Determine daniel income tax liability

Assignment Help Accounting Basics
Reference no: EM13130540

Daniel is a calendar-year taxpayer whose wife died in August of 2011. His eight year old son lives with him. During 2011, Daniel had salary income of $67,000, $1600 of qualified dividend income, and received $50,000 from the life insurance policy on his wife. His employer does not offer a retirement plan so he made a $3,000 contribution to his traditional IRA. He paid $9,800 for a hospital bill and $3,000 for a doctor bill for his deceased wife. He also paid $14,000 in mortgage interest, $1,800 in property taxes, $300 of credit card interest, and $1400 in job hunting expenses when he tried to change jobs in March. Determine Daniel's income tax liability for 2011 before any allowable credits.

Reference no: EM13130540

Questions Cloud

How much of heat is gained by nickel : how much of heat is gained by nickel when 500 g of nickel is warmed from 22.4 to 58.4C?
Computiing extra grade from percentages : One of the students in my class was absent the day of the test. The teacher announced that the class average for the 24 students who took the test was 75%.
What are tax implications to wilma if she accepts the bank : the bank notifies Wilma that if she pays back $75,000 immediately, they will forgive her $100,000 loan. What are tax implications to Wilma if she accepts the bank’s offer?
Find the probability that day would be a winter day : If you were told that on a particular day it was raining in Vancouver, what would be the probability that this day would be a winter day?
Determine daniel income tax liability : Daniel is a calendar-year taxpayer whose wife died in August of 2011. His eight year old son lives with him. During 2011, Daniel had salary income of $67,000, $1600 of qualified dividend income, and received $50,000 from the life insurance policy ..
Advantages and disadvantages of organizational form : Prepare a written memo to Baku and Hanson describing the advantages and disadvantages of each organizational form. Also, from the limited information provided, recommend the organizational form you think they should use.
Explain equations for the reaction of salicylic acid : Give equations for the reaction of salicylic acid with the following: a) acetyl chloride/pyridine b) methanol/HCl/heat c) sodium bicarbonate, room temperature
Good security policy : What are the key components of a good security policy? What are the motivations behind network attacks?
Illustrate what are the tax implications to debra : The bank now decides it would rather have $75,000 to lend out at 10% than a $100,000 loan on which it only collects 7%. So, the bank notifies Debra that if she pays back $75,000 immediately, they will forgive her $100,000 loan. Illustrate what ar..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Financial statement cycles

When the auditor has the same level of willingness to risk that material misstatements will exist after the audit is finished for all financial statement cycles:

  Determining the felts gross profit

The beginning inventory (Jan. 1, 2010) was $170,000; in the past Felt's gross profit has averaged 40% of selling price.

  Budgets useful in planning process

Why are budgets useful in the planning process? a) They provide management with information about the company's past performance. b) They help communicate goals and provide a basis for evaluation.

  Average-marginal tax-llc and gaap

Explain the meaning of the term "accounting principles" as used in the audit report. How is it determined if an accounting principle is "generally accepted". Discuss the sources of evidence for determining whether an accounting principle has substa..

  Preparing correcting entries for springer company

Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:

  Noncontrolling interest share of thelma net income

Thelma's reported net income for 2006 was $119,000. What is the noncontrolling interest's share of Thelma's net income?

  Determine the amount of retained earnings

a. Journalize the entries required to complete the closing of the accounts. b. Determine the amount of Retained Earnings at the end of the period.

  Preparing an appropriate journal entry

Prepare an appropriate journal entry to indicate the impact of the transactions on the city's fund financial statements for the year ending December 31, 2011.

  Calculate eps and cash dividend

Calculate the firm's 2003 earnings per share (EPS). How large a per share cash dividend did the firm pay on common stock during 2003?

  Unfavorable materials quantity variance

There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:

  How should this transaction be accounted

Varton Corp. acquired all of the voting common stock of Caleb Co. on January 1, 2011. In 2011, Varton owned some land with a book value of $84,000 that was sold to Caleb for its fair value of $120,000. How should this transaction be accounted for ..

  Find out franchisee breakeven sales in dollars

Find out a franchisee's breakeven sales in dollars. Is franchising good idea for Wong if franchisees want a minimum monthly operating income of $6,000 and Wong believes that most locations could generate $26,000 in monthly sales?

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