I need help on the following tax accounting questions. Please show work if possible. Thank you! 1. Mike is single and 35 years of age. He has no dependents. Calculate Mike?s 2014 tax liability based on the following: Wages $105,000 Qualified dividend received 9,000 Real estate taxes paid 12,000 Mortgage interest paid 11,000 Gross rental income from an apartment building 25,000 Expenses incurred on the rental apartment building: Maintenance 900 Property taxes 2,800 Utilities 2,100 Depreciation 5,500 Insurance 1,900 1. Mike is single and 35 years of age. He has no dependents. Calculate Mike?s 2014 tax liability based on the following: Wages $105,000 Qualified dividend received 9,000 Real estate taxes paid 12,000 Mortgage interest paid 11,000 Gross rental income from an apartment building 25,000 Expenses incurred on the rental apartment building: Maintenance 900 Property taxes 2,800 Utilities 2,100 Depreciation 5,500 Insurance 1,900 2. Tim is single and 17 years old. He is a dependent of his parents. Tim earned $1,300 from a part time job and $2,800 of interest from a money market account. Tim?s parents, who file a joint tax return, have 2014 taxable income of $135,000. They do not elect to include Tim?s income on their tax return. What is Tim?s 2014 income tax liability? 3. In 2014, Amy, a calendar-year cash basis taxpayer, had $5,000 withheld from her paycheck by her employer for state of Maryland income taxes. On April 15, 2014, she filed her 2013 Maryland state income tax return and had to pay Maryland $2,000 additional in tax for 2013. What amount can Amy claim as a deduction on her 2014 federal income tax return (filed in 2015) for state income taxes? Where specifically (i.e., what form/schedule and what line) on the tax return should Amy report the deduction? 4. Cindy purchases a 10-year annuity from the Buckeye Insurance Company for $68,000. This annuity paid her $1,200 a month when she turned 68. On July 1, 2014, after Cindy has received 54 monthly payments (including 6 payments in 2014), Cindy dies. What amount must Cindy include in her income from this annuity in 2014? Is Cindy entitled to a deduction in the year of death relating to her investment in the annuity? If so, how much? 5. In 2014, Mike earned a salary of $125,000 and plans to file a single return with no dependents. In addition to his salary, Mike sold the following capital assets: ? Stock held for 2 years $1,000 ? Stock held for 3 years (2,000) ? Stock held for 8 months (2,500) What is Mike?s taxable income? 3. Tim is single and 17 years old. He is a dependent of his parents. Tim earned $1,300 from a part time job and $2,800 of interest from a money market account. Tim?s parents, who file a joint tax return, have 2014 taxable income of $135,000. They do not elect to include Tim?s income on their tax return. What is Tim?s 2014 income tax liability? 4. In 2014, Amy, a calendar-year cash basis taxpayer, had $5,000 withheld from her paycheck by her employer for state of Maryland income taxes. On April 15, 2014, she filed her 2013 Maryland state income tax return and had to pay Maryland $2,000 additional in tax for 2013. What amount can Amy claim as a deduction on her 2014 federal income tax return (filed in 2015) for state income taxes? Where specifically (i.e., what form/schedule and what line) on the tax return should Amy report the deduction? 5. Cindy purchases a 10-year annuity from the Buckeye Insurance Company for $68,000. This annuity paid her $1,200 a month when she turned 68. On July 1, 2014, after Cindy has received 54 monthly payments (including 6 payments in 2014), Cindy dies. What amount must Cindy include in her income from this annuity in 2014? Is Cindy entitled to a deduction in the year of death relating to her investment in the annuity? If so, how much? 6. In 2014, Mike earned a salary of $125,000 and plans to file a single return with no dependents. In addition to his salary, Mike sold the following capital assets: ? Stock held for 2 years $1,000 ? Stock held for 3 years (2,000) ? Stock held for 8 months (2,500) What is Mike?s taxable income?

1. Mike is single and 35 years of age. He has no dependents. Calculate Mike's 2014 tax liability based on the following: Wages Qualified dividend received Real estate taxes paid Mortgage interest paid Gross rental income from an apartment building Expenses incurred on the rental apartment building: Maintenance Property taxes Utilities Depreciation Insurance $105,000 9,000 12,000 11,000 25,000 900 2,800 2,100 5,500 1,900 2. Tim is single and 17 years old. He is a dependent of his parents. Tim earned $1,300 from a part time job and $2,800 of interest from a money market account. Tim's parents, who file a joint tax return, have 2014 taxable income of $135,000. They do not elect to include Tim's income on their tax return. What is Tim's 2014 income tax liability? 3. In 2014, Amy, a calendar-year cash basis taxpayer, had $5,000 withheld from her paycheck by her employer for state of Maryland income taxes. On April 15, 2014, she filed her 2013 Maryland state income tax return and had to pay Maryland $2,000 additional in tax for 2013. What amount can Amy claim as a deduction on her 2014 federal income tax return (filed in 2015) for state income taxes? Where specifically (i.e., what form/schedule and what line) on the tax return should Amy report the deduction? 1 4. Cindy purchases a 10-year annuity from the Buckeye Insurance Company for $68,000. This annuity paid her $1,200 a month when she turned 68. On July 1, 2014, after Cindy has received 54 monthly payments (including 6 payments in 2014), Cindy dies. What amount must Cindy include in her income from this annuity in 2014? Is Cindy entitled to a deduction in the year of death relating to her investment in the annuity? If so, how much? 5. In 2014, Mike earned a salary of $125,000 and plans to file a single return with no dependents. In addition to his salary, Mike sold the following capital assets: Stock held for 2 years $1,000 Stock held for 3 years (2,000) Stock held for 8 months (2,500) What is Mike's taxable income? 2