Kyle, a single taxpayer, worked as a free-lance consultant for the first three months of 2019.During that time, he earned $44,317 of self-employment income. On April 1, 2019, Kyle took a job with one of his former clients. From April through the end of the year, Kyle earned $102,500 in salary.

What amount of self-employment taxes does Kyle owe for the year?

Webber's gross tax liability is $468. Webber is entitled to an $626 nonrefundable personal tax credit, a $325 business tax credit, and a $629 refundable personal tax credit. What is the total amount of credits Webber can use this year?

Christina purchased an annuity from an insurance company. Christina paid $169,700 for the annuity, and in exchange she will receive $22,200 per year for the next 10 years.

How much of the first $22,200 payment should Christina exclude from gross income?_________

Deb has found it very difficult to repay her loans. Because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $12,551. After the loan was discharged, Deb had total assets of $212,188 and her remaining loans total $192,783. What amount must Deb include in her gross income?

Mom and Pop own a home they rent out to students at the local university. Their AGI before considering any income or loss from the rental property is $132,000. Their loss from the rental property for the current year is $24,732.

If Mom and Pop have no other sources of passive income, how much of the passive loss from the rental home can they deduct currently?If none, answer 0.

Meredith acquires 8,780shares of Grey-Sloan with NQOsand 16,319 shares with ISOs. The Fair market value of the Grey Sloan stock is $18 per share on the exercise date. Meredith's exercise price is $6 per share for the NQO and ISOs.

How much income will Meredith report on the day she exercises her options?

Larry recently invested $20,835 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is also $20,835. In addition, Larry's share of the limited partnership loss for the year is $4,859, his share of income from a different limited partnership was $3,849, and he has $8,603 of dividend income from the stock he owns.What is the amount of adjusted gross income these transactions will generate?

Dan has AGI of $50,000 and paid the following taxes during this tax year.

State income taxwithholding$1,499

State income tax estimatedpayments619

Federal income taxwithholding6,709

State excise tax onliquor232

Automobile registration (based on the car's value)101

State sales taxpaid2,370

County real estate tax on theland1,800

How much Dan can deduct for taxes as an itemized deduction this year?

Charity Property Cost FMV

United Way Cash 9,663 9,663

American Heart Association Pepsi stock 11,379 12,878

First Methodist Church Antique painting 3,401 7,218

American Heart Association plans to sell the stock to fund its operations. First Methodist Church intends to sell the antique painting. Ray Ray has owned the painting and Coca-Cola stock since 1990.

What is the total amount of charitable contributions subject to the 50% of AGI ceiling?