personal income tax

need to know the taxable income

Problem 3-25 (c) (LO. 1, 8) The following information applies to Caroline, who is single, for 2019: $44,350 Salary Alimony received (pre-2019 divorce decree) Child support received 9,600 4,800 15,000 Cash inheritance from her mother's estate Jury duty fees 75 Penalty for early withdrawal from savings (630) 50,000 Life insurance proceeds received as a result of the death of her Contributions to Health Savings Account (Caroline has a high deductible health plan) (3,600) Number of potential dependents Age Caroline's mother lived with her for 10 months (until her death). Her mother's income consisted of $12,000 in Social Security benefit Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Caroline. Child support received Not taxable Life insurance proceeds received as a result of the death of her mother Not taxable Caroline's mother lived with her for 10 months (until her death). Her mother's income consisted of $12,000 in Social Security benefits. Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Caroline. Not taxable Child support received Life insurance proceeds received as a result of the death of her mother Not taxable Alimony received Taxable Salary Taxable Jury duty fees Taxable Identify which items Caroline can deduct (fully or partially). Penalty for early withdrawal from savings Deductible Deductible Contributions to Health Savings Account Caroline's taxable income in 2019 is $ 37,595 Feedback Check My Work EXHIBIT 3.4 Basic Standard Deduction Amounts Filing Status 2019 Single Married, filing jointly Surviving spouse Head of household Married, filing separately 2018 $12,000 24,000 24,000 18,000 12,000 $12,200 24,400 24,400 18,350 12,200 EXHIBIT 3.5 Amount of Each Additional Standard Deduction 2019 Filing Status 2018 $1,600 1,300 Single Married, filing jointly Surviving spouse Head of household Married, filing separately 1,300 $1,650 1,300 1,300 1,650 1,300 1,600 1,300