Imari Brown arrived at the following tax information: 1. Gross salary, $36,145 2. Additional small business income,

Question:

Imari Brown arrived at the following tax information:

1. Gross salary, $36,145

2. Additional small business income, $10,000

3. Interest earnings, $205

4. Dividend income, $65

5. Standard deduction, $12,550

6. Itemized deductions, $14,250

7. Adjustments (subtractions) to income, $5,000

8. What amount would Imari report as taxable income?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Personal Finance

ISBN: 9781264101597

14th Edition

Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart

See More Books

Question Posted: Nov 10, 2023 10:02 PM

See More Questions

I currently have a savings account with a credit union that has an APR of .10%. I observed how little interest is earned from my current savings account when compared to Discover's savings account...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
Average rates of return on Treasury bills, government bonds, and common stocks, 1900-2020. Average Annual Average Premium (Extra Rate of Return return versus Treasury (8) bills) (%) Portfolio...
Kohlbeck Company recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Kohlbeck will lose the case and that a reasonable estimate of damages to...
During 2015, Rita acquired and placed in service two assets for use in her business, as follows: Asset A: Placed in service in February at a cost of $65,000 with a 7-year MACRS recovery period. ...
Suppose your firm wants to issue a security which pays a guaranteed fixed payment plus an additional benefit when the firms stock price increases. Describe how such a security can be designed, and...
The Bussell Company exchanged the following assets during 2010: 1. Acquired a newer machine by paying $4,000 cash and giving up a machine that originally cost $40,000, has a book value of $25,000,...
A bond has a $1,000 par value, 18 years to maturity, and pays a coupon of 6.00% per year, annually. The bond is callable in eight years at 115% of par value. If the bond's price is $1,062.97, what is...
Consider the two processes shown in Table 8E.1 (the sample size n = 5). Specifications are at 100 ± 10. Calculate Cp, Cpk, and Cpm and interpret these ratios. Which process would you prefer to...
What would be the average tax rate for a person who paid taxes of $4,584 on a taxable income of $41,670?
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,550. 1. Donations to church and other...
Businesses must be aware of the impact of their actions upon different groups of stakeholders . Some stakeholders are readily apparent, while others emerge after a business has acted upon a decision....
What is the logical ending point of a sequential game that starts at position (2,8) with player 1 moving first? Show your work. Player 1 Strategy B Strategy A Strategy A Player 2 Strategy B (3,4)...
Problem A-6 Income and Retained Earnings Statements Peanut Corporation is a private corporation using ASPE. At December 31, 2017, an analysis of the accounts and discussions with company officials...
8.5 Area Between Curves (dy) Calculus-Calculator Allowed Mastery Check #2 Name: Date: Period: For 1-2, find the area of the region bounded by the following curves. Show the integral set up with...
Your company has a travel policy that reimburses employees for the "ordinary and necessary" costs of business travel. Employees often mix a business trip with pleasure by either extending the time at...
Simulation A: 1 Diameter 600 mm 2 Focal Length 1800 mm 3 F/D Ratio 3 4 Eyepieces 30 m 5 Barlow? N 6 Celestial Sights M42 - M31 - M51 Simulation B: 1 Diameter 150 mm 2 Focal Length 1800 mm 3 F/D Ratio...
What types of detection capabilities are offered by eddy-current inspection that cannot be duplicated by the other methods?
Why is a help desk and production support critical to system implementations? Discuss its interrelationship with the problem management and reporting system.
Maria Gomez has recently been hired by a major corporation with a 401(k) plan. She thinks she will not participate, though, because she believes she can earn better returns investing on her own. What...
Is holding a single fund in a 401(k) plan a good strategy, particularly if that fund was a super performer last year?
Helmut Bosh, a 22-year-old recent college graduate, has a low risk tolerance. He has signed up with his employer's 401(k) plan but has chosen to put all his money in an annuity guaranteeing a 5...
Managerial accounting provides information to internal users as they request it. This can be immediate and as frequent as demanded True or False True False
June Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has...
When the company follows the method of capitalizing borrowing costs, the steady income from investing temporarily surplus amounts of the borrowed amount is treated specifically for the construction...

Imari Brown arrived at the following tax information: 1. Gross salary, $36,145 2. Additional small business income,

Question:

Step by Step Answer:

Step 1 Calculate Adjusted Gross Income AGI AGI Gross ...View the full answer

Personal Finance

Students also viewed these Business questions