Question

Ellen , 45 and single has the following income and deductions in 2019. Salary                             &

  1. 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 that were reimbursed. $3,000 of federal income tax was withheld from her salary.

She elects to treat her dividends as net investment income, so that they are not subject to long term capital gains rates.

Compute her tax liability or refund.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

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
9) Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses...
9) Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses during 2019: Medical expenses $ 5,000 Alimony (divorce finalized in 2019) 24,000 Charitable contributions 2,000 Federal disaster casuality loss 3,000 Mortgage interest on personal residence 4,500 Property taxes on personal residence 4,200 Moving expenses 2,500 Contribution to a traditional IRA 3,000 Sales taxes (no state or local income tax is imposed) 1,300 Student loan interest 2,000 A. Calculate Jack's deductions for AGI. B. Calculate...
Omer, single, age 35, has one dependent (Maria, a qualifying child, age 7) that lived with...
Omer, single, age 35, has one dependent (Maria, a qualifying child, age 7) that lived with Omer for all of 2020. Omer paid all costs of maintaining the household for himself and Maria. Omer’s sister, Zelda, also lived with Omer for all of 2020. Zelda had no income, and Omer provided all of her support. In 2020, Omer had the following income items: Salary: $75,000 Interest on savings account (investment income): $2,500 Ordinary dividends (investment income; not qualified dividends): $1,500...
Chen, a single taxpayer, had the following income and deductions during 2018: Salary                            &n
Chen, a single taxpayer, had the following income and deductions during 2018: Salary                                                 $55,000 Interest on bank account                           750 Tax-exempt interest                                  500 Deduction for AGI                                5,500 Itemized deductions                           15,000 Taxes withheld                                      5,500 Calculate Chen's tax liability due or refund. $1,010.50 tax liability. $1,010.50 refund. $705.50 tax liability. D)     $705.50 refund.
Cathy, age 37, who is single, has the following information: $100,000 salary $8,000 interest $3,000 life...
Cathy, age 37, who is single, has the following information: $100,000 salary $8,000 interest $3,000 life insurance dividends $900 state income tax refund; she itemized deductions last year $14,000 mortgage interest paid $5,000 real property tax paid $7,000 state income tax withheld $13,000 in cash contributions to the Sacred Heart Catholic Church What is Cathy's tax liability?
Cathy, age 37, who is single, has the following information: $100,000 salary $8,000 interest $3,000 life...
Cathy, age 37, who is single, has the following information: $100,000 salary $8,000 interest $3,000 life insurance dividends $900 state income tax refund; she itemized deductions last year $14,000 mortgage interest paid $5,000 real property tax paid $7,000 state income tax withheld $13,000 in cash contributions to the Sacred Heart Catholic Church What is Cathy's tax liability?
Paul is single, age 33 and earned a salary of $70,000. In 2019, Paul received a...
Paul is single, age 33 and earned a salary of $70,000. In 2019, Paul received a state tax refund of $2,000 based upon his 2018 state tax return. Paul itemized deductions in 2018 on his federal tax return which included a deduction only State income taxes. Paul's potential itemized deductions for the current year are as follows: medical expenses $4,000 Charitable contributions $500 Mortgage interest $1,000 Real estate taxes $11,000 Calculate Paul's taxable income for 2019 and Paul's income tax...
1. Chen, a single taxpayer, had the following income and deductions during 2018: Salary                           &nbsp
1. Chen, a single taxpayer, had the following income and deductions during 2018: Salary                                                 $55,000 Interest on bank account                           750 Tax-exempt interest                                  500 Deduction for AGI                                5,500 Itemized deductions                           15,000 Taxes withheld                                      5,500 Calculate Chen's tax liability due or refund. 2. Artimisa's employer pays $8,000 in tuition this year for Artimisa to attend a graduate business program. How much of the employer-provided tuition is taxable to Artimisa? A) $0 B) $2,750 C) $5,250 D) $8,000
Ryan is not married and supports her 12 year old child who lives with her. Ryan...
Ryan is not married and supports her 12 year old child who lives with her. Ryan works as an employee with gross salaries and wages of $122,000. Ryan only other income was interest of $7,300, qualifying dividends of $3,150, and other information follows: Contribution to solo(k) retirement plan, withheld from the salary             $ 4,500 Loss on sale of Alphatech stock held 2 years                                                   -3,700 Mortgage interest on primary residence                                                           4,950 State and local property tax on residence                                                          3,350 Property tax...
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 2019, Sara, a single taxpayer (divorced in 2018), reported the following items of income and...
During 2019, Sara, a single taxpayer (divorced in 2018), reported the following items of income and expenses: Income: Salary = $84,000 Dividend income= $800 Bank account interest = $150 Capital gain on stock owned less than one year = $3,000 Revenue from sole proprietorship business (jewelry sales)= $14,500 Expenses/losses: Alimony paid= $12,000 Interest on principal residence= $8,000 Real estate taxes on principal residence= $2,000 Capital loss on stock owned less than one year = $8,000 Expenses related to sole proprietorship:...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT