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Can you help with the Income, commissions and exclusions examples? Please, work per case. Also, not in notebook. Income, commissions and exclusions Instructions 1. Examine

Can you help with the Income, commissions and exclusions examples?

Please, work per case. Also, not in notebook.

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Income, commissions and exclusions Instructions 1. Examine the five cases below and do the following for each: a) Calculate the gross income. b) Determine how income taxes should be paid in each case, according to the marital status and conditions of each taxpayer. c) Calculate the adjusted gross income. d) Mention the exemptions to which the taxpayer is entitled and the corresponding amount. Case 1: Luis Barreto is married and has an administrator position in a private company, for which he received a salary of $ 60,000 in this taxable year. In addition, he received an inheritance of $ 60,000 and $ 10,000 in interest from a cooperative of which he is a member. His wife, Carmita Correa, is disabled and receives $ 9,000 of social security. The couple has two children: Lucas, 23 years old and a university student, and Esmeralda, who is 21 years old and does not study. Case 2: Noel Ramrez is a teacher and is married. He had a salary of $ 43,000 and a withheld contribution of $ 6,000. Noel obtained an individual retirement account (IRA) for him of $ 5,000 and received dividends of $ 10,000 from an investment made in a company. His wife, Rosa Martnez, works from home selling clothes, generating net sales of $ 25,000. Rosa had a first inventory of $ 6,000, made purchases for $2,000, had direct costs of S 500 and her final inventory was $3,000. The marriage has a joint bank account, in which they received $ 8,000 for bank interest. They have two children in common: Betzaida, who is 23 years old and disabled, and Eugenio, who is 22 and is a full-time university student. Case 3: David Vlez is retired and has received a pension for two years, the first received $ 37,000 and the second. S 36,000. He is married to Marisol Mrquez, who inherited a house he rents for $ 600 per month. Both have a business selling clothes and have an income of $ 60,000 a year. They also receive $ 7,000 of interest from the bank and dividends for $ 12,000 of an investment in a company. David won the lottery and received a $ 20.000 prize. Case 4: Elizabeth Romn was born on September 30, 1981. is a secretary and is divorced. Your W2 shows a salary of $ 50.000 and a withheld contribution of $ 4,000. Elizabeth is a university student and paid $ 5,000 for her tuition for the baccalaureate degree. His son, who was born on March 22, 2003, is a student. Elizabeth pays an IRA for retirement for the annual amount of $ 7,000. Case 5: Noelia Cruz, single and farmer, had net sales of $ 60,000 for the sale of bananas. He had a first inventory of $ 30,000, had direct costs of $ 8,000 and made purchases for $5,000. His final inventory was $ 15,000. Noelia has no children. Income, commissions and exclusions Instructions 1. Examine the five cases below and do the following for each: a) Calculate the gross income. b) Determine how income taxes should be paid in each case, according to the marital status and conditions of each taxpayer. c) Calculate the adjusted gross income. d) Mention the exemptions to which the taxpayer is entitled and the corresponding amount. Case 1: Luis Barreto is married and has an administrator position in a private company, for which he received a salary of $ 60,000 in this taxable year. In addition, he received an inheritance of $ 60,000 and $ 10,000 in interest from a cooperative of which he is a member. His wife, Carmita Correa, is disabled and receives $ 9,000 of social security. The couple has two children: Lucas, 23 years old and a university student, and Esmeralda, who is 21 years old and does not study. Case 2: Noel Ramrez is a teacher and is married. He had a salary of $ 43,000 and a withheld contribution of $ 6,000. Noel obtained an individual retirement account (IRA) for him of $ 5,000 and received dividends of $ 10,000 from an investment made in a company. His wife, Rosa Martnez, works from home selling clothes, generating net sales of $ 25,000. Rosa had a first inventory of $ 6,000, made purchases for $2,000, had direct costs of S 500 and her final inventory was $3,000. The marriage has a joint bank account, in which they received $ 8,000 for bank interest. They have two children in common: Betzaida, who is 23 years old and disabled, and Eugenio, who is 22 and is a full-time university student. Case 3: David Vlez is retired and has received a pension for two years, the first received $ 37,000 and the second. S 36,000. He is married to Marisol Mrquez, who inherited a house he rents for $ 600 per month. Both have a business selling clothes and have an income of $ 60,000 a year. They also receive $ 7,000 of interest from the bank and dividends for $ 12,000 of an investment in a company. David won the lottery and received a $ 20.000 prize. Case 4: Elizabeth Romn was born on September 30, 1981. is a secretary and is divorced. Your W2 shows a salary of $ 50.000 and a withheld contribution of $ 4,000. Elizabeth is a university student and paid $ 5,000 for her tuition for the baccalaureate degree. His son, who was born on March 22, 2003, is a student. Elizabeth pays an IRA for retirement for the annual amount of $ 7,000. Case 5: Noelia Cruz, single and farmer, had net sales of $ 60,000 for the sale of bananas. He had a first inventory of $ 30,000, had direct costs of $ 8,000 and made purchases for $5,000. His final inventory was $ 15,000. Noelia has no children

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