Comprehensive Problem 4-57 (LO 4-1, LO 4-2, LO 4-3) (Algo) (The following information applies to the questions displayed below.) Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $97,500 and contributed $5,900 of it to a qualified retirement account (a for AGI deduction). She also received $14,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $17,000 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is Camille's taxable income? Description Amount $ 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Taxable income below.) 2 Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $97,500 and contributed $5.900 of it to a qualified retirement account (a for AGI deduction). She also received $14,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $17,000 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) art 2 of 3 Comprehensive Problem 4-57 Part-b (Algo) 1:30:39 b. What would Camille's taxable income be if she incurred $34,000 of itemized deductions instead of $17,000? Description Amount $ 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Taxable income Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $97,500 and contributed $5.900 of it to a qualified retirement account (a for AGI deduction). She also received $14,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $17,000 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-c (Algo) c. Assume the original facts but now suppose Camille's daughter, Kaly, is 25 years old and a full-time student. Kaly's gross income for the year was $7,000. Kaly provided $4,200 of her own support, and Camille provided $7,000 of support. What is Camille's taxable income? Description Amount 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction 5) Itemized deductions 6) Taxable income Comprehensive Problem 4-57 (LO 4-1, LO 4-2, LO 4-3) (Algo) (The following information applies to the questions displayed below.) Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $97,500 and contributed $5,900 of it to a qualified retirement account (a for AGI deduction). She also received $14,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $17,000 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is Camille's taxable income? Description Amount $ 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Taxable income below.) 2 Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $97,500 and contributed $5.900 of it to a qualified retirement account (a for AGI deduction). She also received $14,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $17,000 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) art 2 of 3 Comprehensive Problem 4-57 Part-b (Algo) 1:30:39 b. What would Camille's taxable income be if she incurred $34,000 of itemized deductions instead of $17,000? Description Amount $ 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Taxable income Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $97,500 and contributed $5.900 of it to a qualified retirement account (a for AGI deduction). She also received $14,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $17,000 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-c (Algo) c. Assume the original facts but now suppose Camille's daughter, Kaly, is 25 years old and a full-time student. Kaly's gross income for the year was $7,000. Kaly provided $4,200 of her own support, and Camille provided $7,000 of support. What is Camille's taxable income? Description Amount 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction 5) Itemized deductions 6) Taxable income