Fareh is not married and supports her 12 year old child who lives with her. Fareh...
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Fareh is not married and supports her 12 year old child who lives with her. Fareh works as an employee with gross salaries and wages of $122,000. Fareh's only other income was interest of $7,300, qualifying dividends of $3,150, and other information follows: Contribution to solo(k) retirement plan, withheld from the salary Loss on sale of Alphatech stock held 2 years. Mortgage interest on primary residence State and local property tax on residence Property tax included in personal auto registration State sales taxes paid State income taxes paid Charitable contributions of cash Political contributions $ 4,500 -3,700 4,950 3,350 160 370 1,800 1,750 550 All information is for 2020. Calculate Fareh's adjusted gross income, taxable income, and gross tax. Show your work! Fareh is not married and supports her 12 year old child who lives with her. Fareh works as an employee with gross salaries and wages of $122,000. Fareh's only other income was interest of $7,300, qualifying dividends of $3,150, and other information follows: Contribution to solo(k) retirement plan, withheld from the salary Loss on sale of Alphatech stock held 2 years. Mortgage interest on primary residence State and local property tax on residence Property tax included in personal auto registration State sales taxes paid State income taxes paid Charitable contributions of cash Political contributions $ 4,500 -3,700 4,950 3,350 160 370 1,800 1,750 550 All information is for 2020. Calculate Fareh's adjusted gross income, taxable income, and gross tax. Show your work!
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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