Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Requlred lniormetlon [ The following infomation applies to the questions displayed below ] Shauna Coleman is single. She is employed as an architectural designer for
Requlred lniormetlon
The following infomation 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. 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 for
a Shauna paid $ for medical expenses for care from a broken ankle in October. Also. Shauna's boyfriend, Blake, drove Shauna in her car a total of miles to the doctor's office so she could receive care for her broken ankle.
b Shauna paid a total of $ 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 $ for the surgery she received no insurance reimbursement She also incurred $ of other medical expenses for the year.
c SD withheld $ of state income tax, $ of Social Security tax, and $ of federal income tax from Shauna's paychecks throughout the year.
d In Shauna was due a refund of $ for overpaying her state taxes. On her state tax return that she filed in April she applied the overpayment toward her state tax liability. She estimated that her state tax liability for will be $
e Shauna paid $ of property taxes on her personal residence. She also paid $ to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision.
f Shauna paid a $ property tax based on the state's estimate of the value of her car.
g Shauna has a home mortgage loan in the amount of $ that she secured when she purchased her home. The home is worth about $ Shauna paid interest of $ 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 $ and her basis in the shares was $ Shauna originally bought the ZYX Corporation stock in Shauna also contributed $ cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $ and Shauna's basis in the items was $ Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove miles doing churchrelated errands for her minister. Finally, Shauna contributed $ of services to her church last year.
I. Shauna paid $ in investment advisory fees and another $ to have her tax return prepared that is she paid $ in to have her tax return prepared
J Shauna is involved in horse racing as a hobby. During the year, she won $ in prize money and incurred $ in expenses. She has never had a profitable year with her horseracing activities, so she acknowledges that this is a hobby for federal income tax purposes.
k Shauna sustained $ in gambling losses over the year mostly horseracing bets and had only $ in winnings.
a Assume Shauna's AGI is $ Determine Shauna's taxable income.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started