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Required information Comprehensive Problem 4-58 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below.] Camille Sikorski was divorced
Required information Comprehensive Problem 4-58 (LO 4-1, LO 4-2, LO 4-3) (Algo) [The following information applies to the questions displayed below.] Camille Sikorski was divorced in 2018. She currently provides a home for her 15 -year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $60,000 and contributed $4,400 of it to a qualified retirement account (a for AGI deduction). She also received $7,000 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $15,500 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2022 rules.) Comprehensive Problem 4-58 Part-a (Algo) a. What is Camille's taxable income? b. What would Camille's taxable income be if she incurred $24,500 of itemized deductions, instead of $15,500 ? c. Assume the original facts but now suppose Camille's daughter, Kaly, is 25 years old and a full-time student. Kaly's gross income for the year was $5,500. Kaly provided $3,300 of her own support, and Camille provided $5,500 of support. What is Camille's taxable income? 2022 Tax Rate Schedules Individuals Schedule Z-Head of Household Schedule Y-2-Married Filing Separately
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