketing sidebar icon
Want to see this answer and more?
Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*
*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: This year Jack intends to file a married-joint return. Jack received $174,000 of salary, and paid…

A: Click to see the answer

Q: Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In…

A: Tax refers to the amount charged by the government from the individual and organization on the…

Q: Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In…

A: The IRS utilizes adjusted gross income (AGI) to calculate tax liability for year.  It's estimated by…

Q: Marc and Michelle are married and earned salaries this year of $65,600 and $12,600, respectively. In…

A: Adjusted gross income, or AGI, starts with your gross income, and is then reduced by certain…

Q: Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Ian, 37, and Isabella, 36, are married and file a joint tax return.  They have one child, Ingrid…

A: Income Tax - It is tax imposed by the government on company or individual with respect to their…

Q: Dermot and Melony are married, file a joint tax return and have AGI of $120,000. Their daughter…

A: Tax credit refers to the concept of computing the desired amount of money an individual or taxpayers…

Q: Dermot and Melony are married, file a joint tax return and have AGI of $120,000. Their daughter…

A: Under Internal Revenue Service(IRS), there are two types of education tax credit available for…

Q: Under a divorce agreement executed in 2015, Bob is required to pay his ex-wife, Carol, $3,000 a…

A: Taxable income: Taxable income refers to the gross income less any allowable deductions of a…

Q: Jacob, age 42, and Jane Brewster, age 44, are married and file a joint return in 2020. The Brewsters…

A: Alternative minimum tax (AMT) refers to the minimum amount of tax that an individual supposed after…

Q: Jim and Mary were divorced in June of 2018. Under the terms of the divorce, Jim was to pay his wife…

A: For 12 month period: Jim is paying $2000 per month that means in 12 months he will pay $24000 and…

Q: For 2020, Erika and Matthew, ages 62 and 68, respectively, are married taxpayers who file a joint…

A: The following calculations are done for Erik and Matthew who file a joint tax return.

Q: Alicia and Rafel are in the process of negotiating a divorce agreement to be finalized in 2021. They…

A: Income Tax - It is kind of direct taxes levied by the government on the income of the citizens…

Q: Data: This year Jack intends to file a married-joint return. Jack received $179,200 of salary and…

A: The formulation: Calculation of Jack’s Adjusted Gross Total Income

Q: In 2020, Laureen is currently single. She paid $2,320 of qualified tuition and related expenses for…

A: AOTC: American opportunity tax credit (AOTC) is a credit available for qualified tuition and…

Q: Gilbert is an elementary school teacher at a public school. Gilbert and Tara are married and choose…

A: Here given the illustration to fill up the form of 1040 for taxes for married filled jointly.  The…

Q: Darius, an unmarried individual, lived with his 15 year old daughter, Jackie, during all of 2021.…

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

Q: Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent…

A: On Form 8949 first part is related to short term capital gain and part 2 on page 2 is related to…

Q: Linda and Don are married and file a joint return. In 2020, they received $12,000 in Social Security…

A: The following joint income return is calculated for Linda and Don.

Q: Evan and Eileen Carter are husband and wife and file a joint return for 2018. Both are under 65…

A: Dependency exemption: The deduction allowed for the care and maintenance of qualifying dependent is…

Q: In 2019, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax…

A: In Schedule A, Form 1040, deduction of only that portion of medical expense in available, which…

Q: Jermaine and Kesha are married, file a joint tax return, have AGI of $75,000, and have two children.…

A: Concept used: Maximum up to tax liability or Actual paid or 2500 whichever amount is lower will be…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Answer: Part a:

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Income tax: when the individual, proprietors, or Hindu undivided family earn the income from the…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Income tax: when the individual, proprietors, or Hindu undivided family earn the income from the…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Gross Income= Income from salary+ Interest received+ Gift+ Capital gain- Capital loss…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Richard and Alice are divorced and under the terms of their written divorce agreement signed on…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Emma received the following items during the year pursuant to a divorce decree: Family SUV with a…

A: Alimony received in kind is not taxable. So alimony paid for child supports is not taxable in the…

Q: 1. А and в дot married in 2015 and had an offspring a year after. On the fifth year of their…

A: Liability: It refers to the obligation of one party to another in the lieu of any circumstance or…

Q: Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent…

A: In Part C, it is been mentioned that we have to assume that the stock sale information was reported…

Q: Harry and Carrie Franklin are married and choose to file Married Filing Jointly on their 2020 tax…

A: Eligible educators can subtract up to $250 in eligible expenditures from their wages under the…

Q: Richard Hartman, age 29, single with no dependents, received a salary of $62,670 in 2020.  During…

A: Gross Income = Salary + Interest Income + Gift Received + (Gain on sale of Stock - Loss on sale of…

Q: Demarco and Janine Jackson have been married for 20 years and have four children who qualify as…

A: Tax liability refers to the amount which a person or firm is liable to pay to the government. It is…

Q: ammond are married taxpayers filing a joint return. The couple have two dependent children. Susan…

A: Adjusted Gross Income is the term used in the calculation of gross income for all taxable sources…

Q: Lyndon, age 24, has a nonworking spouse and earns wages of $36,000 for 2019. He also received rental…

A: Payroll:   The total payment that a company is required to pay to its employee for the services…

Q: Demarco and Janine Jackson have been married for 20 years and have four children who qualify as…

A: Treatment of Investment loss :      If the sale of an investment which is purchased 1 or more year…

Q: n 2019, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a…

A: Hello, since your question has multiple parts we will solve the first question for you. If you want…

Q: Ava and her husband, Leo, file a joint return and are in the 24% tax bracket in 2019. Ava’s employer…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: 13. Avery had the following transaction during the tax year. Required: Determine the amount of…

A: The amount of Avery's gross income:   Avery's salary = $75000 Add: Alimony in the amount = $30000…

Q: This year, Paula and Simon (married filing jointly) estimate that their tax liability will be…

A: Tax payments are the liability of the individual, that, needs to be paid to the government on…

Q: Robert and John are married and have 4 dependent children and earn a gross biweekly salary of…

A: Definition:   Withholding tax: The tax owed to the government by the employer or entity that made…

Q: Sam died on January 15, 2011 and left his wife, Terry, an insurance policy with a face value of…

A: Point of Taxation: In the event of demise of the insured, the beneficiary receives proceeds from the…

Q: Akiko, a single taxpayer, incurred higher-than-expected expenses in her active business in 2020. In…

A: Akiko, a single tax payer's In 2020, Deductible expense = $2400000 Taxable revenues = $2000000…

Q: Father dies in 2018 and leaves his entire estate of $6,350,000 to Son.  Father’s estate pays…

A: Taxes paid  on Father's estate is $250,000 federal estate tax & $100,000 Illinois estate tax.…

Q: Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2020). In 2020, her…

A: SEP IRA - it is a Simplified Employee Pension Individual Retirement Arrangement adopted by business…

Q: Matt and Melanie have been married for 12 years and have no children. They are divorcing on January…

A: Alimony is the financial assistance or grant provided by the earning spouse to dependent…

Q: Baron, age 35, is a single parent with two dependent child. He recently purchased a house for…

A: Payment protection plans seem to be an optional service offered by select lenders as well as credit…

Knowledge Booster
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
  • SWFT Comprehensive Vol 2020
    Accounting
    ISBN:9780357391723
    Author:Maloney
    Publisher:Cengage
    Individual Income Taxes
    Accounting
    ISBN:9780357109731
    Author:Hoffman
    Publisher:CENGAGE LEARNING - CONSIGNMENT
    SWFT Individual Income Taxes
    Accounting
    ISBN:9780357391365
    Author:YOUNG
    Publisher:Cengage
  • SWFT Comprehensive Volume 2019
    Accounting
    ISBN:9780357233306
    Author:Maloney
    Publisher:Cengage
    Income Tax Fundamentals 2020
    Accounting
    ISBN:9780357391129
    Author:WHITTENBURG
    Publisher:Cengage
    SWFT Essntl Tax Individ/Bus Entities 2020
    Accounting
    ISBN:9780357391266
    Author:Nellen
    Publisher:Cengage
  • SWFT Comprehensive Vol 2020
    Accounting
    ISBN:9780357391723
    Author:Maloney
    Publisher:Cengage
    Individual Income Taxes
    Accounting
    ISBN:9780357109731
    Author:Hoffman
    Publisher:CENGAGE LEARNING - CONSIGNMENT
    SWFT Individual Income Taxes
    Accounting
    ISBN:9780357391365
    Author:YOUNG
    Publisher:Cengage
    SWFT Comprehensive Volume 2019
    Accounting
    ISBN:9780357233306
    Author:Maloney
    Publisher:Cengage
    Income Tax Fundamentals 2020
    Accounting
    ISBN:9780357391129
    Author:WHITTENBURG
    Publisher:Cengage
    SWFT Essntl Tax Individ/Bus Entities 2020
    Accounting
    ISBN:9780357391266
    Author:Nellen
    Publisher:Cengage