The following information relates to Tom, a single taxpayer, age 18: Salary .$1,800 Taxable interest income ..
Question:
The following information relates to Tom, a single taxpayer, age 18:
Salary ……………………………………….$1,800
Taxable interest income ………….. 1,600
Itemized deductions………………… 600
a. Compute Tom’s taxable income assuming he is self-supporting.
b. Compute Tom’s taxable income assuming he is a dependent of his parents.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 12% (8 reviews)
a Salary 1800 Taxable interest income 1600 Adjusted gross income 3400 ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Question Posted:
Students also viewed these Business questions
-
The following information relates to Perry Somers financial affairs in 20X1: 1. Somer is employed as a salesman and is remunerated by commissions. He must pay all of his own expenses. During 20X1, he...
-
The following information relates to the Plus Factors Group plc for the years to 30 September 20X8 and 20X9: Ordinary dividends were declared as follows: Interim 1.12 pence per share (20X8, l.67p)...
-
The following information relates to two companies, designated Company A and Company B. One of the companies is a traditional steel manufacturer. The other is a successful Internet retailer. Using...
-
Determine whether each function is one-to-one. If it is, find the inverse. f(x) = 4x - 1
-
A disk drive manufacturer estimates that in five years a storage device with 1 terabyte of capacity will sell with probability 0.5, a storage device with 500 gigabytes capacity will sell with a...
-
Given income, how are consumption and saving linked? What is the basic motivation for saving?
-
The following information relates to The Marshes Gallery, which has been set up by Clara Pilbeam to help rural craftspeople to sell their products to the tourist trade. Clara is sub- mitting a...
-
Anita Flare is a skilled tool and die worker. She has been working for Car Parts Inc., a large manufacturer of parts for the automobile industry for over 10 years. Car Parts Inc. is a...
-
Use the spinner below. Write your answer as a reduced fraction. 2 2 1 4 4 3 P(odd number) = 1 80 2 3
-
Build a VI that continuously measures the temperature once per second and displays the temperature on a scope chart. If the temperature goes above or below limits specified with front panel controls,...
-
The following information relates to two married couples: Lanes Waynes Salary (earned by one spouse) $32,000 $115,000 Taxable interest income 1,000 10,000 Deductible IRA contribution 5,500 0 Itemized...
-
Carl and Carol have salaries of $14,000 and $22,000, respectively. Their itemized deductions total $8,500. They are married and both are under age 65. a. Compute their taxable income assuming they...
-
What are some of the problems associated with air traffic control commercialization?
-
a. What agency establishes audit standards for government audits? b. What is the relationship between GAGAS and GAAS?
-
a. Explain the scope of governmental auditing. b. Identify the types of government audits.
-
What are the objectives of the Single Audit Act?
-
a. Indicate the nature of each paragraph of the auditor's unqualified report on compliance with applicable laws and regulations when no material instance of noncompliance is found. b. Identify the...
-
What is the nature and extent of the SEC's authority over the public sale of securities?
-
An AISI 4142 steel Q&T at 800F exhibits S yt = 235 kpsi, S yc = 285 kpsi, and f = 0.07. For the given state of plane stress, (a) Determine the factor of safety, (b) Plot the failure locus and the...
-
Prove the following D,(cos x) = - sin x (Hint: Apply the identity cos(A + B) = cos A cos B sin A sin B)
-
Donna files as a head of household in 2015 and has taxable income of $90,000, including the sale of a stock held as an investment for two years at a gain of $20,000. Only one asset was sold during...
-
Wayne is single and has no dependents. Without considering his $11,000 adjusted net capital gain (ANCG), his taxable income, which includes no investment income, in 2015 is as follows: a. What is...
-
An investor in a 28% tax bracket owns land that is a capital asset with a $50,000 basis and a holding period of three years. The investor wishes to sell the asset at a price high enough so that he...
-
Pappas Lamp is considering the manufacture of a new lamp. Equipment necessary for production will cost $9 million and it will be depreciated on a straight-line basis over the eight-year life. The...
-
Moss Co. issued $340,000 of four-year, 13% bonds, with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable, using the present...
-
19) Using the same facts as (3): Within an hour of making a purchase, the Andersons use their smartphone to take a picture of the item and post a short tweet about the item on Twitter. Which symbol...
Study smarter with the SolutionInn App