Questions from General Taxation

Q: Cecilia is married and files a joint return with her husband,

Cecilia is married and files a joint return with her husband, Steve. They have modified adjusted gross income of $140,000. Cecilia paid $2,700 in student loan interest this year. How much of this inte...

Q: Clark works all year at the front desk of the Dew Drop

Clark works all year at the front desk of the Dew Drop Inn and earns a salary of $30,000. He is offered the option of a $400-per-month living allowance or rent-free use of a room at the inn. Clark cho...

Q: Harry and Silvia, a married couple, are both age 67

Harry and Silvia, a married couple, are both age 67 and legally blind. What is their standard deduction for 2017?

Q: Lynn, age 66, is an unmarried individual who has a

Lynn, age 66, is an unmarried individual who has a dependent grandchild who lives with her. What is Lynn’s standard deduction for 2017?

Q: Daniel’s adjusted gross income is $90,000. During the

Daniel’s adjusted gross income is $90,000. During the year he incurred $14,000 of medical expenses and was reimbursed for $3,000 of these expenses. What is his allowable medical expense deduction if h...

Q: Rebecca and Gregory, a married couple filing a joint return,

Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income of $70,000 and total allowable itemized deductions of $13,000, including $3,100 for state income taxes, in 2...

Q: Priscilla, an employee of Choice Corporation, has an annual salary

Priscilla, an employee of Choice Corporation, has an annual salary of $70,000. Choice has a cafeteria plan that allows all employees to choose an amount equal to 8 percent of their annual salary from...

Q: Pablo and Adriana, a married couple who file a joint return

Pablo and Adriana, a married couple who file a joint return, purchased a $190,000 home making a $38,000 cash down payment and taking out a mortgage for the balance of the purchase price. They also pai...

Q: Suzanne, who is a head of household, has the following

Suzanne, who is a head of household, has the following deductions before considering any phaseouts: Interest on qualified acquisition debt………$9,800 Real property taxes…………………………………..3,000 State incom...

Q: Joseph provides $12,000 of support for his mother,

Joseph provides $12,000 of support for his mother, Miriam, who lives with him. Miriam is single and a U.S. citizen. Her only income is Social Security of $5,000 and taxable pension income of $4,200. M...