Jennifer, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. This year, Jennifer had the following tax information. Salary Qualified Business income from sole proprietorship Dividend income Deduction for self-employment tax Itemized deductions $54,800 25,000 2,800 1,766 14,200 Compute Jennifer's adjusted gross income (AGI) and taxable income.

Jennifer, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. This year, Jennifer had the following tax information. Salary Qualified Business income from sole proprietorship Dividend income Deduction for self-employment tax Itemized deductions $54,800 25,000 2,800 1,766 14,200 Compute Jennifer's adjusted gross income (AGI) and taxable income.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________
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