Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed 

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 $82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,400 of expenditures that qualified as itemized deductions. (Use the tax rate schedules.) 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 $6,400. Kaly provided $3,840 of her own support, and Camille provided $6,400 of support. What is Camille's taxable income? Description Amount (1) Gross income $ 94,000 (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions 11,700 $ 82,300 16,400 Taxable income $ 65,900 x *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.

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

Essentials Of Federal Taxation 2019

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

10th Edition

1260189988, 1260189678, 9781260189674, 978-1259917103, 125991710X, 978-1260190045

More Books

Students also viewed these Accounting questions

Question

3. Make extra-credit work available to add points to course grades.

Answered: 1 week ago