Questions from Federal Taxation

Q: Taylor, age 18, is a dependent of her parents.

Taylor, age 18, is a dependent of her parents. For 2018, she has the follow income: $4,000 of wages from a summer job, $1,800 of interest from a money market account, and $2,000 of interest from City...

Q: Charlotte (age 40) is a surviving spouse and provides all

Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and furnished 6001o of...

Q: Morgan (age 45) is single and provides more than 500

Morgan (age 45) is single and provides more than 500/o of the support of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live with Morgan, but Jer...

Q: A nonresident alien earns money in the United States that is subject

A nonresident alien earns money in the United States that is subject to Federal income tax. What guidance does the IRS provide about what tax form needs to be used and when it should be filed? In term...

Q: Which of the following individuals are required to file a tax return

Which of the following individuals are required to file a tax return for 2018' Should any of these individuals file a return even if filing is not required' Why or why not? a. Patricia, age 19, is a s...

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

Roy and Brandi are engaged and plan to get married. During 2018, Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable scholarships...

Q: Jayden calculates his 2018 income tax by using both the Tax Tables

Jayden calculates his 2018 income tax by using both the Tax Tables and the Tax Rate Schedules. Because the Tax Rate Schedules yield a slightly lower tax liability, he plans to pay this amount. a. Why...

Q: Paige, age 17, is a dependent of her parents in

Paige, age 17, is a dependent of her parents in 2018. During 2018, Paige Digging Deeper earned $3,900 pet sitting and $4,100 in interest on a savings account. What are Paige's taxable income and tax l...

Q: Terri, age 16, is a dependent of her parents in

Terri, age 16, is a dependent of her parents in 2018. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs. a. What is Terri's taxable income? b. What is Terri's net...

Q: In 2018, Bertha Jarow had a $28,000 loss

In 2018, Bertha Jarow had a $28,000 loss from the sale of a personal residence. She also purchased from an individual inventor for $7,000 (and resold in two montl1s for $18,000) a patent on a rubber b...