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please show the work 1. Sharon (age 41) provides all the support of her two minor children who live with her, Sarah age 14 and
please show the work
1. Sharon (age 41) provides all the support of her two minor children who live with her, Sarah age 14 and Jake age 15. Her spouse passed away in 2018. She also maintains the household in which her parents live and furnished 65% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Sharon's father received $2,400 from a part-time job and $6,000 in Social Security income. Sharon's mothers only income is $5,000 in Social Security. Who can Sharon claim on her tax return and what is her filing status for 2020? 2. Monica (age 66) is single, earns a salary of $105,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $55,000, purchased 5 years ago, and was used for family vacations. Monica also had interest income from a savings account of $500 and received an inheritance of $50,000 from her deceased aunt. She has $10,200 in itemized deductions. Compute Monica's 2020 tax liability. 3. Gina, age 18, is claimed as a dependent by her parents. For 2020, she has the following income: $7,400 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest from City of Chicago bonds. What is Tina's taxable income for 2020Step by Step Solution
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