Questions from Individual Taxation

Q: Beverly and Ken Hair have been married for 3 years. Beverly

Beverly and Ken Hair have been married for 3 years. Beverly works as an accountant at Cypress Corporation. Ken is a full-time student at Southwest Missouri State University (SMSU) and also works part-...

Q: Steve Jackson (birthdate December 13, 1966) is a single

Steve Jackson (birthdate December 13, 1966) is a single taxpayer living at 3215 Pacific Dr., Apt. B, Pacific Beach, CA 92109. His Social Security number is 465-88-9415. In 2019, Steveâ€...

Q: Ann hires a nanny to watch her two children while she works

Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19-year-old nanny $170 per week for 42 weeks during the current year. a. What is the employer’s portion o...

Q: Yolanda is a cash basis taxpayer with the following transactions during the

Yolanda is a cash basis taxpayer with the following transactions during the year: Calculate Yolanda’s income from her business for this calendar year. Sales income? Expenses: Other t...

Q: Married taxpayers Otto and Ruth are both self-employed. Otto

Married taxpayers Otto and Ruth are both self-employed. Otto earns $352,000 of self-employment income and Ruth has a self-employment loss of $13,500. How much 0.9 percent Medicare tax for high-income...

Q: Amy is a calendar-year taxpayer reporting on the cash basis

Amy is a calendar-year taxpayer reporting on the cash basis. Please indicate how she should treat the following items for 2019: a. She makes a deductible contribution to an IRA on April 15, 2020. b....

Q: Brian and Kim have a 12-year-old child,

Brian and Kim have a 12-year-old child, Stan. For 2019, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan’s income on Brian and...

Q: Refer to the previous problem 8. If Stan’s parents elected to

Refer to the previous problem 8. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be? Data from Problem 8: Brian and Kim have a 12-year-ol...

Q: Clarita is a single taxpayer with two dependent children, ages 10

Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the ye...

Q: Go to the IRS website (www.irs.gov)

Go to the IRS website (www.irs.gov) and redo Problem 10 above using the most recent Form 2441, Child and Dependent Care Expenses. Print out the completed Form 2441. Do not calculate the earned income...