Question

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

Tax Withheld: $ 472.00

Income from services rendered by professional services accrued included in Schedule M.

Data present in Schedule M:

Income from services rendered: $ 600.00

(-) Operating Expenses: $ 499.00

= Net income: $ 101.00

(-) Net loss in operations from previous years 0.00

= Profit attributable to services rendered: $ 101.00

Taxpayer status: Individual.

With one (1) dependent of legal age (senior).

With the following applicable deductions:

Mortgage Loan: Interest paid during the year 2019 = $ 2,460.00.

Medical Expenses: $ 1,051.00

Contributions to individual retirement accounts $ 100.00.

Determine the amounts corresponding to each item that is reported on the taxpayer's return.

A. Tax Withheld

B- Total Amount of Salaries, Commissions.

C-Amount of Profit or Loss attributable to services rendered.

D-Total Income

E-Adjusted Gross Income

F-Total deductions- Schedule A

G-Total deductions for dependents-Schedule A1.

H-Determine the Net Income subject to tax.

Answer 1

A. Tax Withheld
Employer 1	$195.00
Employer 2	$130.00
Employer 3	$472.00
	$797.00

B- Total Amount of Salaries, Commissions
Employer 1	$3,669.00
Employer 2	$19,532.00
Employer 3	$8,227.00
	$31,428.00

C-Amount of Profit or Loss attributable to services rendered=$101

D-Total Income=$31,428+$101

=$31529

E-Adjusted Gross Income=$31529

F-Total deductions- Schedule A

F-Total deductions- Schedule A
Contribution to individual retirement account	$100.00
Medical Expenses( more than 6% of AGI)	Nil
Personal Exemptiom	$2,000.00
Interest Paid on loan	$2,460.00
	$4,560.00

G

Dependant Exemption

$2,500

H.-Determine the Net Income subject to tax.

E-Adjusted Gross Income	$31,529.00
F-Total deductions- Schedule A	$4,560.00
G-Total deductions for dependents-Schedule A1.	$2,500.00
H-Determine the Net Income subject to tax.	$24,469.00