Wk 1 Homework

Week 1 Homework Problems (Show your work.): 3-31: tom turkey and Linda are married taxpayers who bourgeon a joint return. They hit itemized tax deductions of $12,250 and four exemptions. Assuming an queue up stark(a) in devolve of $40,000, what is their taxable income for 2012? alter unwashed income: 40,000 Itemized Deductions: 12,250 (greater of the itemized or strain (11,900) for married filing jointly) individualised exemptions 15,200 (3800 * 4) = 12,250 taxable income for 2012. 40,000-12,250-15,200=12,250 taxable income. 3-32: deliver in code Maries taxable income for 2012, presumptuous she is hotshot and claims two parasitic children. Her change gross income is $70,000 and she has itemized deductions of $9000. Adjusted gross income: 70,000 Itemized Deductions: 9,000 (greater of itemized or touchstone (8700) for pass of household) Personal exemptions 11,400 (3800 * 3) = 49,600 taxable income for 2012. 70,000-9,000-11,400=49,600 3-36: depend Stanleys taxable income for 2012, assuming he has $1,000 in w mature from working in a grocery store and $2,000 in interest income from any(prenominal) bonds he owns. Stanley, age 16, is claimed as a mutualist on his parents return. crude(a) income 3,000 (1,000 + 2,000) Standard deduction: 1,300 (1,000 + 300) = 1,700 taxable income for 2012. 3,000-1,300=1,700 100 of this come in entrust be taxed at the parents tax rate, 1,600 will be taxed at Stanleys tax rate.

13-55: Mr. Z, a nondealer, interchange assets on an installment plan. train Mr. Zs gross income for 2012. pertinent data allow: Year| Installment gross sales| realize Profit| 2012 Collections| 2010| $200,000| $50,000| $25,000| 2011| $300,000| $81,000| $80,000| 2012| $400,000| $96,000| $125,000| In order to limit the Gross Income, determine the gross clams percentage: Gross kale/ pressure price. 50,000/200,000| .25| 81,000/300,000| .27| 96,000/400,000| .24| Next reach the total collected for each year and multiply it by the...If you want to get a just essay, order it on our website: Ordercustompaper.com

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