(1). Rasheed works for Company A, earning $382,000 in salary during 2014.

Assuming he has no other sources of income, what amount of FICA tax will Rasheed pay for the year?

Amount of FICA tax

(2). Brooklyn files as a head of household for 2014 and claims a total of two exemptions (2 $3,950 = $7,900). She claimed the standard deduction of $9,100 for regular tax purposes. Her regular taxable income was $123,000.

What is Brooklyn's AMTI? (Input all amounts as positive values.)

Description Amount

1.

2.

3.

AMTI $

(3). Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim originally paid $30,250 for the boat, but he was able to repair the damage for $8,050. Tim paid $15,900 for the motorcycle, but it was worth $17,600 before it was stolen. Insurance reimbursed $1,040 for the boat repairs and the cycle was uninsured.

a.	Calculate Tim's deductible casualty loss if his AGI is $50,000

Deductible casualty loss

b.	Calculate Tim's deductible casualty loss if his AGI is $150,000. Deductible casualty loss C. How would you answer a. if Tim received an additional $65,000 in interest from municipal bonds this year?

Deductible casualty loss