Questions from Taxation

Q: Mr. Coleman, an unmarried individual, had the following income

Mr. Coleman, an unmarried individual, had the following income items. Interest income …………………………………………………$14,200 Ordinary loss from an S corporation ……………………..(8,400) Ordinary income from a partnersh...

Q: Mr. and Mrs. Ludwig had the following income items.

Mr. and Mrs. Ludwig had the following income items. Dividend eligible for 0% preferential rate ………………….$ 3,400 Capital gain eligible for 0% preferential rate …………………2,900 Mrs. Ludwig’s salary. ………………...

Q: Mr. Rogers, an unmarried individual, had the following income

Mr. Rogers, an unmarried individual, had the following income items. Salary ……………………………………………….$512,100 Interest income ……………………………………19,700 Dividend eligible for 20% rate ……………….31,000 Mr. Rogers h...

Q: Mr. Garrett, a single taxpayer, has $15,

Mr. Garrett, a single taxpayer, has $15,700 AGI. Compute his taxable income in each of the following cases. a. Mr. Garrett’s AGI consists entirely of interest income. He is 19 years old and is conside...

Q: Danny Liu is 20 years old and is considered a dependent of

Danny Liu is 20 years old and is considered a dependent of his parents for tax purposes. Compute Danny’s taxable income in each of the following cases. a. Danny’s only income item was $2,712 interest...

Q: Mr. and Mrs. Palio celebrated the birth of their third

Mr. and Mrs. Palio celebrated the birth of their third child on November 18. Compute the effect of this event on their tax liability, assuming that: a. Their AGI was $99,000, and their taxable income...

Q: Mr. Mason’s salary was $397,000, and Mrs

Mr. Mason’s salary was $397,000, and Mrs. Mason’s salary was $344,000. They had no other income items, no above-the-line or itemized deductions, and no dependents. a. Compute their tax on a joint retu...

Q: Mrs. Atkinson is an unmarried taxpayer with one dependent child living

Mrs. Atkinson is an unmarried taxpayer with one dependent child living in her home. Her AGI is $40,000, and she does not itemize deductions. The 18-year-old child earned $12,480 from a part-time job a...

Q: Callie is the 11-year-old daughter and dependent of

Callie is the 11-year-old daughter and dependent of Mr. and Mrs. Santo. This year, Callie filed a Form 1040 on which the only item of gross income was $10,557 interest from an investment bond portfoli...

Q: Ms. Gleason, an unmarried taxpayer, had the following income

Ms. Gleason, an unmarried taxpayer, had the following income items. Salary …………………………………………….$40,000 Net income from a rental house …………..3,200 Ms. Gleason has a four-year-old son who attends a dayc...