Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bowena, a single taxpayer, had $50,000 in adjusted gross income for 2016. During 2016, she contributed $18,000 to her church. She had a $10,000 charitable

Bowena, a single taxpayer, had $50,000 in adjusted gross income for 2016. During 2016, she contributed $18,000 to her church. She had a $10,000 charitable contribution carryover from her 2015 church contribution. What was the maximum amount of properly substantiated charitable contributions that Bowena could claim as an itemized deduction for 2016?
6. Patrick, an unmarried taxpayer, qualified to itemize 2016 deductions. Patricks 2016 adjusted gross income was $30,000 and he made a $2,000 cash donation directly to a needy family. In 2016, Patrick also donated stock, valued at $3,000, to his church. Patrick had purchased the stock 4 months earlier of $1,500. What was the maximum amount of the charitable contribution allowable as an itemized deduction on Patricks 2016 income tax return?
7.Melissa, filing as head of household, and her son James and daughter Julia are all in graduate school. James and Julia are not dependents on Melissas return, although they live with her and she pays all of their education expenses. Melissa paid $6,000. Can she claim American Opportunity Credit and Lifetime Learning Credit?
8.What are the differences between federal taxes and state taxes?
9. What the state tax laws for Florida?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

13th edition

978-1285868806, 1285868803, 978-1305691254, 978-1305465640, 1305465644, 978-1285866307

More Books

Students also viewed these Accounting questions

Question

What is the corporate culture of the organization?

Answered: 1 week ago

Question

What type of image does the organization wish to project?

Answered: 1 week ago