Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

UU. Any and Mike are filing a joint tax return for tax year 2018. Their adjusted gross income (AGI) is $385,000. What is their personal

image text in transcribed

UU. Any and Mike are filing a joint tax return for tax year 2018. Their adjusted gross income (AGI) is $385,000. What is their personal exemption amount for tax year 2018? a) $ 3,402 b) $ 0 c) $ 8,100 d) $24,000 67. Bob is single, age 35, with a dependent child living with him. He has AGI of $415,850 for 2018. Included in the AGI, he has gambling winnings of $2.000. His mortgage balance is $500,000. He has the following expenses for the year: Items: Dollar Amount Items: Dollar Amount Mortgage Interest $18,000 Credit Card Interest $3,500 State Income Taxes $21,000 Real Estate Taxes $4,000 3800 Personal Property Taxes $ 1,500 Charitable Contribution $7,000 Gambling Losses $ 4,500 Medical Expenses $5,000 (after AGI limitation) 3% of [415, What is the amount of Bob's itemized deductions for 2018? MI 18600 a) $42,000 SIT 21000 b) $45,500 c) $44,500 d) $58,500 PPT 1500 RET 4000 cc 7000 si, soo * 801 - 46 68. Hal, age 52 and single, had taxable compensation for the year of $6,700. In addition, he received interest income of $300. During the tax year, he contributed $6.400 to his IRA. He is covered hy a retirement plan at work and his modified adjusted gross income (MAGI) is

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

Managerial Accounting Tools For Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

9th Edition

111970958X, 9781119709589

More Books

Students also viewed these Accounting questions