Answered step by step
Verified Expert Solution
Question
1 Approved Answer
FOR THIS PROBLEM THE LAST TWO PREVIOUS EXPERTS GAVE A ANSWER OF 89,619 AND 89,733 WHICH WERE WRONG. THE CENT PER MILE FOR 2021N WAS
FOR THIS PROBLEM THE LAST TWO PREVIOUS EXPERTS GAVE A ANSWER OF 89,619 AND 89,733 WHICH WERE WRONG. THE CENT PER MILE FOR 2021N WAS 16 CENT NOT 18 CENT. CAN YOU PLEASE HELP ME SOLVE THIS AND SHOW ALL CALCULATIONS FOR EACH STEP CLEARLY WRITTEN PLEASE.
PLEASE SHOW THE CALCULATIONS AND THE MILES FOR 2021 SHOULD BE 16 CENT PER MILE . THE ANSWERS THE LAST TWO EXPERTS HAD WERE 89,619 AND 89,733
Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. Shauna paid $4,692 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. Shauna paid a total of $3,430 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,030 for the surgery (she received no insurance reimbursement). She also incurred $462 of other medical expenses for the year. SD withheld $1,830 of state income tax, $7,525 of Social Security tax, and $14,620 of federal income tax from Shauna's paychecks throughout the year. In 2021, Shauna was due a refund of $262 for overpaying her 2020 state taxes. On her 2020 state tax return that she filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her state tax liability for 2021 will be $2,330. Shauna paid $3,230 of property taxes on her personal residence. She also paid $512 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. Shauna paid a $212 property tax based on the state's estimate of the value of her car. Shauna has a home mortgage loan in the amount of $226,000 that she secured when she purchased her home. The home is worth about $406,000. Shauna paid interest of $12,420 on the loan this year. Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,120 and her basis in the shares was $448. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $312 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $512 and Shauna's basis in the items was $312. Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,230 of services to her church last year. Shauna paid $262 in investment advisory fees and another $162 to have her tax return prepared (that is, she paid $162 in 2021 to have her 2020 tax return prepared). Shauna is involved in horse racing as a hobby. During the year, she won $2,530 in prize money and incurred $11,200 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. Shauna sustained $2,030 in gambling losses over the year (mostly horse-racing bets) and had only $212 in winnings. Assume Shauna's AGI is $113,000. Determine Shauna's taxable income. Taxable incomeStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started