10 May WHAT AMOUNT TO BE INCLUDED?
Tax problems 1. Jeremy earned $290 000 in salary and $6 000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $22 000 in itemized deductions. Neither of his dependents qualifies for the child tax credit. (use the.mheducation.com/extMedia/bne/accounting/spilker_7e/tax_rate_schedule.jpg”>tax rate schedules.).(Do not round intermediate calculations. Round “Income tax liability” to 2 decimal places.) A) Use the 2015 tax rate schedules to determine Jeremy’s taxes due. 1. Gross Income 2. For AGI Deductions 3. Adjusted gross income 4. Standard deduction 5. Itemized Deductions 6. Greater or Lesser of standard deductions or Itemized deductions 7. Personal and Dependency exemptions 8. Taxable income 9. Income tax liability B) Assume that in addition to the original facts Jeremy has a long-term capital gain of $14 000. What is Jeremy’s tax liability including the tax on the capital gain? 1. Gross Income 2. For AGI Deductions 3. Adjusted gross income 4. Standard deduction 5. Itemized Deductions 6. Greater or Lesser of standard deductions or Itemized deductions 7. Personal and Dependency exemptions 8. Taxable income 9. Income tax liability C) Assume the original facts except that Jeremy had only $7 000 in itemized deductions. What is Jeremy’s total income tax liability? 1. Gross Income 2. For AGI Deductions 3. Adjusted gross income 4. Standard deduction 5. Itemized Deductions 6. Greater or Lesser of standard deductions or Itemized deductions 7. Personal and Dependency exemptions 8. Taxable income 9. Income tax liability 2. David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1990. They have made prepayments of $700 and also have a child tax credit of $2000. What is the amount of their tax refund or taxes due? 1) Total Tax 2) Child tax credit or Prepayments 3) Child tax credit or Prepayments 3. Rick who is single has been offered a position as a city landscape consultant. The position pays $50 000 in cash wages. Assume Rick files single and is entitled to one personal exemption. Rick deducts the standard deduction instead of itemized deductions. (use the.mheducation.com/extMedia/bne/accounting/spilker_7e/tax_rate_schedule.jpg”>tax rate schedules.)(Do not round intermediate calculations. Round “Income tax liability” and “After-tax compensation” to 2 decimal places. Enter deductions as negative amounts) A) What is the amount of Rick’s after-tax compensation (Ignore payroll taxes)? 1. Gross Income 2. For AGI Deductions 3. Adjusted gross income 4. Standard deduction 5. Personal and Dependency exemptions 6. Taxable income 7. Income tax liability 8. After-tax compensation 4. Jasper and Crewella Dahvill were married in year 0. They filed joint tax returns in years 1 and 2. In year 3 their relationship was strained and Jasper insisted on filing a separate tax return. In year 4 the couple divorced. Both Jasper and Crewella filed single tax returns in year 4. In year 5 the IRS audited the couple’s joint year 2 tax return and each spouse’s separate year 3 tax returns. The IRS determined that the year 2 joint return and Crewella’s separate year 3 tax return understated Crewella’s self-employment income causing the joint return year 2 tax liability to be understated by $8 000 and Crewella’s year 3 separate return tax liability to be understated by $6 500. The IRS also assessed penalties and interest on both of these tax returns. Try as it might the IRS has not been able to locate Crewella but they have been able to find Jasper.(Leave no cells blank – be certain to enter “0” wherever required.) A) What amount of tax can the IRS require Jasper to pay for the Dahvill’s year 2 joint return? Amount of Tax B) What amount of tax can the IRS require Jasper to pay for Crewell’s year 3 separate tax return? Amount of Tax 5. George and Weezy received $29 300 of Social Security benefits this year ($11 100 for George; $18 200 for Weezy). They also received $4 850 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Weezy include in their gross income under the following independent situations?(Leave no answer blank. Enter zero if applicable.) A) George and Weezy fille married joint and receive $8850 of dividend income from stock owned by George? What is the amount to be included as taxable income? B) George and Weezy file married separate and receive $8850 of dividend income from stock owned by George? What amount to be included George and Weezy? C) George and Weezy file married joint and receive $32400 of dividend income from stocks owned by George? What amount to be included as taxable income? 6. For each of the following situations indicate how much the taxpayer is required to include in gross income:(Leave no answer blank. Enter zero if applicable.) a. Steve was awarded a $9 350 scholarship to attend State Law School. The scholarship pays Steve’s tuition and fees. b. Hal was awarded a $22 700 scholarship to attend State Hotel School. All scholarship students must work 40 hours per week at the School residency during the term. a. How much of scholarship is Steve required to include in his gross income? What amount to be included? b. What is the amount of scholarship Hal should include in his gross income? What amount to be included? 7. Dontae’s employer has offered him the following employment package. Salary $ 405 000 Health insurance 14 000 Dental insurance 975 Membership to Heflin Country Club 16 400 Season tickets to Atlanta Braves games 4 700 Tuition reimbursement for graduate courses 3 950 Housing allowance (for a McMansion in his neighborhood of choice) 35 500 What is Dontae’s gross income from his employment?
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