Acct553

ACCT553 3-31 Tom and Linda are married tax honorariumers who file a representative return. They have itemized deductions of $12,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is their assessable income for 2012? Adjusted blunt Income = $40,000 slight: Itemized Deductions = $12,250 slight: Four Exemptions (4x$3,700) = $14,800 ratable Income = $12,950 3-32 Compute Maries taxable income for 2012, assuming she is single and claims two mutualist children. Her adjusted gross income is $70,000, and she has itemized deductions of $9,000. Adjusted egregious Income = $70,000 less(prenominal): Itemized Deductions = $9,000 Less: Three Exemptions (3x$3,700) = $11,100 Taxable Income = $49,900 3-36 Compute Stanleys taxable income for 2012, assuming he has $1,000 in w boards from working in a food product store store and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents return. Gross Income = $3,000 Less: Deductions = $1,300 Taxable Income = $1,700 13-55 Mr. Z, a nondealer, sold assets on an episode plan. fall Mr. Zs gross income for 2012. Relevant data include: $25,000(50,000/200,000) = $6,250 $80,000(81,000/300,000) = $21,600 $125,000(96,000/400,000) = $30,000 Gross Income = $57,850 13-69 countywide Problem. Bill is a cash-basis, calendar- family taxpayer.

Which of the following declination items consequence in gross income or deductions for the current year? a. jump for sure for December rent, $700, not deposited until January 4 (I think this is castigate f irmness of purpose because it is a payment m! ade in December for December rent. The deposit date is irrelevant.) b. Check for $1,100 to pay Bills state income taxes mailed December 28, cashed January 7 c. hard cash received in the amount of $500 for services to be rendered the following year d. Interest of $800 credited to his savings draw, added to Bills account balance e. Check received for...If you want to get a full essay, rear it on our website: BestEssayCheap.com

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