Question

Mrs. Cora Yank (age 42) is divorced and has full custody of her 10-year-old son, William....

Mrs. Cora Yank (age 42) is divorced and has full custody of her 10-year-old son, William.

  • Mrs. Yank works as a medical technician in a Chicago hospital. Her salary was $38,400, from which her employer withheld $1,045 federal income tax and $2,938 employee FICA tax.
  • Several years ago, Mrs. Yank was seriously injured in a traffic accident caused by another driver’s negligence. This year, she received a $25,000 settlement from the driver’s insurance company: $20,000 as compensation for her physical injuries and $5,000 for lost wages during her convalescent period. Because she was unable to work for the first seven weeks of the year, she collected $1,400 unemployment compensation from the state of Illinois.
  • Mrs. Yank earned $629 interest on a savings account. She contributed $800 to a traditional IRA. She is not an active participant in any other qualified retirement plan.
  • Mrs. Yank paid $10,800 rent on the apartment in which she and William live. She received $1,600 alimony and $2,350 child support from her former husband under a divorce agreement executed in 2013.
  • Mrs. Yank is covered under her employer’s medical reimbursement plan. However, this year’s medical bills exceeded her reimbursement limit by $1,630.
  • Mrs. Yank paid $1,062 income tax to Illinois.
  • Mrs. Yank spent $470 on hospital shoes and uniforms. Her employer didn’t reimburse her for this expense.
  • Mrs. Yank paid $1,300 for after-school child care for William.

Required:
From the above information, compute Mrs. Yank’s 2020 federal income tax (including any AMT) and the amount due with her Form 1040 or the refund she should receive. Assume the tax year is 2020. Use Individual tax rate schedules and Standard deduction table. (Round all your intermediate calculations and final answers to the nearest whole dollar amount.)

AGI-

Taxable Income-

Mrs. Y reg income tax-

AMT-

Mrs.Y total tax Liab (AMT included)-

Refund-

Homework Answers

Answer #1

Following is the answer :-

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
Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to...
Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to be $4,000, and her employer has withheld $2,040 of federal taxes from her paycheck. Tiffany is allowed to claim a $3,700 child tax credit for her qualifying child. She is also allowed to claim a $1,200 recovery rebate credit for herself and a $500 recovery rebate credit for her child. Assume Tiffany did not receive the rebate credit in advance. What amount of taxes...
Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to...
Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to be $4,000, and her employer has withheld $2,040 of federal taxes from her paycheck. Tiffany is allowed to claim a $3,700 child tax credit for her qualifying child. She is also allowed to claim a $1,200 recovery rebate credit for herself and a $500 recovery rebate credit for her child. Assume Tiffany did not receive the rebate credit in advance. What amount of taxes...
5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real...
5-In 2019, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real property taxes of $1,500, state income taxes of $2,000, and mortgage interest expense of $10,000 (acquisition indebtedness of $200,000). In addition, she receives tax-exempt interest of $1,000 from a municipal bond (issued in 2006) that was used to fund a new business building for a (formerly) out-of-state employer. Finally, she received a state tax refund of $600 from the prior year. What is Nadia’s...
During all of 2018, Mr. and Mrs. Clay lived with their four children (all are under...
During all of 2018, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 2018. Neither is blind, and both are under age 65. They reported the following tax-related information for the year: (Use the tax rate schedules) Salary income $125,000 Prize from local radio station 1,500 Medical expenses (no health insurance) 4,000 Real estate taxes 4,200...
wanna is a single mother with a3 year old son, Zachary, who lived with her all...
wanna is a single mother with a3 year old son, Zachary, who lived with her all year. wanna signed the form 8332 allowing Zacharys father to claim him as a dependant. wanna had wages is 18000 no other income and no other nonrefundable credits. she paid kid place 2000 to watch Zachary while she worked. Wanda tax on form 1040 line 47 is 468. what is Wandas child and dependant care credit? a) 570 b) 2000 c) 0 d) 660
Ellen , 45 and single has the following income and deductions in 2019. Salary                             &
Ellen , 45 and single has the following income and deductions in 2019. Salary                                                          $50,000 Interest Income                                                3,200 Dividends                                                           800 Medical Expenses                                            6,150 Property Taxes on Personal residence             6,300 Interest on Home Mortgage                             7,600 State and Local Income Taxes                         5,800 State and Local Sales Taxes                            2,000 Investment Interest Expense                           5,000 In addition, Ellen’s car (value =$15,000, cost $20,000) was stolen during the year and the insurance reimbursement was $7,000. She also had $2,000 of travel expenses related to her job...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2019, John worked as a computer technician at a local university earning a salary of $152,300, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,300. John also does some Web design work on the side and reported revenues of $4,300 and associated expenses of $900. The Fergusons received $860 in qualified dividends and a $215 refund of...
Mrs. Johnson, a 67-year-old female patient, has recently been discharged from the hospital following an admission...
Mrs. Johnson, a 67-year-old female patient, has recently been discharged from the hospital following an admission for COPD. She has a past medical history of a colon resection related to acute diverticulitis. She developed a surgical wound infection that requires daily wet to dry wound packing and IV Zosyn. Mrs. Johnson was discharged with home oxygen. To manage her care at home, home care visits were ordered. (Learning Objective 5) What would be involved in setting up the first home...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2018, John worked as a computer technician at a local university earning a salary of $154,200, and Sandy worked part-time as a receptionist for a law firm earning a salary of $31,200. John also does some Web design work on the side and reported revenues of $6,200 and associated expenses of $1,850. The Fergusons received $1,240 in qualified dividends and a $310 refund of...
Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her...
Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason’s Social Security number is 111-11-1112, and June’s is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund. Roberta, an advertising executive, earned a salary from ABC...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT