Questions from Individual Taxation

Q: Laura is a single taxpayer living in New Jersey with adjusted gross

Laura is a single taxpayer living in New Jersey with adjusted gross income for the 2018 tax year of $35,550. Laura’s employer withheld $3,300 in state income tax from her salary. In...

Q: 1. Which of the following is not a change made to

1. Which of the following is not a change made to individual taxation by the Tax Cuts and Jobs Act? a. Repeal of personal exemptions b. General lowering of tax rates c. Repeal of the individual altern...

Q: In 2018, Gale and Cathy Alexander hosted an exchange student,

In 2018, Gale and Cathy Alexander hosted an exchange student, Axel Muller, for 9 months. Axel was part of International Student Exchange Programs (a qualified organization). Axel attended tenth grade...

Q: Janie graduates from high school in 2018 and enrolls in college in

Janie graduates from high school in 2018 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie’s parents have AGI of $170,000, what is the American Opp...

Q: Vandell is a taxpayer in the 25 percent tax bracket. He

Vandell is a taxpayer in the 25 percent tax bracket. He invests in Otay Mesa Water District Bonds that pay 4.5 percent interest. What interest on a taxable bond would provide the same after-tax return...

Q: What is the total dollar amount of personal and dependency exemptions which

What is the total dollar amount of personal and dependency exemptions which a married couple with one child and $80,000 of adjusted gross income would claim in 2018?

Q: Carl and Jenny adopt a Korean orphan. The adoption takes 2

Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2018. They pay $7,000 in 2017 and $7,500 in 2018 for qualified adoption expenses. In 2018, C...

Q: Mike bought a solar electric pump to heat his pool at a

Mike bought a solar electric pump to heat his pool at a cost of $2,500 in 2018. What is Mike’s credit?

Q: Helen paid the following amounts of interest during the 2018 tax year

Helen paid the following amounts of interest during the 2018 tax year: Calculate the amount of Helen’s itemized deduction for interest (after limitations) for 2018.

Q: For each of the following situations (none of the taxpayers claim

For each of the following situations (none of the taxpayers claim dependents), indicate whether the taxpayer(s) is (are) required to file a tax return for 2018. Explain your answer. a. Helen is a sing...