Question
Facts: Single One child (10 YO) Wages: $39,500 Taxable interest: $300 State refund: $100 Student Loan Interest: $250 Medical Expenses: $2,450 State and Prop. Taxes:
Facts:
Single
One child (10 YO)
Wages: $39,500
Taxable interest: $300
State refund: $100
Student Loan Interest: $250
Medical Expenses: $2,450
State and Prop. Taxes: $2,800
Charitable donation: $3,000
Federal tax withholding: $4,000
Took the one-half monthly Child Tax Credit's
Considering going to graduate school next year, costing: $5,000
Q:
- How many personal exemptions may she claim?
- What is Jacque's filing status?
- How much must she report on Line 1 of Form 1040 (wage, salaries, etc)?
- What is Jacque's income for the year?
- What is Jacque's AGI?
- What deduction amount should Jacque claim?
- How much taxable income must she report this year?
- What marginal tax bracket does Jacque fall?
- What is her tax liability for the year?
- How much may Jacque claim in tax credits for the year?
- Is Jacque due a refund this year? Why or why not?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
