Question

This year Evan graduated from college and took a job as a deliveryman in the city....

This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,900 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows:

Cost of moving his possessions to the city (125 miles away) $ 1,200
Interest paid on accumulated student loans 2,820
Cost of purchasing a delivery uniform 1,420
Contribution to State University deliveryman program 1,310

Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan’s student loans this year.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Evan's AGI = $70300

Taxable Income = $58100

TAXABLE INCOME
SALARY 72900
PART TIME HOURLY PAY 700
GROSS INCOME 73600
LESS : MOVING EXPENSES DEDUCTION 1200
MODIFIED AGI (FOR STUDENT INTEREST) 72400
LESS -STUDENT LOAN INTEREST DEDUCTION* 2100
AGI 70300
LESS - STANDARD DEDUCTION 12200
TAXABLE INCOME 58100

* CALCULATION OF STUDENT LOAN INTEREST DEDUCTION (2019):-

= 2500 - [(2500* {(72400-70000) / (85000-70000)}]

=2500 - 400

= $ 2100

kindly give a ?. It helps me. Thanks!!

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Evan graduated from college, and took a job as a deliveryman in the city. Evan was...
Evan graduated from college, and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below.         Cost of moving his possessions to the city (125 miles away) $ 1,200   Interest paid on accumulated student loans 2,800   Cost of purchasing a delivery uniform 1,400   Contribution to State University deliveryman program 1,300 Calculate Evan's AGI and taxable...
Don graduated from a prestigious east coast university in May 2012. His parents could not pay...
Don graduated from a prestigious east coast university in May 2012. His parents could not pay for all his college education and so borrowed $75,000 in student loans. After graduation, Don landed a great job with the accounting firm of Dewey, Cheatham and Howe. They started him off with a six-figure salary. Don enjoys his new job and enjoys his newfound credit rating even more. Don wants to reduce his carbon footprint but not at the risk of style, so...
Early next year, Kate and Sam Smith will inherit $200,000. Kate and Sam are trying to...
Early next year, Kate and Sam Smith will inherit $200,000. Kate and Sam are trying to decide how to invest this money and have asked you, their tax accountant, to look into some potential investment opportunities. Please see the attached excel spreadsheet, where I completed the annual after-tax rates of return column for each investment opportunity I have identified. Amount inherited to Kate and Sam smith $200,000 Tax rate 30% Capital gain tax rate 15% 1 Taxable corporate bonds that...
Textbook: Spiker Taxation of Individuals Comprehensive Problem 6-68 (LO 6-1, LO 6-2, LO 6-3) [The following...
Textbook: Spiker Taxation of Individuals Comprehensive Problem 6-68 (LO 6-1, LO 6-2, LO 6-3) [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2017 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that...
I have solved the problem up to number 6. all my answers from 7 keeps coming...
I have solved the problem up to number 6. all my answers from 7 keeps coming up incorrect. That is where i need the help. Thank you Note: This problem is for the 2018 tax year. Daniel B. Butler and Freida C. Butler, husband and wife, file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan's Social Security number is 111-11-1112, and Freida's is 123-45-6789. Dan was born on January 15, 1967, and Freida...
Note: This problem is for the 2018 tax year. Alice J. and Bruce M. Byrd are...
Note: This problem is for the 2018 tax year. Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1112, respectively. Alice's birthday is September 21, 1971, and Bruce's is June 27, 1970. They live at 473 Revere Avenue, Lowell, MA 01850. Alice is the office manager for Lowell Dental Clinic, 433 Broad Street, Lowell, MA 01850 (employer identification number 98-7654321). Bruce is the manager of a Super Burgers...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
MATHEMATICS 1. The measure of location which is the most likely to be influenced by extreme...
MATHEMATICS 1. The measure of location which is the most likely to be influenced by extreme values in the data set is the a. range b. median c. mode d. mean 2. If two events are independent, then a. they must be mutually exclusive b. the sum of their probabilities must be equal to one c. their intersection must be zero d. None of these alternatives is correct. any value between 0 to 1 3. Two events, A and B,...
Tax Return Project James A. Varney and Denise M. Varney James and Denise Varney are married...
Tax Return Project James A. Varney and Denise M. Varney James and Denise Varney are married and file a joint return. James is 48 years of age and Denise is 49. James is employed full-time as an electrical engineer for Livingston Unitech Corporation, Ltd. Denise is a self-employed design consultant. They have two children, Pamela and Vernon, who live at home and receive all of their support from their parents. Pamela is 20 years old and attended college on a...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how the firms resources incompetencies support the given pressures regarding costs and local responsiveness. Describe entry modes have they usually used, and whether they are appropriate for the given strategy. Any key issues in their global strategy? casestudy: Atlanta, June 17, 2014. Sea of Delta employees and their families swarmed between food trucks, amusement park booths, and entertainment venues that were scattered throughout what would...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT