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I need help with these tax accounting problems, number 27 abd 30 30. LO.2 Determine the amount of the standard deduction allowed for 2022 in
I need help with these tax accounting problems, number 27 abd 30
30. LO.2 Determine the amount of the standard deduction allowed for 2022 in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. a. Curtis, age 18, has income as follows: $700 interest from a certificate of deposit and $12,800 from repairing cars. b. Mattie, age 18 , has income as follows: $600 cash dividends from investing in stock and $4,700 from working as a lifeguard at a local pool. c. Jason, age 16, has income as follows: $675 interest on a bank savings account and $800 for painting a neighbor's fence. d. Ayla, age 15, has income as follows: $400 cash dividends from a stock investment and $500 from grooming pets. e. Sarah, age 67 and a widow, has income as follows: $500 from a bank savings account and $3,200 from babysitting. 27. LO.1 Compute the taxable income for 2022 in each of the following independent situations: a. Aaron and Michele, ages 40 and 41 , respectively, are married and file a foint rerurn. In addition to four dependent children, they have ACI of $125,000 and Iternized deductions of $27,000. b. Sybil, age 40. is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGt of 580,000 and itemized deductions of $8,000. c. Scott, age 49, is a surviving spouse. His household includes two uamartied stepsons who qualify as his dependents. He has MA of $75,000 and litemized deductions of $10,100. d. Amelia, age 33, is an abandoned spouse who maintains a household fot her three dependent children. She kis AGI of $38,000 and flemized dediactions of 510,650 e. Chang, age 42 , is divorced but maintains the home in which he and Lei, his daughter, live. Lee is angle and qualiffes as Changs dependent. Chang has ACT of $64,000 and ifemized deductions of $9,900 Step by Step Solution
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