Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sorry but, this is the way the professor ask the question. I don't know what to add please could you refund this question. because there

image text in transcribed
Sorry but, this is the way the professor ask the question. I don't know what to add
please could you refund this question. because there is no other imformation I can add
Calculate the taxable income for Daniella and Dermot Davis based on the following Information for 2020 Married Joint filing status Salary $100,000 Sole proprietorship income $400,000 Dermot won $5,000 in fantasy Football The Davis contributed $10,000 to Unicef Child support received $20,000 Contribution to Health Savings Account $2.000 US Treasury bill interest $40,000 Dermot found a diamond bracelet on the beach the fair market value of the bracelet was $20,000. Dividends received $60,000 Daniella won $1,000 in a pie bake off Workman's Compensation $20,000 Dermot won $10,000 in settlement of a business law suit. IRA contribution $2,000 Daniella's mother gifted her $40.000 in cash. Long Term Capital Gain $80,000 State and local taxes paid $10,000 Real estate taxes paid $15,000 Penalty for early withdrawal from timed savings account. $1,000 Mortgage interest paid $70,000 the $1.400.000 mortgage was signed in 2014 Medical expenses 332.000. Daniela gave 55.000 to the ones family who lost their homes Unemployment Compensation $40.000 Danielle's sister and repaid a $20.000 loan from 2012 ilerleyen tax paid $7.000 Sale 55.000 Demo wasite beneficiary ofte wat granataterte polk. 500.000 Calculate the taxable income for Daniella and Dermot Davis based on the following Information for 2020 Married Joint filing status Salary $100,000 Sole proprietorship income $400,000 Dermot won $5,000 in fantasy Football The Davis contributed $10,000 to Unicef Child support received $20,000 Contribution to Health Savings Account $2.000 US Treasury bill interest $40,000 Dermot found a diamond bracelet on the beach the fair market value of the bracelet was $20,000. Dividends received $60,000 Daniella won $1,000 in a pie bake off Workman's Compensation $20,000 Dermot won $10,000 in settlement of a business law suit. IRA contribution $2,000 Daniella's mother gifted her $40.000 in cash. Long Term Capital Gain $80,000 State and local taxes paid $10,000 Real estate taxes paid $15,000 Penalty for early withdrawal from timed savings account. $1,000 Mortgage interest paid $70,000 the $1.400.000 mortgage was signed in 2014 Medical expenses 332.000. Daniela gave 55.000 to the ones family who lost their homes Unemployment Compensation $40.000 Danielle's sister and repaid a $20.000 loan from 2012 ilerleyen tax paid $7.000 Sale 55.000 Demo wasite beneficiary ofte wat granataterte polk. 500.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions