Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.] Shauna Coleman is single. She is employed as an architectural designer for Streamline

image text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2022). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,712 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,480 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle. Shauna had Lasik eye surgery last year and paid $3,080 for the surgery (she received no insurance reimbursement). She also incurred $482 of other medical expenses for the year. c. SD withheld $1,880 of state income tax. $7,575 of Social Security tax, and $14,820 of federal income tax from Shauna's paychecks throughout the year. d. In 2022, Shauna was due a refund of $282 for overpaying her 2021 state taxes. On her 2021 state tax return that she filed in April 2022, she applied the overpayment toward her 2022 state tax liability. She estimated that her state tax liability for 2022 will be $2,380. e. Shauna paid $3,280 of property taxes on her personal residence. She also paid $532 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $232 property tax based on the state's estimate of the value of her car. 9. Shauna has a home mortgage loan in the amount of $236,000 that she secured when she purchased her home. The home is worth about $416,000. Shauna paid interest of $12,620 on the loan this year. h. Shauna made several charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1.320 and her basis in the shares was $528. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $332 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $532 and Shauna's basis in the items was $332. Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,280 of services to her church last year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

2nd edition

73396958, 978-0077630461, 77630467, 978-0073396958

More Books

Students also viewed these Accounting questions

Question

What are two important limitations of the Heckscher- Ohlin theory?

Answered: 1 week ago

Question

For the triangle in which a = 22.5,B = 78.6, and c = 30.9, find b.

Answered: 1 week ago