Questions from Individual Taxation

Q: Camille Sikorski was divorced last year. She currently owns and provides

Camille Sikorski was divorced last year. She currently owns and provides a home for her 15-year-old daughter. Kaly lived in Camille’s home for the entire year and Camille paid for all the costs of mai...

Q: Tiffany is unmarried and has a 15-year-old qualifying

Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to be $3,525, and her employer has withheld $1,500 of federal taxes from her paycheck. Tiffany is...

Q: Shauna Coleman is single. She is employed as an architectural designer

Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income. She correctly calculated her AGI. However, she wasn’t...

Q: Joe and Jessie are married and have one dependent child, Lizzie

Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft b...

Q: Anne’s marginal income tax rate is 32 percent. She purchases a

Anne’s marginal income tax rate is 32 percent. She purchases a corporate bond for $10,000 and the maturity, or face value, of the bond is $10,000. If the bond pays 5 percent per year before taxes, wha...

Q: Trevor is a single individual who is a cash-method calendar

Trevor is a single individual who is a cash-method calendar-year taxpayer. For each of the next two years (year 1 and year 2), Trevor expects to report AGI of $80,000, contribute $8,000 to charity, an...

Q: Fred currently earns $9,000 per month. Fred has

Fred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $10,000 per month if he accept...

Q: During 2018, your clients, Mr. and Mrs. Howell

During 2018, your clients, Mr. and Mrs. Howell, owned the following investment assets: Investment Assets Date Acquired Purchase Price Broker’s Commission Paid at Time of Purchase  300 shares of...

Q: Stephanie is 12 years old and often assists neighbors on weekends by

Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2018 standard deduction Stephanie will claim under the following independent circumstance...

Q: Compare how the return of capital principle applies when: (1

Compare how the return of capital principle applies when: (1) a taxpayer sells an asset and collects the sale proceeds all immediately, and (2) a taxpayer sells an asset and collects the sale proceeds...