Acct553 Hw2

Introduction to Federal Taxation Week 2 denomination November 11 2012 3-31 tom and Linda are married taxpayers who file a joint return. They obligate itemized deductions of $12,250 and four exemptions. Assuming an adjusted earn income of $40,000, what is their rateable income for 2012? set realise Income$40,000 little: Itemized Deductions ($12,250) slight: 4 Exemptions ($15,200) ($3,800 x 4) nonexempt Income$12,550 3-32Compute Maries taxable income for 2012, assuming she is individual and claims dickens capable children. Her adjusted gross income is $70,000, and she has itemized deductions of $9,000. Adjusted consummate(a) Income$70,000 Less: Itemized Deductions ($ 9,000) Less: Three Exemptions ($11,400) ($3,800 x 3) Taxable Income$49,600 3-36Compute Stanleys taxable income for 2012, assuming he has $1,000 in wages from work in a grocery store and $2,000 in amuse income f rom somewhat bonds he owns. Stanley, age 16, is claimed as a dependent on his parents return. Gross Income$3,000 Less: Standard Deductions ($1,ccc) (larger of earned income + $300 OR $950) Total Taxable Income $1,700 13-55Mr. Z, a nondealer, sold assets on an installing plan. Determine Mr. Zs gross income for 2012.

relevant data include: Installment YearSalesGross Profit2012 Collections 2010$200,000$50,000$ 25,000 2011$300,000$81,000$ 80,000 2012$400,000$96,000$125,000 Gross Profit Percentage from each one Year 2010$50,000/$200,000 = 0.25$ 25,000 x 0 .25 = $ 6,250 2011$81,000/$300,000 = 0.27! $ 80,000 x 0.27 = $21,600 2012$96,000/$400,000 = 0.24$125,000 x 0.24 = $30,000 2012 Gross Income $57,850 13-69 heyday is a cash-basis, calendar-year taxpayer. Which of the pursuit celestial latitude items result in gross income or deductions for the original year? a. Check received for December rent, $700, not deposited until January 4 Gross income...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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