I:3-58 Assume that it is december 31, and that jake is considering mkaing a $1000 charitable contribution. Jake currently is in the 39.6% tax bracket, but expects that his tax bracket will be 28% next year. How much more will the deduction for the contribution be worth if it is made today compared to next year? (Ignore any phase-outs of itemized deductions) Prentice Hall's Federal Taxation 2015 textbook, I:3-58 I:4-56 Pat was divorced from her husband in 2009. During the current year she received alimony of 18000 and child support of $4000 for her 11-year-old son, who lives with her. Her former husband had asked her to sign an agreement giving him the dependency exemption for the child but she declined to do so. After the divorce she accepted a position as a teacher in the local school district. During the current year, she received a salary of $98,801. The school district paid her medical insurance premiums of $6900 and provided her with group term life insurance coverage of $40000. The premiums attributable to her coverage equaled $160. During her marriage, Pat?s parents loaned her $8000 to help with the down payment on her home. Her parents told her this year that they understand her financial problems and that they are cancelling the balance on the loan, which was $5000. They did so because they wanted to help their only daughter. Pat received dividends from National Motor Company of $4600 and interest on state of California bonds of $2850. Pat had itemized deductions of $9100. Compute her taxable income for 2014 Prentice Hall's Federal Taxation 2015 textbook, I:4-56 I:4-60 Alice Johnson, social security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: ? Received a $98801 salary from her employer who withheld $3000 federal income tax. ? Received a gift of 1000 shares of Ace Corporation stock with $100,000 FMV from her mother. She also received $4,000 of cash dividends from Ace Corporation. The dividends are qualified dividends. ? Receive $1000 of interest income on bonds issued by the City of Tampa. ? Received a regular stock dividend (nontaxable under sec. 305) of 50 shares of Ace Corporation Stock with a $5000 FMV. ? Alice?s employer paid $2000 of medical and health insurance premiums on her behalf. ? Received $12000, alimony from her ex-husband. ? State University provided $60,000 of group term life insurance. Alice is 42 years old and is not a key employee. The table in the text is applicable. ? Received a $1000 cash award from her employer for being designated the secretary of the year. ? Total itemized deductions are $8000. Complete Form 1040 and accompanying schedules for Alice Johnson?s 2013 tax return.