Adjusted gross income

Assignment Help Taxation
Reference no: EM131244282

Kris, age 49, is unmarried, Her daughter, Katherine, age 26, is a graduate student at Kansas University. Kris paid for 80% of the cost of Katherine's schooling in 2016, including tuition of $20,000. Katherine earned $5,000 as a graduate assistant at KU. Kris has income from wages of 97,000, and is NOT covered by a retirerment plan at her work. She will make the maximum allowed deductible IRA Contribution by April 15, 2017. Kris takes the standard deduction. What is Kris's Adjusted Gross Income (AGI)? Income Tax Accounting

Reference no: EM131244282

Questions Cloud

What are the benefits and costs of staying in college : Amanda is entering her last year in college. Her tuition is $15,000 for the year, and she paid for it with her savings which were earning 5% interest. If she graduates with a degree, she will find a job paying $50,000 a year. What are the benefits an..
A decrease in demand means that : A "decrease in demand" means that..
Jurisdiction to implement a soda tax : In March 2015, Berkeley became the first US jurisdiction to implement a soda tax.  Draw a supply-demand graph which shows the eject of the tax on quantities and prices. In the graph, identify the change in surplus to the buyers of soda, the change in..
Deadweight loss of commodity taxation : Deadweight Loss of Commodity Taxation In March 2015, Berkeley became the first US jurisdiction to implement a soda tax. This question is designed to think about the impacts of this tax. Let the price of soda in Berkeley be equal to P per ounce.  Usin..
Adjusted gross income : Kris, age 49, is unmarried, Her daughter, Katherine, age 26, is a graduate student at Kansas University. Kris paid for 80% of the cost of Katherine's schooling in 2016, including tuition of $20,000. Katherine earned $5,000 as a graduate assistant at ..
What is the dead-weight-loss relative to the social optimum : Maggie likes her cigars. Her demand for cigars is MRSXC = 60−C, where X is the amount of money for all other goods she is willing to give up for an additional cigar. How many cigars would Maggie be allowed to smoke in the social optimum? Suppose a la..
There is an increase in the number of buyers of good : There is an increase in the number of buyers of good X. As a result, the _____________ curve for good X will shift ____________ resulting in a(n) _____________ in the equilibrium price of X and a(n) ____________ in the equilibrium quantity of X.
Impact of the latest survey on price level expectations : The board of the central bank is analysing the impact of the latest survey on price level expectations. They have found that people and businesses now expect a higher price level than they did previously. The board would like to know what impact this..
Consider pet food manufacturer that sells to retailers : How can a company identify customers when those customers don't talk to its representatives very often, if at all -- at least not individually? (Consider a pet food manufacturer that sells to retailers, not directly to consumers. Or a convenience sto..

Reviews

Write a Review

Taxation Questions & Answers

  What are tax concepts involved in completing the form 1040

What are the tax concepts involved in completing the Form 1040? Explain in detail and what are the tax planning considerations you took into account while completing the Form 1040?

  The increase in profit for each

If the least squares equation is y = 21.5 - .1x and the coefficient of determination is .49. The increase in profit for each $1,000 increase in advertising expenditures = __________ is

  Questionthe cuts-n-curves athletic club is a state-wide

questionthe cuts-n-curves athletic club is a state-wide chain of service fitness clubs that cater to the demographics

  Gst consequences of the transactions

Consider the GST consequences of the above transactions.

  Prepare the tax return for bryan connel

Use the information to prepare the tax return for Bryan Connel - problem is suitable for manual preparation or computer software application.

  What is tax efficient financial planning

Your managing director asks if you can participate in a seminar that the firm is doing on Tax Efficient Financial Planning. He would like you to send him the various methods clients often use to reduce taxes.

  What is the source of his salary from sails international

What factors affect the choice of a cash or accrual basis and does Lee have a choice of the basis he adopts?

  Prepare an income statement for the year 2012

Prepare an income statement for the year 2012 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement.

  Prepare the journal entries to record tax collections

Prepare the journal entries to record tax collections and remittances for the Kirby County Tax Agency Fund and what percentage interest in the pool is held by the town and the school district

  Calculate fica social security taxes payable

Calculate FICA Social Security taxes payable and FICA Medica taxes payable. Prepare the journal entry to record Royal Company's January 8 (employee) payroll expenses and liabilities.

  What amount of the benefits must grady include in his income

Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations?

  Describe the principle characteristics of these individuals

Undertake an analysis of your own job and its context. If you do not have managerial (or similar) experience, or if for some other reason it is not appropriate to analyse your own job, you may choose instead the job of another individual who agree..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd