REMEMBER 2018 TAX LAWS not 2017

1.)

Required information

[The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2018, her taxable income is $49,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

a.) All of her income is salary from her employer.

tax liability: ???

2.)

In 2018, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Leave no answer blank. Enter zero if applicable.)

a.) She received $7,500 from a part-time job. This was her only source of income. She is 16 years old at year-end.

tax liability = ??

3.)

Although Hank is retired, he is an excellent handyman and often works part-time on small projects for neighbors and friends. Last week his neighbor, Mike, offered to pay Hank $1,100 for minor repairs to his house. Hank completed the repairs in December of this year. Hank uses the cash method of accounting and is a calendar-year taxpayer. Compute Hanks gross income for this year from each of the following alternative transactions:

a.) Mike gave Hank tickets in December to the big game in January. The tickets have a face value of $50 but Hank could sell them for $1,000. Hank went to the game with his son.

Gross Income= ?

4.)

Louis files as a single taxpayer. In April of this year he received a $1,320 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $6,350. (Leave no answer blank. Enter zero if applicable.)

a. Last year Louis claimed itemized deductions of $6,424. Louiss itemized deductions included state income taxes paid of $2,210.

Refund to be included= ??