Which one of these expenditures is not a deduction from adjusted gross income? a. Charitable Contribution b. Alimony payments c. Casualty losses d. State income taxes e. Home mortgage interest
You are watching: Calculate how much dan can deduct for taxes as an itemized deduction this year.
Amanda paid interest of $15,000 on her $300,000 acquisition debt for her home (fair market value of $500,000), $5,000 of interest on her $70,000 home-equity loan, $1,000 of credit card interest, and $3,000 of margin interest on a loan from her stock broker for the purchase of stock. Assume that Amanda has $1,400 of interest income this year and no investment expense. How much of the interest expense may she deduct this year? a. $28,000. b. $25,000. c. $24,000. d. $21,400. e. Other
Juan incurs the following medical expenses during the current tax year: Surgeon”s fees $2,200 Medical insurance premiums 1,600 Hospital fees 800 Prescription drugs 310 Cost of eye glasses 200 Vitamins bought without prescription 300 Juan”s adjusted gross income for the year is $40,000. He receives a $500 reimbursement from his insurance company. Determine the amount of his medical expense deduction for the current year. a. $ – 0 – b. $ 410 c. $610 d. $1,400 e. $1,610
Mary provided this information about to her state income taxes: State income taxes withheld in 2015 $4,500 Refund of 2014 state income tax, received in 2015 400 Deficiency paid in 2015 after audit of her 2013 state income tax return: State income tax 800 Interest on state income tax liability 100 A state income tax refund of $200 for 2015 will be claimed on the 2015 state income tax return filed on April 15, 2016. What is her deduction for state income taxes on her 2015 federal tax return? a. $3,500 b. $3,700 c. $4,100 d. $5,300 e. Other
Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding $1,400 State income tax estimated payments 750 Federal income tax withholding 3,000 Social Security tax withheld from wages 2,100 State excise tax on liquor 400 Automobile license (based on the car”s weight) 300 State sales tax paid 475 Calculate how much Dan can deduct for taxes as itemized deductions this year. a. $4,250 b. $2,150 c. $4,500 d. $4,300e. Other
Taxpayer donated stock (capital gain property) to a public charity in 2015. She bought the stock 3 years ago for $110,000. On the date of the gift, it had a fair market value of $300,000. What is her maximum charitable contribution deduction for 2015, if her AGI is $400,000? a. $120,000 b. $200,000 c. $150,000 d. $110,000 e. None of the above
Roberta”s residence was totally destroyed by fire. The residence had an adjusted basis of $150,000 and a FMV of $180,000 before the fire. Roberta received insurance reimbursement of $120,000 for the destruction of her home. Roberta”s adjusted gross income was $80,000. She had no casualty gains. What amount of the fire loss was Roberta entitled to claim as an itemized deduction on her tax return?a. $30,000b. $21,900 c. $1,960 d. $0 e. Other
Joan is a sales manager for Big Corporation in Charlotte. This year, Joan made two business trips to New York to visit the purchasing manager at Rich Corporation. The purpose of the visits was to convince Rich Corporation to start buying office supplies from Big Corporation. Big Corporation does not provide reimbursement for employee business travel expenses. Joan”s adjusted gross income is $100,000 for the current year. Joan incurred the following expenses for the two trips to New York:Air fare $1,500 Lodging $1,000Meals $600What is the amount of Joan deduction for these expenses after application of any AGI limitations? a. $3,100b. $2,800c. $800d. $1,100 e. Other
Mary Kay is single and has three dependent children. In 2015, Mary Kay has AGI of $400,000. She files as a head of household. The exemptions phased-out threshold for a head of household is $284,050. Calculate her deductible total personal and dependency exemptions. a. $960 b. $200 c. $3,460 d. $0 e. Other
Jeremy earned $100,000 in salary and $16,000 in interest income during the year. Jeremy also has a long-term capital gain of $4,000. Jeremy has two qualifying dependent children who live with him. Neither of his dependents qualifies for the child tax credit. He qualifies to file as head of household and has $17,000 in itemized deductions. What is Jeremy”s tax liability before credits (for withholding, etc.)? Use the 2015 tax rate schedules. a. 14,172.50 b. $16,403.5 c. $17,001.00 d. $16,672.50 e. Other
. Mary is single, with no children. Mary”s elderly mother (Mindy, age 75) lives with Mary. Mindy works part-time at a laundry, where she earns wages of $5,000 per year, which Mindy spends on her own medical care. Mary pays $8,000 per year for food, clothing, and other costs for support of Mindy. What is Mary”s filing status for the current year? a. Single b. Married filing jointly c. Qualifying widower d. Head of household
Sarah and Sam are married and file a joint return. They are both age 67, both have good vision. They receive social security benefits of $12,000 per year, and also have pension income of $25,000. They claim the standard deduction. What is their taxable income? a. $0 b. $1,900 c. $3,500 d. $7,600 e Other
Betty is single. In 2015, she received her regular salary of $200,000. In December, 2015, the company paid her a cash bonus of $20,000, in addition to her regular salary. How much Social Security tax and Medicare tax is withheld on the bonus?a. $277.90 b. $217.50 c. $290.00 d. $522.00 e. Other
Louis files as a single taxpayer. He is 29 years old. In April, 2015, he received a $1,000 refund of income taxes that he paid to the State of North Carolina in 2014. Louis claimed itemized deductions of $7,000 on the 2014 federal income tax return. These itemized deductions included income taxes paid to the State of North Carolina, in the amount of $2,000 for 2014. How much of the North Carolina income tax refund for 2014 must Louis include in gross income on his federal income tax return for 2015? a. $800 b. $1,000 c. $2,000 d. $0 e. Other
Use the following information for the next two questions. On June 10, 2010, Big Corp gave a stock option to Mark, when Big”s stock was worth $5 per share. The option gave Mark the right to purchase a total of 100 shares of Big Corporation stock for $5 per share. On June 1, 2014, the option vested. On that day, the stock was worth $30 per share. On June 1, 2014, Mark exercised the option by purchasing a total of 100 shares. On June 5, 2015, Mark sold all of the stock for $40 a share. Details are in the table below. No. of Strike Price FMV Value of Stock Option Shares Per Share per share 100 shares June 1, 2010 Grant 100 $5 $5 $500 June 1, 2014 Vest 100 $5 $30 $3,000 June 1, 2014 Purchase 100 $5 $30 $3,000 June 5, 2015 Sold 100 $5 $40 $4,000 Assume this is a non-qualified option. How much income or gain should Mark recognize when computing regular income tax for 2014? a. $0 b. $500 c. $2,500 d. $3,500 e. Other
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