Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compute the taxable income for 2020 in each of the following independent situations. Click here to access the standard deduction table to use if

image text in transcribed

Compute the taxable income for 2020 in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $27,000. AGI Less: itemized deductions Taxable income $125,000 b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. AGI Less: standard deduction $80,000 Taxable income c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. AGI Less: itemized deductions $75,000 Taxable income d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650. AGI Less: standard deduction Taxable income $58,000 e. Dale, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as Dale's dependent. Dale has AGI of $64,000 and itemized deductions of $9,900. AGI Less: itemized deductions Taxable income $64,000

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

Intermediate Accounting

Authors: Earl K. Stice, James D. Stice

19th edition

1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911

More Books

Students also viewed these Accounting questions

Question

How should our group manage conflict?

Answered: 1 week ago

Question

How does Toyota emphasize teamwork throughout the organization?

Answered: 1 week ago