Question
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
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 $55,000 and contributed $4,200 of it to a qualified retirement account (a for AGI deduction). She also received $6,000 of alimony from her former husband. Finally, Camille paid $2,700 of expenditures that qualified as itemized deductions.
a. What is Camilles taxable income?
b. What would Camilles taxable income be if she incurred $9,800 of itemized deductions instead of $2,700?
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 $5,300. Kaly provided $3,180 of her own support, and Camille provided $5,300 of support. What is Camilles taxable income?
#6 is it Greater of standard deduction or itemized deduction or is it Lesser of standard deduction or itemized deduction
Description | Amount | |
1) | Gross income | |
2) | For AGI deductions | |
3) | Adjused gross income | $ |
4) | Standard deduction | |
5) | Itemized deductions | |
6) | ||
7) | Personal and dependency exemptions | |
8) | Total deductions from AGI | $ |
Taxable income |
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