Questions from Federal Taxation

Q: Paola and Isidora are married; file a joint tax return;

Paola and Isidora are married; file a joint tax return; report modified AGI of $148,000; and have one dependent child, Dante. The couple paid $12,000 of tuition and $10,000 for room and board for Dant...

Q: Rafael and Lucy, married taxpayers, each contribute $2,

Rafael and Lucy, married taxpayers, each contribute $2,900 to their respective § 401(k) plans offered through their employers. The AGI reported on the couple’s joint return is $44,000. Determine their...

Q: Sally owns real property for which the annual property taxes are $

Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2021, for $550,000. Kate pays the real property taxes for the entire year on October...

Q: In 2021, Bianca earned a salary of $164,000

In 2021, Bianca earned a salary of $164,000 from her employer. Determine the amount of FICA taxes and Medicare taxes withheld from her salary.

Q: Use the following data to calculate Chiara’s AMT base in 2021.

Use the following data to calculate Chiara’s AMT base in 2021. Chiara will itemize deductions and will file as a single taxpayer. Taxable income ………………………………………………………….$248,000 Positive AMT adjustment...

Q: For calendar year 2021, Giana was a self-employed consultant

For calendar year 2021, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2021....

Q: Reba is a single taxpayer. Lawrence, Reba’s 84-year

Reba is a single taxpayer. Lawrence, Reba’s 84-year-old dependent grandfather, lived with Reba until this year, when he moved to Lakeside Nursing Home because he needs specialized medical and nursing...

Q: Green Corporation hires six individuals on January 4, 2021, all

Green Corporation hires six individuals on January 4, 2021, all of whom qualify for the work opportunity credit. Three of these individuals receive wages of $8,500 during 2021, and each individual wor...

Q: This year, Amy purchased a personal residence at a cost of

This year, Amy purchased a personal residence at a cost of $1,000,000. She borrowed $800,000 secured by the home to make the purchase. This year, she paid interest expense on this mortgage of $12,000....

Q: Jason, a single parent, lives in an apartment with his

Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2021 and uses the standard deduction. Calculate the amount, if any, of Jason’...