Us tax questions, Taxation

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Richard

3/14/2013 5:07:50 AM

Answer 1:

$12200

Calculation of Andy''s allowable operating expenses:

in $

Qualified client entertainment

4000

Office supplies & expenses

8200

Allowable operating expenses

12200

 

Answer 2

$28250

Calculation of Andy’s final allowable deduction from AGI:

in $

Legitimate client entertainment

11250

Charitable contributions

17000

Allowable deduction

28250

 

Answer 3:

$1200

Working Note: According to from 1040, Schedule A qualified mortgage insurance payment are deductable in AGI.

Answer 4:

            $13500

Calculation of Sal''s AGI:

in $

Sal''s original income

43750

Interest income for bond

6500

Total income from LLC

50250

Alimony paid

2750

Self-qualified tax liability

5373.5

Qualified moving expenses

1375

Education loan interest

800

State income tax paid

2000

Qualified moving expenses

13500

 

Answer 5:

$24180

Calculation of Neil''s Social Security Taxes:

in $

First job

18600

Second Job

5580

Total social security tax

24180

Working Note: The social security tax rate for 2013 is 6.2% up to wages of $113,700 and in the case of above wages of $113,700 it is 12.4%.

Answer 6:

$10000

Working Note: Taxable qualified dividend income $10000 would be carried over to her next tax year.

Answer 7:

$14800

Calculation of the amount that Louise''s deduct on schedule 2106:

in $

business mileage

13875

parking & tools

925

Louise''s deduction with respect to his business

14800

 

Answer 8:

$102950

Calculation of Kim''s alternative minimum taxable income:

in $

AGI

145000

Medical expenses

2850

real estate tax

3200

mortgage interest expenses

12000

equity interest expenses

5000

excess miscellaneous expenses

19000

Kim''s taxable income

102950

 

Answer 9:

$16500

Calculation of Jake''s total medical deduction:

in $

Insurance premium

5000

Hip replacement surgery

3000

prescription vitamins

1000

false teeth

7000

Teeth whitening

500

Final medical deduction

16500

 

Answer 10:

$0

Working Note: According to the form 2441 wife’s mother dependency is not deductable and child dependency is deductable under the age of 13, so in this case couple dependent amount is zero.

Answer 11:

$9750

Calculation of total charitable contributions:

in $

Boy Scouts

250

Artwork local museum

9000

Artwork donation

500

Total Charitable allowances

9750

Answer 12:

$1055

Calculation of John''s total sales tax deduction:

in $

California

581

Virginia

474

Total sales tax deduction

1054

 

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