Question

A. Determine Adjusted Gross Income = $ B. Determine the amount of Net Income Subject to...

A. Determine Adjusted Gross Income = $

B. Determine the amount of Net Income Subject to Contribution = $

Taxpayer Data:

Withholding vouchers 499R / 2 / W-2PR 2019 = $ 495.00

Salaries: $ 16,837.00

Taxpayer status: Individual Taxpayer.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. A. Determine Adjusted Gross Income = $ 2. B. Determine the amount of Net Income...
1. A. Determine Adjusted Gross Income = $ 2. B. Determine the amount of Net Income Subject to Contribution = $ Taxpayer Data: Withholding vouchers 499R / 2 / W-2PR 2019 = $ 495.00 Salaries: $ 16,837.00 Taxpayer status: Individual Taxpayer.
With the following data, please determine the amount of the following items for the 2019 individual...
With the following data, please determine the amount of the following items for the 2019 individual income tax return of a taxpayer resident of Puerto Rico during the period from January to December 2019. Data for the calculations: Income from wages earned during the year 2019: Withholding vouchers 499R / 2 / W-2PR 2019 from three different employers for whom the taxpayer worked. Salaries: $ 3,669.00 Tax Withheld: $ 195.00 Salaries: $ 19,532.00 Tax Withheld: $ 130.00 Salaries: $ 8,227.00...
PART ONE What is the amount of the Adjusted Gross Income for 2019 tax return? The...
PART ONE What is the amount of the Adjusted Gross Income for 2019 tax return? The individual is single. Operate a small business and the records are kept on the cash basis account. INFORMATION NEEDED BELLOW Gross Income 600,000 Net Income 123,386 Self Employment Taxes 17,434 Expenses 476,614 Standard deduction 12,200 Estimated Tax Paid 17,400 PART TWO What is the amount of the Qualified Business Income Deduction? PART THREE What is the amount of the Taxable Income?
8. Which of the following miscellaneous deductions are subject to the 2% of adjusted gross income...
8. Which of the following miscellaneous deductions are subject to the 2% of adjusted gross income limitation for 2019? Multiple Choice Unreimbursed employee business expenses. Investment counsel and advisory fees. Safe deposit box fees. None of these.
for 2019 lydia had adjusted gross income of $60 000 and made the following charitable contributions:...
for 2019 lydia had adjusted gross income of $60 000 and made the following charitable contributions: Cash contribution to her synagogue:$1,500 Tuition to a private school paid directly to her niece:$1,200 Contribution to the Salvation Army:$350 Cash contribution to a man begging on a freeway off ramp:$150 What is the maximum amount that she can deduct as a charitable contribution for 2019? a. $1650 b. $3050 c. $3200 d.$1850
Which of the following causes taxable income to be a smaller amount than gross income for...
Which of the following causes taxable income to be a smaller amount than gross income for an individual taxpayer? a) Nonrefundable tax credits b) The greater of itemized deductions or the standard deduction c) Exclusions from gross income d) Redundable tax credits
234. Alejandro is a married taxpayer and he files a joint return. His adjusted gross income...
234. Alejandro is a married taxpayer and he files a joint return. His adjusted gross income after deductions in 2019 is $250,000. The deductions that he needs to add back in for AMT purposes are $6,000 in state and local taxes and $4,000 in personal property taxes. Based on Alejandro’s alternative minimum taxable income (AMTI) of $260,000, he is entitled to subtract the what amount of the AMT exemption to arrive at his final taxable amount? A. $0 B. $54,700...
. Determine the net deductible casualty gain or loss for Jan Brady when her Adjusted Gross...
. Determine the net deductible casualty gain or loss for Jan Brady when her Adjusted Gross Income was $53,750 in 2019 before the following occurred: Assets A and B were destroyed in the same casualty in August. Asset C was destroyed in a separate casualty in October. All casualties were nonbusiness, personal-use property and they all occurred in a Federally declared disaster area. What is the amount of the net deductible casualty gain or loss that should be reported on...
Determine the net effect on Tamara's adjusted gross income with regard to these capital asset transactions...
Determine the net effect on Tamara's adjusted gross income with regard to these capital asset transactions that occurred this year. • Sold ABCCo stock, acquired 2 years ago, for a $7,100 loss. • Sold collectible coins, held for 17 months, for a $9,940 gain. • Sold XYZCo shares, acquired 6 months ago, for a $19,880 loss. • Sold LMNCo stock, acquired 3 years ago, for a $2,485 gain. As a result of these transactions, Tamara has a net long-term capital...
An individual taxpayer reports the following items for 2018: Ordinary income from Partnership A, operating a...
An individual taxpayer reports the following items for 2018: Ordinary income from Partnership A, operating a movie theater in which the taxpayer materially participates - $70,000 Net rental loss from residential property in which the taxpayer actively participates - ($40,000) a) What is the amount of deductible rental loss from residential property, taxpayer's adjusted gross income for 2018 and the amount of passive loss carryover to 2019? b) How would your answer in part A change if ordinary income from...