General intormation: The standard deduction is generally $12.950 for single taxpayers and 25,900 for joint filers. For some taxpayers, the standard deduction is limited to the greater of a $1150 and b eraned income plus $400. The lowest tax bracket on income up to around $9.500 is 10%
11. Gina, a single taxpayer, cashes in a US savings bond that qualified as an educational savings bond. The bond cost $15,000 and it was cashed in for $18,000. She spent $12,000 on qualifying education expenses. The phase-out range for the exclusion of interest on these bonds runs from $83,200 to $98,200. (a) How much interest is Gina taxed on if her AGI is $55,000 ? (b) How much interest is she taxed on if her AGI is $89,200 ? 12. Ron has a net operating loss (NOL) of ( $22,000) in 2021. In both 2022 and 2023 , his taxable income before taking the NOL into account is $15,000. After apply the NOL to each year, what will his taxable income be in (a) 2022 ? (b) $2023? 13. Ed bought stock in ABC Inc. for $12,000 and sold it to his mother Bonnie for $9,000. (a) How much of a loss, if any, can Ed claim? (b) If Bonnie later sells it for $13,700, how much of a gain, if any, must she report? 14. Boris bought 100 shares of XYZ stock for $16,000 and sold all of it on March 1,2022 for $10,000. On March 11, 2022, he bought back 25 shares for $2,600. (a) How much of a loss can Boris claim on his sale of the stock? (b) What will his basis be in the new 25 shares? 15. Lou is 17 and is a dependent of his parents who are in the 22% tax bracket. Lou is has $3,600 of income from a job, and $4,200 of interest income on corporate bonds. What is his tax liability? 16. Felix spends $15,000 on start-up costs for his new business in 2021 , and another $17,000 in 2022 . He opens the business on August 1, 2022. What is his deduction for start-up costs in (a) 2021? (b) 20 (c) 2023? 11. Gina, a single taxpayer, cashes in a US savings bond that qualified as an educational savings bond. The bond cost $15,000 and it was cashed in for $18,000. She spent $12,000 on qualifying education expenses. The phase-out range for the exclusion of interest on these bonds runs from $83,200 to $98,200. (a) How much interest is Gina taxed on if her AGI is $55,000 ? (b) How much interest is she taxed on if her AGI is $89,200 ? 12. Ron has a net operating loss (NOL) of ( $22,000) in 2021. In both 2022 and 2023 , his taxable income before taking the NOL into account is $15,000. After apply the NOL to each year, what will his taxable income be in (a) 2022 ? (b) $2023? 13. Ed bought stock in ABC Inc. for $12,000 and sold it to his mother Bonnie for $9,000. (a) How much of a loss, if any, can Ed claim? (b) If Bonnie later sells it for $13,700, how much of a gain, if any, must she report? 14. Boris bought 100 shares of XYZ stock for $16,000 and sold all of it on March 1,2022 for $10,000. On March 11, 2022, he bought back 25 shares for $2,600. (a) How much of a loss can Boris claim on his sale of the stock? (b) What will his basis be in the new 25 shares? 15. Lou is 17 and is a dependent of his parents who are in the 22% tax bracket. Lou is has $3,600 of income from a job, and $4,200 of interest income on corporate bonds. What is his tax liability? 16. Felix spends $15,000 on start-up costs for his new business in 2021 , and another $17,000 in 2022 . He opens the business on August 1, 2022. What is his deduction for start-up costs in (a) 2021? (b) 20 (c) 2023
