Business
Business, 29.10.2019 21:31, mitetwojr

Determine the taxpayer's gross income for tax purposes in each of the following situations: if an amount is zero, enter "0". gross income a. deb, a cash basis taxpayer, traded a corporate bond with accrued interest of $300 for corporate stock with a fair market value of $12,000 at the time of the exchange. deb's cost of the bond was $10,000. the value of the stock had decreased to $11,000 by the end of the year. $

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Business, 05.07.2019 15:10, mgreer432
•doreen has no special circumstances.• sanja is paying a mortgage on a condominium. she paid $8,000 in mortgage interest and $950 in property tax during the tax year.• ben bought new energy-efficient windows. doreen sanja bengross income: 36,400 36,400 36,400adjusted gross income: 36,400 36,400 36,400deductions: 5,700 8,950 5,700 exemptions 3,650 3,650 3,650taxable income 27,050 23,800 27,050tax 3,635 3,155 3,635tax credits 0 0 1,300total federal income tax 3,635 3,155 2,3351. which taxpayer received a tax credit that lowered the tax due? 2. (a) what was the value of that tax credit? (b) how did the taxes that taxpayer owed compare to the taxes owed by doreen? (c) based on these examples, which is better for a taxpayer—a deduction or a tax credit? why? 3. (a) which taxpayer itemized deductions? how can you tell? (b) what was the impact of itemizing on that taxpayer’s taxes?
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Business, 06.07.2019 15:10, Quidlord03
•doreen has no special circumstances. • sanja is paying a mortgage on a condominium. she paid $8,000 in mortgage interest and $950 in property tax during the tax year. • ben bought new energy-efficient windows. doreen sanja ben gross income: 36,400 36,400 36,400 adjusted gross income: 36,400 36,400 36,400 deductions: 5,700 8,950 5,700 exemptions 3,650 3,650 3,650 taxable income 27,050 23,800 27,050 tax 3,635 3,155 3,635 tax credits 0 0 1,300 total federal income tax 3,635 3,155 2,335 1. which taxpayer received a tax credit that lowered the tax due? 2. (a) what was the value of that tax credit? (b) how did the taxes that taxpayer owed compare to the taxes owed by doreen? (c) based on these examples, which is better for a taxpayer—a deduction or a tax credit? why? 3. (a) which taxpayer itemized deductions? how can you tell? (b) what was the impact of itemizing on that taxpayer’s taxes?
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Mathematics, 30.07.2019 02:30, Kinglilray998
According to the income section shown below from the 1040ez form, if a taxpayer filing her federal income tax return using the single filing status enters $8900 on line 4 for adjusted gross income, what would she enter on line 6 for her taxable income? assume that nobody can claim the taxpayer as a dependent.
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Business, 10.10.2019 05:10, anthony983
Determine the effects of the following on a cash basis taxpayer's gross income for 2019 and 2020. if an amount is zero, enter "0". gross income 2019 gross income 2020 a. on december 31, 2019, the taxpayer received a $1,500 check from a customer. the taxpayer did not cash the check until january 3, 2020. $ 1,500 $ 0 b. on december 31, 2019, the taxpayer received a $1,500 check from a customer. the customer asked the taxpayer not to cash the check until january 3, 2020, after the customer's salary check could be deposited. $ $ c. on december 31, 2019, the taxpayer received a $1,500 check from a customer. the check was not received until after the bank had closed on december 31, 2019. the taxpayer did not cash the check until january 3, 2020.
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