About the tax liability

Assignment Help Financial Accounting
Reference no: EM131286725

Tax Liability:

Julie 26 years old with one 4 year old child she adopted two years ago. She is not married. ( she was a child actress, and has some investments.) She was divorced last year and receives $862 Monthly child support from ex husband (child lives with her) She claims child as a dependent.

$51,720 Her salary as nanny for a local lawyer. Her child comes with her when she is working.

$56,720 Inheritence she received when Aunt July died

$131 Bond interest on City of Atlanta Bonds She bought some series EE bonds this year…They mature in 10 years She will use funds for retirement savings.

$431 Interest accrued this year

$1,724 Interest received when 2 year CD matured this year

$775.8 Interest earned last year

$948.2 Interest earned on CD this year

$28,360 Principal received on CD at maturity

$2,586 Price she paid for stock she bought in 2014

$3,879 Amount she received on sale of the stock

$1,293 Price she paid for Atlanta bonds she bought in November 2015

$1,810.2 Amount she received on sale of the bonds in September 2016

$10,344 Price she paid for some land she bought in 2013

$7,758 Amount she received on sale of the land in 2016

Question: Compute Julie's tax liability for 2016.

Reference no: EM131286725

Questions Cloud

Compute daniels tax liability : Daniel is 23 years old. He works off and on as an actor. The rest of the time he works about 300 hours a year for the Red Cross a charity. He is a volunteer and isn't paid, but if he was paid the Red Cross would pay him: Compute Daniel's tax liabilit..
Complete the article about buy a remeron : Complete the Article about buy a Remeron.Looking for a remeron? Not a problem! Buy remeron online
Role of government in regulating ethical behavior : There are a topic about business ethic :"During this class, we have discussed the role of government in regulating the ethical behavior of companies. We have called it the institutionalization of ethics.
Process groups and the project life cycle structure : Research the project management process groups and the project life cycle structure in the PMBOK® Guide, then respond to the following:
About the tax liability : Tax Liability: Julie 26 years old with one 4 year old child she adopted two years ago. She is not married. ( she was a child actress, and has some investments.) She was divorced last year and receives $862 Monthly child support from ex husband (child..
Critical reflection assignment : At least 5 pages, APA formatHow culture emerges in an organization and how it links to organization's founders, leaders, and history.The significance of reasoning for organizational culture change.
Determine the distance x that locates g : The two-force and three-force principles where appropriate. Neglect weights of members unless specified otherwise. When suspended from two cables, the rocket assumes the equilibrium position shown. Determine the distance x that locates G, the cent..
Write a business memo addressed to michael barnes : Write a business memo addressed to Michael Barnes, Chief Investment Officer at the Glass House Investment Fund. The purpose of your memo is to provide the results of the financial analysis of your pharmaceutical company.
Communication across genders : Communication Across Genders Please study communication across genders. Apply the following guidelines in ALL of your assignments: 1. Two full typed pages, double spaced.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Plan to analyze the value of a potential investment

a. The cash flows are in the form of a deferred annuity, and they total to $100,000. You learn that the annuity lasts for only 5 rather than 10 years, hence that each payment is for $20,000 rather than for $10,000.

  The question is about standard cost involves calculation of

the question is about standard cost involves calculation of different variances.marrick company makes one product for

  Compute pittman company break-even point

Assume that Pittman Company decides to continue selling through agents and pays the 20% commission rate. Determine the volume of sales that would be required to generate the same net income as contained in the budgeted income statement for next ye..

  Compute the company predetermined overhead rate for the year

Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 40,000 direct labor-hours would be required for the period’s estimated level of production. Compute t..

  Compute break-even sales using the contribution margin ratio

Erickson, Inc. makes student book bags that sell for $20 each. For the coming year, management expects fixed costs to be $225,000. Variable costs are $15 per unit. Compute break-even sales in dollars using the mathematical equation. Compute break-eve..

  Market rate of interest

Record the issue of bonds with a par value of $26,000 cash on January 1, 2013. Assume that the market rate of interest at the date of issue is 14%.

  Problem 1 we can evaluate the target wacc for apex printing

problem 1. we can evaluate the target wacc for apex printing given these assumptionsbullweights of 40 debt and 60

  Semiannually compounded yield

In February 2009 Treasury 6s of 2026 offered a semiannually compounded yield of 3.5965%. Recognizing that coupons are paid semiannually, calculate the Allen, Franklin; Brealey, Richard A; Myers, Stewart C (2012-07-01).

  Relevant range assuming the behavior is linear

For Lodes Company, the relevant range of production is 40–80% of capacity. At 40% of capacity, a variable cost is $4,000 and a fi xed cost is $6,000. Diagram the behavior of each cost within the relevant range assuming the behavior is linear.

  Construction has two divisions-common fixed expenses

DC Construction has two divisions: Remodeling and New Home Construction. Each division has an on-site supervisor who is paid a salary of $142,000 annually and one salaried estimator who is paid $76,000 annually. The corporate office has two office ad..

  In making the decision to buy the model

Management of Modugno Corporation is considering whether to purchase a new model 370 machine costing $459,000 or a new model 240 machine costing $405,000 to replace a machine that was purchased 9 years ago for $414,000. In making the decision to buy ..

  What does the scanlon plan mean need examples

What does the scanlon plan mean? need examples to explain it.

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