Solution-What will be her income tax liability

What will be her income tax liability

Assignment Help Accounting Basics

Reference no: EM132105987

Question - Lauren is single, age 60, and has an annual salary of $68,000. She paid off her mortgage in December 2014 but expects that her annual real estate taxes will continue to be approximately $5,800. Lauren contributes $2,500 each year to her favorite qualified charities but she has no other itemized deductions. For your answer, assume that the 2015 tax rates, exemption amount, and standard deduction are the same for 2016.

1. If Lauren contributes $2,500 to the charity each year, what will be her income tax liabilities for 2015 and 2016?

2. If Lauren contributes $5,000 to the charity in 2015 but makes no contribution in 2016, what will be her income tax liability for each year? 2015 2016

3. How should Lauren time of her charitable contributions so that she can minimize her total tax liability over the two years? $ in year?

Reference no: EM132105987

Questions Cloud

Determine what is the mass of the ball : A major-league catcher gloves a 92 mi/h pitch and brings it to rest in 0.15 m. If the force exerted by the catcher is 803 N, what is the mass of the ball?

At what amount per unit should inventory item be reported : At what amount per unit should this inventory item be reported, applying lower-of-cost-or-market

Producing considerable research : Research on existential theory has been absent because it focuses on the relationship and that is difficult to measure has been labored because the unscripted.

Focus your efforts on components such as standards : Focus your efforts on components such as standard configuration, hardware requirements price, and associated costs.

What will be her income tax liability : If Lauren contributes $5,000 to the charity in 2015 but makes no contribution in 2016, what will be her income tax liability for each year

Return on investment for the business owner : Discuss your thoughts and ideas on the key activities that will yield the best (highest) return on investment for the business owner.

The common nonpreemptive dispatch algorithms : Evaluate the efficiency and reliability of both the most common nonpreemptive dispatch algorithms and the most common preemptive dispatch algorithms.

How fast is the mass moving at the bottom of the path : A mass m = 6.3 kg hangs on the end of a massless rope L = 1.98 m long. The pendulum is held horizontal and released from rest.

Characterize health care manager role in change management : Characterize the health care manager's role in change management and access the extent to which this has an impact on the success of the change process.

User Account

All Pages

What will be her income tax liability

Reference no: EM132105987

Reference no: EM132105987

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT