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2 years ago

Compute 2018 taxable income in each of the following independent situations.

Business

1 answer:

KATRIN_1 [288]2 years ago

5 0

Answer:

a. Drew and Meg are married and filing a married joint return. The standard deduction of a married joint return is $24,400 but it is lower

AGI $125,000

Less: Itemized deduction $27,000

Taxable income $98,000

b. Sybil's filing status is head of household. The Standard deduction for head of household is $18,000 in 2018 which is higher than itemized deductions of $8,000.

AGI $80,000

Less: Itemized deduction $18,000

Taxable income $62,000

c. Scott is a surviving spouse. The standard deduction will be equal to that of married filling joint return which is $24,400

AGI $75,000

Less: Itemized deduction $24,400

Taxable income $50,600

d. Amelia is an abandoned spouse. She can file as head of household. The standard deduction for the year 2018 is $18,000 which is higher than itemized deductions of $10,650.

AGI $58,000

Less: Itemized deduction $18,000

Taxable income $40,000

e. Dale is divorced and filing status is head of household. The standard deduction for the year 2018 is $18,000 which is higher than itemized deductions of $9,900

AGI $64,000

Less: Itemized deduction $18,000

Taxable income $46,000

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3 years ago

Which of the following is the best example of amortization?

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3 years ago

Alyssa has set up a personal budget with total monthly expenditures of $ 3250. If 20 percent sign of her income is taken out of

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The minimum amount that Alyssa must earn per month to cover her budget is $4,062.50.

Data and Calculations:

Monthly expenditures = $3,250

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Learn more: brainly.com/question/25571450

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2 years ago

The financial statements of Seldin, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivab

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Beginning ($51,000)

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