Phil Parkes had the following transactions during tax year 2022. Phil is 30, single, and has...
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Phil Parkes had the following transactions during tax year 2022. Phil is 30, single, and has no dependents. TAXPAYER PHIL PARKES TRANSACTIONS HAVING POTENTIAL TAX EFFECTS FOR TAX YEAR 2022 Salary $ 80,000 Interest on bonds: City of St. Louis 1,000 Kroger Corporation 2,000 Insurance proceeds (Phil's uncle died and named him the beneficiary on his life insurance policy) 50,000 Fair market value of stock inherited from uncle 90,000 Loss on sale of long term stock investment 4,000 10,000 Interest on home mortgage 2,500 Real estate taxes on home 13,000 Income taxes withheld from salary REQUIRED: (1) Using the attached form, compute Phil's adjusted gross income (AGI) for tax (2) (3) (4) year 2022. Using the attached form, compute Phil's taxable income for tax year 2022. Using the attached form, compute Phil's tax liability for tax year 2022. Indicate how you determined the amount given for your answer. Using the attached form, compute Phil's tax due or tax refund to be receive for tax year 2022. Phil Parkes had the following transactions during tax year 2022. Phil is 30, single, and has no dependents. TAXPAYER PHIL PARKES TRANSACTIONS HAVING POTENTIAL TAX EFFECTS FOR TAX YEAR 2022 Salary $ 80,000 Interest on bonds: City of St. Louis 1,000 Kroger Corporation 2,000 Insurance proceeds (Phil's uncle died and named him the beneficiary on his life insurance policy) 50,000 Fair market value of stock inherited from uncle 90,000 Loss on sale of long term stock investment 4,000 10,000 Interest on home mortgage 2,500 Real estate taxes on home 13,000 Income taxes withheld from salary REQUIRED: (1) Using the attached form, compute Phil's adjusted gross income (AGI) for tax (2) (3) (4) year 2022. Using the attached form, compute Phil's taxable income for tax year 2022. Using the attached form, compute Phil's tax liability for tax year 2022. Indicate how you determined the amount given for your answer. Using the attached form, compute Phil's tax due or tax refund to be receive for tax year 2022.
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