Questions from Individual Taxation

Q: For the following taxpayers determine if they are required to file a

For the following taxpayers determine if they are required to file a tax return in 2016. a. Ricko, single taxpayer, with gross income of $12,000. b. Fantasia, head of household, with gross income of...

Q: For the following taxpayers, determine the due date of their tax

For the following taxpayers, determine the due date of their tax returns. a. Jerome, single taxpayer, is not requesting an extension this year. Assume the due date falls on a Tuesday. b. Lashaunda, a...

Q: Determine the amount of the late filing and late payment penalties that

Determine the amount of the late filing and late payment penalties that apply for the following taxpayers. a. Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes s...

Q: Whitney received $75,000 of taxable income in 2016.

Whitney received $75,000 of taxable income in 2016. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? a. She files under...

Q: Augustana received $10,000 of qualified dividends this year.

Augustana received $10,000 of qualified dividends this year. Under what circumstances would all $10,000 be taxed at the same rate? Under what circumstances might the entire $10,000 of income not be ta...

Q: In 2016, Lisa and Fred, a married couple, have

In 2016, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported t...

Q: In 2016, Jasmine and Thomas, a married couple, have

In 2016, Jasmine and Thomas, a married couple, have taxable income of $150,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $140,000 and Thomas would have...

Q: Lacy is a single taxpayer. In 2016, her taxable income

Lacy is a single taxpayer. In 2016, her taxable income is $40,000. What is her tax liability in each of the following alternative situations? a. All of her income is salary from her employer. b. Her $...

Q: Henrich is a single taxpayer. In 2016, his taxable income

Henrich is a single taxpayer. In 2016, his taxable income is $425,000. What is his tax liability (including the net investment income tax) in each of the following alternative scenarios? a. All of his...

Q: In 2016, Sheryl is claimed as a dependent on her parent’s

In 2016, Sheryl is claimed as a dependent on her parent’s tax return. Her parents’ ordinary income marginal tax rate is 35%. Sheryl did not provide more than half her own support. What is Sheryl’s tax...