Question
Amanda and her husband have a son when her husband dies unexpectedly on January 1, 2021. Amanda asks you, her tax professional, how her husband's
Amanda
and her husband have a son when her husband dies unexpectedly on January 1,
2021.
Amanda
asks you, her tax professional, how her husband's death affects her taxes.
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(Click the icon to view the standard deduction amounts.)
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(Click the icon to view the
2021
tax rate schedules.) Read the requirements
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.
Question content area bottom
Part 1
Requirement a. Determine
Amanda's
income tax each year from
2021
through
2025,
assuming her only income is her
$145,000
annual salary, her itemized deductions are
$22,000
annually (none of which are charitable contributions), and she has not remarried. Assume also that the tax rate schedules and standard deduction amounts for
2021
also apply in subsequent years. The son was born on April 15,
2008,
is
Amanda's
dependent each year, and lives with
Amanda
for all of each year. (Use the
2021
tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest whole dollar.)
|
| 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Adjusted gross income | 145000 | 145000 | 145000 | 145000 | |
| Minus: Greater of standard or itemized deductions |
|
|
|
|
|
| Taxable income |
|
|
|
|
|
| Gross tax |
|
|
|
|
|
| Minus: Credit for child or other dependent |
|
|
|
|
|
| Net tax |
|
|
|
|
|
Part 2
Requirement b. Determine
Amanda's
income tax each year from
2021
through
2025,
assuming her only income is her
$145,000
annual salary, her itemized deductions are
$22,000
annually (none of which are charitable contributions), and she has not remarried. Assume also that the tax rate schedules and standard deduction amounts for
2021
also apply in subsequent years. The son was born on April 15,
1997,
is not
Amanda's
dependent each year, and lives with
Amanda
for all of each year. (Use the
2021
tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest whole dollar. Enter a "0" for any zero amounts.)
|
| 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Adjusted gross income | 145000 | 145000 | 145000 | 145000 | |
| Minus: Greater of standard or itemized deductions |
|
|
|
|
|
| Taxable income |
|
|
|
|
|
| Gross tax |
|
|
|
|
|
| Minus: Credit for child or other dependent |
|
|
|
|
|
| Net tax |
|
|
|
|
|
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Financial Accounting
Authors: Libby, Short
6th Edition
978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881
