Question
Zander, age 35, a single dad, is raising his daughter, Abby, age 7. He is a dog groomer at the upscale dog spa, Canine Bliss.
Zander, age 35, a single dad, is raising his daughter, Abby, age 7. He is a dog groomer at the upscale dog spa, Canine Bliss. While he works full time his daughter attends an after-school and summer program at the YMCA. In addition, his little brother, Jake, age 25, is attending college full time working towards his graduate degree. Jake lived with Zander all year and does not work nor contribute to the household financial aid. He does help with keeping the house and taking care of Abby. A summary of zanders relevant financial information is below.
| Income items | |
| Salary from W-2 | 23,750 |
| FITW on Salary | 1,250 |
| Casino Winnings from W-2G | 10,000 |
| FITW on Winnings | 500 |
| Bank Interest | 150 |
| Expense Items | |
| YMCA- Child Care | 3,000 |
| Contribution to 401k | 1,000 |
| Student Loan Interest | 1,250 |
| Casino Losses | 500 |
| Jakes Tuition | 400 |
Calculate The following for 2022:
- AGI
- Taxable Income
- Tax liability before credits and prepayments
- Total non-refundable Credits
- Total Refundable credits
- Tax due or refund
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
