Questions from Federal Taxation

Q: Use the Tax Rate Schedules to compute Morgan’s 2017 Federal income tax

Use the Tax Rate Schedules to compute Morgan’s 2017 Federal income tax liability. Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend, age 36), Flo (a niece...

Q: Which of the following individuals are required to file a 2017 Federal

Which of the following individuals are required to file a 2017 Federal income tax return? Should any of these individuals file a return even if filing is not required? Why or why not? a. Patricia, age...

Q: Roy and Brandi are engaged and plan to get married. Roy

Roy and Brandi are engaged and plan to get married. Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-...

Q: Taylor, age 18, is claimed as a dependent by her

Taylor, age 18, is claimed as a dependent by her parents. For 2017, she records the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest f...

Q: Paige, age 17, is claimed as a dependent on her

Paige, age 17, is claimed as a dependent on her parents’ 2017 Federal income tax return, on which they report taxable income of $120,000 (no qualified dividends or capital gains). Paige earned $3,900...

Q: Distinguish between taxes that are proportional and those that are progressive.

Distinguish between taxes that are proportional and those that are progressive.

Q: Terri, age 16, is claimed as a dependent on her

Terri, age 16, is claimed as a dependent on her parents’ 2017 Federal income tax return. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs. a. What is Terri’s taxa...

Q: During the year, Inez recorded the following transactions involving capital assets

During the year, Inez recorded the following transactions involving capital assets. Gain on the sale of unimproved land (held as an investment for 3 years)……………$ 3,000 Loss on the sale of a camper (p...

Q: During the year, Chester incurred the following transactions involving capital assets

During the year, Chester incurred the following transactions involving capital assets. Gain on the sale of an arrowhead collection (acquired as an investment at different times but all pieces have be...

Q: Each year, Tom and Cindy Bates report itemized deductions of $

Each year, Tom and Cindy Bates report itemized deductions of $10,000, including a $4,000 pledge payment to their church. Upon the advice of a friend, they do the following: in early January 2017, they...