Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I NEED HELP PLEASE. ASAP. Jeremy and Ayssa Johnsan have been married for five years and do not have any children. Joremy was marniod peeviously

I NEED HELP PLEASE. ASAP.
image text in transcribed
Jeremy and Ayssa Johnsan have been married for five years and do not have any children. Joremy was marniod peeviously and has one child from the prior marriage. He is selfemployed and opotates his own computor repair store. For the first two monthis of the year, Alysso worked for Office Depot as an employee. In March. Ayssa accepted a new job with Super Toys incorporated iST, where she worked for the remainder of the year. This year, the Johnsons recelved $263,000 of gross income. a. Expenses associated with Jeremy's store include $42,000 in salary (and employment taxes) to employees, $47,400 of supplies, and $18,800 in rent and other administrative expenses. b. As a salesperson. Alysso incurred $2.080 in trawel expenses related to her empioyment that were not reimbursed by her employer. c. The johnsons own a plece of raw land held as an investment. They paid $580 of real property taxes on the property and they incurred $240 of expensos in travel costs 10 see the property and to evaluate other similor potentiaf investment proporties. d. The Johnsons own a rental home. They incurted $8,580 of expenses associated with the property e. Jerenay paid $4,580 for heaith insurance coverage for himself (not through an exchange). Alyssa was covered by heatth plans provided by her emplayec, but Jeremy is not eliglole for the plan unti next yeat. f. Jeremy paid $2,580 in self-employment taxes (\$1,290 represents the employer portion of the self-employment taxes). 9. Jeremy paid $,160 in alimony and $3,120 in child support from his prior marriage (divorce decree executed in 2010 ) h. The Johnsons donated $2,080 to their favorite chatity. Determine the Johnson's AGI for 2022 given the above information

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Textbook Of Accounting For Management

Authors: S.N. Maheshwari

3rd Edition

9325956195, 978-9325956193

More Books

Students also viewed these Accounting questions

Question

=+b) What is the factor?

Answered: 1 week ago