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Individual Income Taxation Take Home Quiz 1 Fall 2015 PROBLEM 1 Jan, 38, is single and has AGI of $123,000 in 2015. Her potential itemized deductions before any limitations for the year total $77,650 and consist of the following: Medical expenses (before floor) Interest on home mortgage ($580,000 acquisition debt) State income tax State sales tax Real estate tax Charitable contribution $17,500 31,900 6.090 960 7,700 13,500 What is the total amount of itemized deductions Jan may claim on her tax return, what is Jan's taxable income and tax liability? PROBLEM 2 For each of the following situations determine the requested amounts. Situation 1 Beth (age 43) and Bart (age 48) are married taxpayers who choose to file a joint tax return. They have three minor dependent children (Barbara, Bonnie and Baxter). Bonnie and Baxter are in elementary school. Barbara is 21 and a full-time college student. Barbara earned $5,600 at a job and had $15 in interest income during 2015. Barbara did not provide more than of her own support. Beth's step-mother (age 72) and one of her step-sisters (age 49), also live with them and qualify as Beth and Bart's dependents. Beth and Bart's total gross income for 2015 is $172,000. They have $12,800 of for AGI deductions and their itemized deductions (after any floors) total $30,900 and are comprised of the following: Medical Charitable Contributions Mortgage interest Real Estate taxes Miscellaneous itemized $3,200 4,000 14,200 8,000 1,500 Filing status, number of exemptions, taxable income and tax liability for Beth and Bart? Filing status, number of exemptions, taxable income and tax liability for Barbara? Situation 2 Curt, age 65 and single, maintained a home where his mother resided for the entire year. He earned a salary of $69,000. He paid all of the bills related to his mother since she had no income for 2015. Curt also incurred itemized deductions of $8,520 (none subject to any AGI limitations) Filing status, number of exemptions, taxable income and tax liability for Curt? PROBLEM 3 For each of the following situations, determine the amount of Gross Income to be included by the taxpayer. Situation 1 April received the following items in 2015 Salary Productivity bonus Alimony Child support State tax refund (no deduction taken in 2014) Interest on Wayne County school bonds Worker's compensation Dental insurance premiums (paid by employer) Medical insurance premiums (paid by employer) Reimbursement for medical benefits (not deducted) Reimbursement for lost wages from an employer provided plan Life insurance proceeds from deceased uncle's policy $ 35,800 3,000 9,000 20,000 1,530 10,000 11,000 1,700 6,000 500 1,000 15,000 Situation 2 John, age 23, is a full time student at Wayne State University and a candidate for a bachelor's degree in Accounting. During 2015, he received the following items: Salary Sale of term papers Loan from financial aid office Cash prize from radio contest Inheritance from aunt Unemployment compensation Scholarship for room and board Tuition Scholarship Spring Break trip paid for by grandfather $ 4,200 400 7,500 700 30,000 1,000 4,000 2,000 950 PROBLEM 4 Courtney made the following contributions during 2015. Courtney had purchased the stock and painting many years ago as investments. Charity University Red Cross History Museum Medical Center Property Cash Cash Painting Stock Cost $15,000 $14,500 5,000 28,000 Fair Market Value $15,000 $14,500 82,000 17,000 Assume Courtney has AGI of $150,000 what is her maximum charitable contribution for 2015? Assume Courtney has AGI of $260,000 what is her maximum charitable contribution for 2015? PROBLEM 5 In 2015, Georgia had the following insured personal casualty losses (arising from one casualty). Georgia also had $20,000 adjusted gross income for the year. Asset A B C Adjusted Basis 1,200 3,000 600 Fair Market Value Before After 1,000 200 2,000 0 800 0 Insurance Recovery 100 500 100 What is Georgia's itemized deduction for her casualty losses? PROBLEM 6 Calculate the net income includible in taxable income for the following hobby. Presume Val has AGI of $69,000 before considering anything from the hobby activity. Income 27,000 Mortgage interest and property taxes allocable to hobby 9,000 Depreciation 5,000 Supplies and fees 11,000 Telephone for hobby 2,800 Computer usage fees 2,000 In the alternative, what would be Val's adjusted gross income for the year if the activity were not considered a hobby? PROBLEM 7 In 2014 Sara graduated from Wayne State University and got a job in Detroit, where she lived. In February of 2015 she got a job offer from a company headquartered in Atlanta, Georgia. She accepted the job offer and started work in Atlanta on March 1, 2015. She is still employed at the company today and has no intention of changing jobs anytime soon. After the offer and prior to starting work, she traveled to Atlanta to look for suitable housing. Her round trip flight cost $350 and she incurred $170 in rental car expenses, and $480 in costs for meals and lodging. She successfully found a place to live. Also prior to starting work she hired a moving company to more her possessions to Atlanta for $1,100 and she drove her own car the 723 miles to Atlanta. She stayed two nights in motels along the way, incurring $366 in costs for lodging and $118 in costs for meals along the way. (For 2015, the standard mileage rate for using your vehicle to move to a new home is 23 cents per mile.) Her new employer provided her, like its other new out of state hires, a moving allowance of $750. What was the effect on Sara's AGI for 2015 from these transactions