Use the 2019 tax tables to determine each of the following values if your adjusted gross income is $18,000. 1. Determine your tax liability if you are filing single using the standard deduction of $12,000 and have no adjustments, itemized deductions, or tax credits. 2. Determine your tax liability if you are filing single using the standard deduction of $12,000, have a child tax credit of $500, and have no other adjustments, deductions or credits. 3. Determine your tax liability if you file as head of household using the $18,000 deduction and have no adjustments, itemized deductions, or tax credits.

Use the 2019 tax tables to determine each of the following values if your adjusted gross income is $18,000. 1. Determine your tax liability if you are filing single using the standard deduction of $12,000 and have no adjustments, itemized deductions, or tax credits. 2. Determine your tax liability if you are filing single using the standard deduction of $12,000, have a child tax credit of $500, and have no other adjustments, deductions or credits. 3. Determine your tax liability if you file as head of household using the $18,000 deduction and have no adjustments, itemized deductions, or tax credits.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 31CE: Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For...

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Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For 2020, Emilys income tax information before taking into account the 2019 NOL is as follows: The 2019 single standard deduction is 12,200; Emilys itemized deductions will exceed the 2020 single standard deduction (after adjustment for Inflation). The medical expense AGI floor is 10% In 2019. How much of the NOL carryforward can Emily use in 2020, and what is her adjusted gross income and her taxable income?
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