Reference no: EM131810212

Problem

Compute the taxable income for 2015 under each of the following circumstances:

a. Jim is married and files a joint return. jim and his wife have two dependent children. They have adjusted gross income of $30,000 and itemized deductions of $12,300.

b. Jim is single with no dependents. his adjusted gross income is $20,000 with itemized deductions of $3,800.

c. Jim is full time college student under 24 supported by his father. jim earned 2600 from his part time job and had $500 of interest income.His itemized deductions were $600.

d. Jim is married but files separately and claims two dependent children . His adjusted gross income is $65,000 and he claims $8900 of itemized deductions. jim,s wife also itemizes on her return.

e. Assume the same situation as in (d), but jim's itemized deductions are only $1500.

Myrtle is fully supported by her three children and Fred, a close friend of the family. Mark paid $4,000 toward Myrtle's support, while Nancy, Opel, and Fred paid $3,200, $ 800, and $2,000 respectively. Which individual are eligible to claim Myrtle under a Multiple support agreement?