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Required information Comprehensive Problem 4-57 (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 $57,500 and contributed $4,300 of it to a qualified retirement account (a for AGI deduction). She also received $6,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $15,400 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is Camille's taxable income? Amount $ 0 Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deductions or itemized deductions Taxable income Required information Comprehensive Problem 4-57 (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 $57,500 and contributed $4,300 of it to a qualified retirement account (a for AGI deduction). She also received $6,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $15,400 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-b (Algo) b. What would Camille's taxable income be if she incurred $26,000 of itemized deductions instead of $15,400? Description Amount $ 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Taxable income ! Required information Comprehensive Problem 4-57 (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 $57,500 and contributed $4,300 of it to a qualified retirement account (a for AGI deduction). She also received $6,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $15,400 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-c (Algo) 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 $5,400. Kaly provided $3,240 of her own support, and Camille provided $5,400 of support. What is Camille's taxable income? Description Amount $ 0 (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Taxable income
