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Homework Problem I Dwayne Johnson is single and living alone. expenditures for the year as follows. He had income and $70,000 Salary income (from W-2) Interest income from: 1,200 3,000 20,000 5,000 1, 500 Bank account Maricopa County bonds Inheritance from grandparent Contribution to Roth I.R.A. Interest expense on student loan Itemized Deductions: Potential Interest expense on home mortgage Interest expense on car loan Interest expense on credit cards Property taxes paid (car and home) Charitable contributions 6,000 1,100 300 2, 700 3,000 9, 000 2,000 Federal income tax withheld State income tax withheld Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded) It is not acceptable to submit this page as homework. Note: Prepare an swer, in good form, on a separate sheet. Homework Problem II Mila Kunis is a single parent living with her two daughters, whom she provides all support. are age 12 and 19 years old, with the eldest attending GCC. During the past year, her investments have appreciated from a cost of $20,000 to a year-end value of $22,000. She had income and expenditures for the year as follows. Her daughters Salary Prizes won on Wheel of Fortune Interest income from: $76,000 3,000 Bank account 1,000 2,000 8,000 40,000 10,000 5, 000 City of Mesa bonds Illegal income Inheritance received Gift from parent Contribution to Roth I.R.A. Potential Itemized Deductions: Diamondbacks season tickets 4, 400 5,000 1,200 6,000 2,000 Food Interest expense on car loan Interest expense on home mortgage Property taxes paid (car and home) ritable contributions Ch 2,000 7,000 3,000 3, 200 Federal income tax withheld State income tax withheld Tuition and books for GCC Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded) It is not acceptable to submit this page as Prepare answer, in good form, on a Note: homework. separate sheet. Homework Problem III Barack and Michelle Obama*, married couple with a three daughters (age 15, another an 18 year old freshman at GCC and the oldest is 23 and a full-time graduate student at ASU West), have income and expenditures for the year as follows They file a joint return. Salaries ($60,000 and $25, 000) Speaking fees earned Interest income from: $85,000 10,000 Bank account 2,000 3,000 50,000 20,000 3,000 Maricopa Community College bonds Inheritance received Gift from parents Contribution to Traditional I.R.A. (401k) Potential Itemized Deductions: Arizona Cardinals season tickets 4,000 6,000 1,000 Food Interest expense on credit cards Interest expense on home mortgage Interest expense on car loans Property taxes paid (cars and home) Charitable contributions 11,000 2,000 2,500 4,000 3,000 1,000 2,800 10, 000 Federal income tax withheld State income tax withheld Tuition and books paid to: GCC ASU Compute the amount of: a) taxable income, b) income taxes, and c) amount of tax to be paid (refunded) It is not acceptable to submit this page as Prepare answer, in good form, on a Note: homework. separate sheet. IRS Bill Clinton will have Secret Service protection for life. Due to a change in the law, Barack and Michelle Obama will only receive protection for 10 years after leaving office. ACC 212/ 240 Incona Taxes- Page 18