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Please help me complete this! Give kudos and thank you very much! Please also show me your calculations! For each of the scenarios below, please
Please help me complete this! Give kudos and thank you very much! Please also show me your calculations! For each of the scenarios below, please calculate the taxpayer's taxable income. Scenario #1: $215,000 $367 Wages Interest on corporate bonds Municial bond interest from the taxpayer's state of residence Qualified dividends from a US corporation $1,159 $2,486 Gross rental Income from a residential rental property. $24,000 Rental expenses, except depreciation $11,000 The rental property was placed in service in May of 2019. The taxpayer's basis in the improvements to the property was $790,000 in May of 2019. Gross receipts from a small consulting business. $5,542 Business expenses related to the consulting business. $3,105 Inheritance from the Taxpayer's aunt who dies in March of this year. $300,000 State tax refund received IN this year FOR the prior year. The taxpayer used the standard deduction in the prior year. $1,618 The taxpayer gave his/her nephew a gift of $12,000 dollar during the year. $12,000 Scenario #2 Distribution from a Sec. 529 Plan. All amounts withdrawn were used for tuition. 17000 Wages from a summer job. 1655 Federal income tax withholding 320 State Income Tax Return 166 For each of the scenarios below, please calculate the taxpayer's taxable income. Scenario #1: $215,000 $367 Wages Interest on corporate bonds Municial bond interest from the taxpayer's state of residence Qualified dividends from a US corporation $1,159 $2,486 Gross rental Income from a residential rental property. $24,000 Rental expenses, except depreciation $11,000 The rental property was placed in service in May of 2019. The taxpayer's basis in the improvements to the property was $790,000 in May of 2019. Gross receipts from a small consulting business. $5,542 Business expenses related to the consulting business. $3,105 Inheritance from the Taxpayer's aunt who dies in March of this year. $300,000 State tax refund received IN this year FOR the prior year. The taxpayer used the standard deduction in the prior year. $1,618 The taxpayer gave his/her nephew a gift of $12,000 dollar during the year. $12,000 Scenario #2 Distribution from a Sec. 529 Plan. All amounts withdrawn were used for tuition. 17000 Wages from a summer job. 1655 Federal income tax withholding 320 State Income Tax Return 166
Please help me complete this! Give kudos and thank you very much!
Please also show me your calculations!
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