Answered step by step
Verified Expert Solution
Question
1 Approved Answer
plz help me this question, this hw due one more hr! required us taxation knowledge 7. In 2019, Taxpayer (T) is a single, 65 year-old
plz help me this question, this hw due one more hr!
required us taxation knowledge
7. In 2019, Taxpayer ("T") is a single, 65 year-old individual who is a U.S. citizen. I turned 65 in 2019. T receives $18,000 of social security income in 2019 (the first year I received Social Security Benefits). Also, I received $6,000 of interest income from a municipal bond in both 2018 and 2019. On June 1, 2018, T took a job with a multi-national corporation which paid T $5,000 per month. As a condition of the job, T is required to work overseas, in the country of Austria, and I did in fact work in Austria for 214 days (From June 1 - December 31) in 2018. Tis offered to continue to work (still in Austria and still for $5,000 per month) for seven additional months (from January 1 until the end of July, which is 211 days) in 2019, at which point t's position would terminate. T is trying to decide whether I wants to continue to work for seven months in 2019 or quit on January 1. (These are T's only transactions during 2018 and 2019). a. What is T's Gross Income in 2019 if I continues to work through July of 2019? b. What is T's Gross Income in 2019 if I does NOT continue to work in 2019? + c. Excluding the effects of the payroll tax and any credits, What is the economic benefit to T of continuing to work for 7 months in 2019 (meaning how much total extra money, after tax, will have as a result of continuing to work in 2019)? 7. In 2019, Taxpayer ("T") is a single, 65 year-old individual who is a U.S. citizen. I turned 65 in 2019. T receives $18,000 of social security income in 2019 (the first year I received Social Security Benefits). Also, I received $6,000 of interest income from a municipal bond in both 2018 and 2019. On June 1, 2018, T took a job with a multi-national corporation which paid T $5,000 per month. As a condition of the job, T is required to work overseas, in the country of Austria, and I did in fact work in Austria for 214 days (From June 1 - December 31) in 2018. Tis offered to continue to work (still in Austria and still for $5,000 per month) for seven additional months (from January 1 until the end of July, which is 211 days) in 2019, at which point t's position would terminate. T is trying to decide whether I wants to continue to work for seven months in 2019 or quit on January 1. (These are T's only transactions during 2018 and 2019). a. What is T's Gross Income in 2019 if I continues to work through July of 2019? b. What is T's Gross Income in 2019 if I does NOT continue to work in 2019? + c. Excluding the effects of the payroll tax and any credits, What is the economic benefit to T of continuing to work for 7 months in 2019 (meaning how much total extra money, after tax, will have as a result of continuing to work in 2019)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started