Question
8. Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in
8. Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camilles home, which she owns, for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $80,000 and contributed $5,200 of it to a qualified retirement account (a for AGI deduction). She also received $11,000 of alimony from her former husband. Finally, Camille paid $3,700 of expenditures that qualified as itemized deductions.
a. What is Camilles taxable income?
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9. Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camilles home, which she owns, for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $80,000 and contributed $5,200 of it to a qualified retirement account (a for AGI deduction). She also received $11,000 of alimony from her former husband. Finally, Camille paid $3,700 of expenditures that qualified as itemized deductions.
b. What would Camilles taxable income be if she incurred $11,300 of itemized deductions instead of $3,700?
cription | Amount | ||
(1) | Gross income | ? | |
(2) | For AGI deductions | ? | |
(3) | Adjusted gross income | $0 | |
(4) | Standard deduction | ? | |
(5) | Itemized deductions | ? | |
(6) | ? | ? | |
(7) | Personal and dependency exemptions | ? | |
(8) | Total deductions from AGI | $0 | |
Taxable income ? |
10. Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camilles home, which she owns, for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $80,000 and contributed $5,200 of it to a qualified retirement account (a for AGI deduction). She also received $11,000 of alimony from her former husband. Finally, Camille paid $3,700 of expenditures that qualified as itemized deductions.
c. Assume the original facts but now suppose Camilles daughter, Kaly, is 25 years old and a full-time student. Kalys gross income for the year was $6,300. Kaly provided $3,780 of her own support, and Camille provided $6,300 of support. What is Camilles taxable income?
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