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Tax Liability CalculationMorgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend), Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live with Morgan, but Jerold (a citizen of France) lives in Canada. Morgan earns a $95,000 salary, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV that cost $60,000 and was used only for vacations. She has $8,200 in itemized deductions.The personal exemption amount for 2013 is $3,900. Click here to access the standard deduction table to use if required.a. Who qualifies as a dependent of Morgan for the dependency exemption?b. Morgan's taxable income is $ _________c. Using the Tax Rate Schedules, tax liability for Morgan is $________ for 2013. (Do not round intermediate tax computation but if required, your final answer to the nearest whole dollar).Unearned Income of Child under Age 19Taylor, age 18, is claimed as a dependent by her parents. For 2013, she records the following income: $4,000 wages from a summer job, $1,800 interest from a money market account, and $2,000 interest from City of Boston bonds. If an amount is zero, enter "0".a. Taylor's standard deduction is $_________b. Taylor's personal exemption is $_________c. Taylor's taxable income is $________d.Compute Taylor's "net unearned income" for the purpose of the kiddie tax. $________e.Assume that Taylor's tax rate is 10% and her parents' tax rate is 28%. If Taylor's parents file a joint return and have taxable income of $130,000, then Taylor's tax is $________
Q. Which are the allowances are exempted from the income tax? Ans: 1. Uniform Allowance and Sumptuary Allowance 2. Death cum Retirement gratuity received by Government
Calculate the cost of preferred stock (r PS ) with the given information: Par Value = $200 Current Price = $208 Flotation Cost = $16 Annual Dividend = 12% of Par
"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''s Social Security number is 111-11-1111.
The XYZ Corporation has total earnings of $20 million and decides to pay its stockholders a dividend of $8 million. If the corporate tax rate is 30% and the personal tax rate on in
During February, 2010, Jacob's Jewels sells a broach for $428,000. The cost to the business of this necklace as $212,000, resulting in a gross profit of $216,000. The $428,000 sale
Background: Thomas and his wife Diana have operated their own children''s daycare for the last three years. They also own the daycare facility, a building and the adjacent land lo
Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of its FMV and $10 per hundred weight. The car is
For the loan below, calculate principal interest portion of the payment listed in the last column. Amortization Payment Nominal
what is the rule of travelling allowance of 2013-14
WriteRight, Inc. has engaged us to prepare its 2012 Federal (but not state) income tax return. Your responsibilities are as follows: 1. Prepare WriteRight, Inc.'s 2012 Federal
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