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Ignore my answers please and write full clear answers Through November, Cameron has received gross income of $82,500. For December, Cameron is considering whether to

Ignore my answers please and write full clear answers

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Through November, Cameron has received gross income of $82,500. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $8,250 of revenue at a cost to Cameron of $4,150, which is deductible for AGI. In contrast, engagement 2 will generate $9,750 of qualified business income (QBI), which is eligible for the 20% QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions. Description (1) Gross income before new work engagement (2) Income from engagement (3) Additional for AGI deduction (4) Adjusted gross income Greater of itemized deductions or standard (5) deduction (6) Deduction for QBI Taxable income Engagement 1 Engagement 2 $ 82,500 $ 82,500 8,250 9,750 4,150 0 $ 86,600 $ 92,250 1,650 1,950 Required information (The following information applies to the questions displayed below.) The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as a dependent. Jason is currently a full-time student at an out-of-state university. Jason lived in his parents' home for three months of the year and he was away at school for the rest of the year. He received $9,925 in scholarships this year for his outstanding academic performance and earned $5,055 of income working a part-time job during the year. The Samsons paid a total of $5,340 to support Jason while he was away at college. Jason used the scholarship, the earnings from the part-time job, and the money from the Samsons as his only sources of support. . Can the Samsons claim Jason as their dependent? Yes ! Required information [The following information applies to the questions displayed below.) The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as a dependent. Jason is currently a full-time student at an out-of-state university. Jason lived in his parents' home for three months of the year and he was away at school for the rest of the year. He received $9,925 in scholarships this year for his outstanding academic performance and earned $5,055 of income working a part-time job during the year. The Samsons paid a total of $5,340 to support Jason while he was away at college. Jason used the scholarship, the earnings from the part-time job, and the money from the Samsons as his only sources of support. b. Assume the original facts except that Jason's grandparents, not the Samsons, provided him with the $5,340 worth of support. Can the Samsons (Jason's parents) claim Jason as their dependent? Yes ! Required information [The following information applies to the questions displayed below.] The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as a dependent. Jason is currently a full-time student at an out-of-state university. Jason lived in his parents' home for three months of the year and he was away at school for the rest of the year. He received $9,925 in scholarships this year for his outstanding academic performance and earned $5,055 of income working a part-time job during the year. The Samsons paid a total of $5,340 to support Jason while he was away at college. Jason used the scholarship, the earnings from the part-time job, and the money from the Samsons as his only sources of support. c. Assume the original facts except substitute Jason's grandparents for his parents. Determine whether Jason's grandparents can claim Jason as a dependent. Yes No Required information [The following information applies to the questions displayed below.) The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as a dependent. Jason is currently a full-time student at an out-of-state university. Jason lived in his parents' home for three months of the year and he was away at school for the rest of the year. He received $9,925 in scholarships this year for his outstanding academic performance and earned $5,055 of income working a part-time job during the year. The Samsons paid a total of $5,340 to support Jason while he was away at college. Jason used the scholarship, the earnings from the part-time job, and the money from the Samsons as his only sources of support. d. Assume the original facts except that Jason earned $5,755 while working part-time and used this amount for his support. Can the Samsons claim Jason as their dependent? Yes

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