Use Prentice Halls federal taxation 2014 comprehensive Q1 Explain the economic, accounting and tax concept of Income in detail Q2 John and Georgia are a married couple with two dependent sons Their salaries total $130,000 They have a capital loss of $8000 and tax exempt interest income of $1000 They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000 A) Compute their AGI B) Compute their total itemized deductions C) What is the amount of their personal exemptions D) Compute their taxable income (Tax year is 2013) Q3 In 2013 X and Y have salaries of $35,000 and $27,000, respectively Their itemized deductions total $8,000 They are married, under 65, and live in a common law state a Compute their taxable income assuming that they file a joint return b Compute their taxable income assuming that they file separate returns and that Y claims all of the itemized deductions Q4 List Items that Are Not Income Q1 Explain the economic, accounting and tax concept of Income in detail Answer Q2 John and Georgia are a married couple with two dependent sons Their salaries total $130,000 They have a capital loss of $8000 and tax exempt interest income of $1000 They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000 A) Compute their AGI (1 point) B) Compute their total itemized deductions (1 point) C) What is the amount of their personal exemptions (1 point) D) Compute their taxable income (Tax year is 2013) (1 point) Answer Q3 In 2013 X and Y have salaries of $35,000 and $27,000, respectively Their itemized 1 deductions total $8,000 They are married, under 65, and live in a common law state a Compute their taxable income assuming that they file a joint return b Compute their taxable income assuming that they file separate returns and that Y claims all of the itemized deductions ANSWER 2 Q4 List Items that Are Not Income ANSWER 3

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Use Prentice Halls federal taxation 2014 comprehensive   Q1  Explain the economic, accounting and tax concept of Income in detail  Q2  John and Georgia are a married couple with two dependent sons  Their salaries total $130,000  They have a capital loss of $8000 and tax exempt interest income of $1000  They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000  A) Compute their AGI B) Compute their total itemized deductions  C) What is the amount of their personal exemptions  D) Compute their taxable income (Tax year is 2013) Q3  In 2013 X and Y have salaries of $35,000 and $27,000, respectively  Their itemized deductions total $8,000  They are married, under 65, and live in a common law state  a Compute their taxable income assuming that they file a joint return  b Compute their taxable income assuming that they file separate returns and that Y claims all of the itemized deductions  Q4  List Items that Are Not Income Q1  Explain the economic, accounting and tax concept of Income in detail  Answer  Q2  John and Georgia are a married couple with two dependent sons  Their salaries total $130,000  They have a capital loss of $8000 and tax exempt interest income of $1000  They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000  A) Compute their AGI (1 point) B) Compute their total itemized deductions  (1 point) C) What is the amount of their personal exemptions  (1 point) D) Compute their taxable income (Tax year is 2013) (1 point) Answer  Q3  In 2013 X and Y have salaries of $35,000 and $27,000, respectively  Their itemized 1 deductions total $8,000  They are married, under 65, and live in a common law state  a  Compute their taxable income assuming that they file a joint return  b  Compute their taxable income assuming that they file separate returns and that Y claims all of the itemized deductions  ANSWER   2 Q4  List Items that Are Not Income ANSWER 3

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Use Prentice Halls federal taxation 2014 comprehensive . Q1. Explain the economic, accounting and tax concept of Income in detail. Q2: John and Georgia are

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