Question

Victoria, age 64, is an unmarried, cash basis, calendar year taxpayer with no dependents. Victoria has...

Victoria, age 64, is an unmarried, cash basis, calendar year taxpayer with no dependents. Victoria has the following income and deductions for 2019:

RECEIPTS FOR YEAR

Salary from local school district $ 64,000

Interest from Friendly Bank   1,635

Interest from City of Santee bonds 1,300

Dividends from Tandem Diabetic (qualified) 375

Gain from sale of Tandem Diabetic held 36 months 3,900

EXPENDITURES FOR YEAR

Itemized deductions $ 12,100

Calculate Victoria’s adjusted gross income, taxable income, and federal income tax. Show your work.

AGI = $____________       Taxable Income = $____________       Gross income tax = $_____________

Business   Accounting   
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Answer #1

Sol:-

Salary $64,000
Interest from bank 1,635
Interest from city of santee bonds (exemption) -
Dividend 375
Net Long - term capital gain 3600
Adjusted Gross income 69,610
Less: Itemized deduction 12,100
Taxable income 57,510
Regular taxable income (57510-3600-375) 53,535
Preferred income (3600+375) 3,975
Regular tax liability (4543)+(53535-39475)*22% 4093
Preferred Tax liabilty (3,975*15%) 596.25
Gross Tax Liability (4093+596.25) 4689.25
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