QUESTION 2 Belly operates a bemuty salon sa wole proprietorship Bollywooww and runs an apartment building. This year Betty had the following income and expenses. Determina Bally's AGI. You may sure that Batly wil owe $2,502 in self-employment fox on her salon Income Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to her ex-husband, Rocky (2016 divorce) Rortal revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity $ 11,255 8.5.280 45.250 23.400 3,000 32,220 12.000 15.100 6.241 4,237 QUESTION 3 Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24.000 from County Bank and paid interest of $1.440. Lionel used the loan proceeds to pay his law school tuition. Calculate the amount Lionel can deduct for interest on higher education loans. Lionel's AGI before deducting interest on higher education loans is $76,000 QUESTION 4 Simpson is a single individual who is employed full-time by Dull Corporation. This year Simpson reports AGB of S51.000 and has incurred the following medical Dennist charges 900 100 Physician's charges Optical charges Cost of eyeglasses Hospital changes Prescription drugs 250 Over the counter drugs Medical insurance premiums (not through an exchango) Calate the amount of medical expenses that will be induded with Simpsons med det 2.100 er any aplicable limitations QUESTIONS Tim is a single, cash method taxpayer with an Al of $50,000. In April of this year Tim paid $1,020 with his state income tax return for the previous year. During the year, Tim had $5.400 of state income tax and 518.250 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1.260 and $1900 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $500 for state income taxes when the files his state tax return for this year in Anil next year. What is the amount of taxes that Tim can deduct as an itemized deduction? QUESTION 2 Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. This year Betty had the following income and expenses. Determine Betty's AGL You may assume that Betty will owe $2.502 in self employment tax on her salon income Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to her ex-husband, Rocky (2016 divorce) Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity $ 11,255 86.360 45,250 23,400 6,000 32,220 12.900 11,100 6.241 4.237 QUESTION 3 Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proceeds to pay his law school tuition Calculate the amount Lionel can deduct for interest on higher education loans. Lionel's AGI before deducting interest on higher education loans is $78,000 QUESTION 4 Sim 500 i s single individual who is employed full-time by Duff Caption. This year reports AG of $51,000 and has incurred the following medical expenses Dentist charges S 900 Physician's charges 1,800 Optical charges Cost of eyeglasses Hospital charge 2100 Prescription drugs Over-the-counterdrops Medical ce premiums (not through an exchange) 775 Calculate the amount of medical expenses that will be included with Simpsons med deduce wypica 100 QUESTIONS Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year Tim paid $1,020 with his state income tax return for the previous year. During the year, Tim had $5,400 of state income tax and $18.250 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,260 and $1,900 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $500 for state income taxes when he les his state tax return for this year in April next year What is the amount of taxes that Tim can deduct as an itemized deduction? QUESTION This year .000 anybod yra y 20 h and t wo odethane and income expenses 2.500 AGE 37.000. How much of 4200 warenesan Randy deducts and action? QUESTION Indono cas o o charity Dean decided to donate shares of standarta arter part of that cantury Deanu the Charity Property Cost FMY State University cash $ 15,000 $15,000 Red Cross 14.500 14,500 State History Museum Antique painting 5.000 32.000 City Medical Center Dell stock 28.000 27.000 Den the m um amount of charitable de conforth of these contribution the QUESTION 2 Belly operates a bemuty salon sa wole proprietorship Bollywooww and runs an apartment building. This year Betty had the following income and expenses. Determina Bally's AGI. You may sure that Batly wil owe $2,502 in self-employment fox on her salon Income Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to her ex-husband, Rocky (2016 divorce) Rortal revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity $ 11,255 8.5.280 45.250 23.400 3,000 32,220 12.000 15.100 6.241 4,237 QUESTION 3 Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24.000 from County Bank and paid interest of $1.440. Lionel used the loan proceeds to pay his law school tuition. Calculate the amount Lionel can deduct for interest on higher education loans. Lionel's AGI before deducting interest on higher education loans is $76,000 QUESTION 4 Simpson is a single individual who is employed full-time by Dull Corporation. This year Simpson reports AGB of S51.000 and has incurred the following medical Dennist charges 900 100 Physician's charges Optical charges Cost of eyeglasses Hospital changes Prescription drugs 250 Over the counter drugs Medical insurance premiums (not through an exchango) Calate the amount of medical expenses that will be induded with Simpsons med det 2.100 er any aplicable limitations QUESTIONS Tim is a single, cash method taxpayer with an Al of $50,000. In April of this year Tim paid $1,020 with his state income tax return for the previous year. During the year, Tim had $5.400 of state income tax and 518.250 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1.260 and $1900 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $500 for state income taxes when the files his state tax return for this year in Anil next year. What is the amount of taxes that Tim can deduct as an itemized deduction? QUESTION 2 Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. This year Betty had the following income and expenses. Determine Betty's AGL You may assume that Betty will owe $2.502 in self employment tax on her salon income Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to her ex-husband, Rocky (2016 divorce) Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity $ 11,255 86.360 45,250 23,400 6,000 32,220 12.900 11,100 6.241 4.237 QUESTION 3 Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proceeds to pay his law school tuition Calculate the amount Lionel can deduct for interest on higher education loans. Lionel's AGI before deducting interest on higher education loans is $78,000 QUESTION 4 Sim 500 i s single individual who is employed full-time by Duff Caption. This year reports AG of $51,000 and has incurred the following medical expenses Dentist charges S 900 Physician's charges 1,800 Optical charges Cost of eyeglasses Hospital charge 2100 Prescription drugs Over-the-counterdrops Medical ce premiums (not through an exchange) 775 Calculate the amount of medical expenses that will be included with Simpsons med deduce wypica 100 QUESTIONS Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year Tim paid $1,020 with his state income tax return for the previous year. During the year, Tim had $5,400 of state income tax and $18.250 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,260 and $1,900 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $500 for state income taxes when he les his state tax return for this year in April next year What is the amount of taxes that Tim can deduct as an itemized deduction? QUESTION This year .000 anybod yra y 20 h and t wo odethane and income expenses 2.500 AGE 37.000. How much of 4200 warenesan Randy deducts and action? QUESTION Indono cas o o charity Dean decided to donate shares of standarta arter part of that cantury Deanu the Charity Property Cost FMY State University cash $ 15,000 $15,000 Red Cross 14.500 14,500 State History Museum Antique painting 5.000 32.000 City Medical Center Dell stock 28.000 27.000 Den the m um amount of charitable de conforth of these contribution the