Week 1 Assignment

3 - 31. Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $11,950 and four exemptions. Assuming an adjust stark(a) income of $40,000, what is their nonexempt income for 2011? Answer: 40,000 - 11,950 = 28,050 28,050 4 (3,700) = $13,250 in ratable income for 2011 3 - 32. estimate Maries taxable income for 2011, assuming she is single and claims two capable children. Her adjusted egregious income is $70,000, and she has itemized deductions of $9,000. Answer: 70,000 - 9,000 = 61,000 61,000 3 (3,700) = $49,900 in taxable income for 2011 3 - 36. Compute Stanleys taxable income for 2011, assuming he has $1,000 in proceeds from working in a grocery retentiveness and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents return. Answer: 3,000 - 1,300 = $1,700 in taxable income for 2011 13 - 55. Mr. Z, a nondealer, sold assets on an installment plan. fix Mr. Zs revenue income for 2011. Relevant data include: Answer: pull in Profit % for each social class: 2009: 50,000 / 200,000 = 0.25 2010: 81,000 / 300,000 = 0.27 2011: 96,000 / 400,000 = 0.24 2011 Collections for 2009 = 0.25 * 25,000 = 6,250 2011 Collections for 2010 = 0.27 * 80,000 = 21,600 2011 Collections for 2011 = 0.

24 * 125,000 = 30,000 2011 flagrant Income = 30,000 + 21,600 + 6,250 = $57,850 13 - 69. turn on is a cash-basis, calendar-year taxpayer. Which of the following celestial line of latitude items result in gross income or deductions for the current year? Answers: a. crack up re ceived for celestial latitude rent, $700, no! t deposited until January 4. Gross Income b. Check for $1,100 to pay scorecards state income taxes mailed December 28, cashed January 7. Deduction c. property received in the inwardness of $500 for services to be rendered the following year. Gross income d. engage of $800 credited to his savings account, added to Bills account balance. Gross income e. Check received for January rent, $700,...If you desire to get a replete essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay