Answered step by step
Verified Expert Solution
Question
1 Approved Answer
let me know if you need more help. please ans asap Determining Gross Income (5 points) Stewart works for Toyota mil sama a 542.000 salary
let me know if you need more help. please ans asap
Determining Gross Income (5 points) Stewart works for Toyota mil sama a 542.000 salary each year. On the first day of 2020, he employer sold himm SUV at the same price it normally charges its customers, $38,000 Stewart purchased the car Bom Toyota with $11,000 in cail and a $26,000 car loan from Toyota's Facial Services (TFS) Normally, TFS charges customers a 4.5% interest rate os car loans. However, because he was an employee, they gave him the loan charging only 2,0% interest rate innead, which be paid all throughout 2020. Determin the sterecesizable grote income for Stewan in 2020 0x143,710 On None of the mowers given hers 0342.925 0543,225 $42,650 Determining AGI (5 poian) In 2020, Ellant and a $135,000 salary as a physician's He owned his own hour and paid $14,000 in mortgage interest on his primary residence during the year. His tal oval estate taxes on hi prinury droce for the year we $4.000 Oder it costs Elliott had during the year were $2,100 in interest on his student loans used for tuition and fees during his undergraduate program at George Mason and 5900 in rest ce credit cards during the yest related to furniture he perchased for his house. Finally, Ellot spent 40 hours during the year providing on cost (pro bono) care to soody families that would have normally sented in an additional $1,000 of wages for Elliott if he had billed the clients. Determine Ellion's AOL 2029 05125300 Oh Nose of the answers given here O $118.900 003132.000 O$129,900. 5 points 1 Determining Grass Income (5 points) Stewart works for Toyota and earns a $42,000 salary each year. On the first day of 2020, his employer sold him an SUV at the same price it normally charges is customers, 538,000 Stewart purchased the cr from Toyots with $11,000 as cash and a $26.000 car loan from Toyota's Financial Services (TFS) Nomally. TFS charges entomers a 4.5% interest rate on car loans. However, because he was an employee, they gave him the loan charging only 2.0% interest rate instead, which be paid all throughout 2020. Det the lotal megeuitable cou income fx Stewart in 2022 04343,210 O&Nose of the suiwers gives here Dc342,925 0341,225 D$42,0507 Determining AGI S points) In 2020, Ellioned a $135,000 salary as a physicias's assistant. He owned his own home and paid $14,000 in mortgage interest on his primary residence during the year Its total peal estate taxes on his primary residence for the year were $4,000. Other interest costs Elliot had daring the year were: $2,100 in interest on his studest loans used for nation and fees during his undergraduate program at George Mason and 1900 in interest on credit cards during the year related to fumiture he purchased for his home. Finally, Ellion spest 40 hours during the year providing no cost (pro bono) care to needy families that would have aormally resulted in an additional $3.000 of wages for Eott if he had billed the clients. Determite Elliott AG for 2010 Oa5126900 Ob None of the answers given here. OSIEK 900 O$132.000 O $129,900 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started