Do: Calculation for each of the 5 Tax Clients below and show your work 1 point for each of the 5 questions 1.) Noelle, age 22, is a full-time law student and is claimed by her parents as a dependent. During 2019, she received $1,400 interest income from a bank savings account and $12,000 from a part-time job. What is Noelle's taxable income for 2019? 2.) Albert (age 68) and his wife Jenny (age 70) file a joint return. They furnish all of the support of Luke (Albert's 90-year old father) who lives with them. In 2019, the couple received interest and dividend income on corporate stocks and bonds of $50,000 and $6,000 of interest from government municipal bond. Compute Albert and Jenny's taxable income for 2019. 3.) Alex was employed during the first six months of the year and earned a $90,000 salary. During the next six months, he collected $7,200 of unemployment compensation, borrowed $6,000 (using his personal residence as collateral), and withdrew $1,000 from his savings account (including $60 interest). When he left his former employer, he withdrew his retirement benefits (a qualified annuity) in a lump sum of $50,000. He made no contributions to the plan. Alex's parents loaned him $10,000 (interest-free) on July 1 of the current year, when the Federal rate was 3%. Alex did not repay the loan during the year and used the money for living expenses. Calculate Alex's adjusted gross income for the year. 4.) Derek and his wife Martha were in a bad car accident in December 2019. Martha unfortunately died. They had no children. What is Derek's filing status? should Derek take the standard deduction or itemize? what are his taxable deductions if he itemizes? what are his deductions if he standardize? Dereck's gross income was $101.000 (Derek's salary $60k and Martha's salary $41k) plus insurance reimbursed for $30,000 for the value of the car that was damaged in the accident and $20,000 in life insurance payment from Martha's employer's group term life insurance plan with premiums less than $50k. Derek has the following expenditures for 2019: Medical Expenses (not covered by insurance): $7,200 Taxes: Property taxes on home personal resident: $3,600 Taxes: State of California income tax $4,200 Interest on home mortgage $6,000 Charitable contributions $3,600 Traffic fines $400 Contribution to Republican Party $500 Funeral expenses for his wife's ceremony $6,300 5.) Same facts as Question 4 but Derek and Martha have a 15 year old son, named Robert who lives with them full time. Using the information above what is Derek's tax liability due for 2019? after any applicable tax credits and use the tax rate table for 2019 based on Derek's filing status. Do: Calculation for each of the 5 Tax Clients below and show your work 1 point for each of the 5 questions 1.) Noelle, age 22, is a full-time law student and is claimed by her parents as a dependent. During 2019, she received $1,400 interest income from a bank savings account and $12,000 from a part-time job. What is Noelle's taxable income for 2019? 2.) Albert (age 68) and his wife Jenny (age 70) file a joint return. They furnish all of the support of Luke (Albert's 90-year old father) who lives with them. In 2019, the couple received interest and dividend income on corporate stocks and bonds of $50,000 and $6,000 of interest from government municipal bond. Compute Albert and Jenny's taxable income for 2019. 3.) Alex was employed during the first six months of the year and earned a $90,000 salary. During the next six months, he collected $7,200 of unemployment compensation, borrowed $6,000 (using his personal residence as collateral), and withdrew $1,000 from his savings account (including $60 interest). When he left his former employer, he withdrew his retirement benefits (a qualified annuity) in a lump sum of $50,000. He made no contributions to the plan. Alex's parents loaned him $10,000 (interest-free) on July 1 of the current year, when the Federal rate was 3%. Alex did not repay the loan during the year and used the money for living expenses. Calculate Alex's adjusted gross income for the year. 4.) Derek and his wife Martha were in a bad car accident in December 2019. Martha unfortunately died. They had no children. What is Derek's filing status? should Derek take the standard deduction or itemize? what are his taxable deductions if he itemizes? what are his deductions if he standardize? Dereck's gross income was $101.000 (Derek's salary $60k and Martha's salary $41k) plus insurance reimbursed for $30,000 for the value of the car that was damaged in the accident and $20,000 in life insurance payment from Martha's employer's group term life insurance plan with premiums less than $50k. Derek has the following expenditures for 2019: Medical Expenses (not covered by insurance): $7,200 Taxes: Property taxes on home personal resident: $3,600 Taxes: State of California income tax $4,200 Interest on home mortgage $6,000 Charitable contributions $3,600 Traffic fines $400 Contribution to Republican Party $500 Funeral expenses for his wife's ceremony $6,300 5.) Same facts as Question 4 but Derek and Martha have a 15 year old son, named Robert who lives with them full time. Using the information above what is Derek's tax liability due for 2019? after any applicable tax credits and use the tax rate table for 2019 based on Derek's filing status