Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is Ben's taxable income? in 2019? Salary: $ 170000 Qualified Home mortgage interest expense paid to B of A (Received 1098). $17000 Property taxes

What is Ben's taxable income? in 2019?

Salary: $ 170000

Qualified Home mortgage interest expense paid to B of A (Received 1098). $17000

Property taxes on home: 13000

In addition: Ben received a refund on 5/15/2019 for overpayment of 2018 California State Income Tax. Ben's itemized deductions in 2018 totaled $24,900. The standard deduction for 2018 was $24,000. His grandmother died and he received the proceeds from her life insurance policy of $20,000. Ben's employer paid $385 per month to provide Ben with parking in downtown San Meteo.

Ben contributed $12,000 to a 529 plan for Randy. The money was invested in a mutual fund that paid $400 interest in. never withdraw

Ben wants any overpayment of his federal tax credited toward next years taxes. come in 2019.

Payment to the dentist for braces for kids: 150000

won a new car in a raffle with an FMV of $30000

long-term stock: 11000

spent $3,500 for auto expenses related to his job for which he was not reimbursed

Tax return preparation fee : $500

Interest income from City Bonds: 6000

Interest income from US Treasury bonds:4000

Charitable contribution by check to State University: 9500

Federal Estimated Tax paid for 2019 tax year: 4550

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_2

Step: 3

blur-text-image_3

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

Fundamentals Of Health Care Financial Management

Authors: Steven Berger

4th Edition

1118801687, 978-1118801680

More Books

Students also viewed these Finance questions

Question

3. Identify cultural universals in nonverbal communication.

Answered: 1 week ago

Question

2. Discuss the types of messages that are communicated nonverbally.

Answered: 1 week ago