Business, 29.07.2020 21:01 madisonenglishp2qkow

Kelly Martin divorced in 2017; her 6-year-old child, Barbara, lives with her and is her dependent. Kelly has the following items of income and expense: Income:

Salary - $58,000
Cash dividends - 3,000
Interest income on City of New York bonds - 5,000
Interest income on U. S. Treasury bills - 4,000
Net rental income (not QBI) - 3,500
Alimony received from ex-husband - 2,500
Child support received from ex-husband - 3,500
Life insurance proceeds received on the death of her mother - 100,000

Sales of Capital Assets:

Stock held for 3 months (basis is $12,000) sold for 18,000
Investment land held 5 years (basis is $30,000) sold for 14,000

Expenses:

Interest on the $150,000 principal from her home acquisition mortgage - 6,000
Real property taxes on the home - 2,000
Charitable contributions - 7,000
Qualifying child care expense - 3,700
Federal income tax withheld - 6,000

Required:
a. Compute Kelly’s taxable income.
b. Compute her net tax due or refund expected for 2017.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 10:50

You are evaluating two different silicon wafer milling machines. the techron i costs $285,000, has a three-year life, and has pretax operating costs of $78,000 per year. the techron ii costs $495,000, has a five-year life, and has pretax operating costs of $45,000 per year. for both milling machines, use straight-line depreciation to zero over the project’s life and assume a salvage value of $55,000. if your tax rate is 24 percent and your discount rate is 11 percent, compute the eac for both machines.

Answers: 3

Answer

Business, 22.06.2019 11:00

When partners own different portions of the business, the terms should be stated clearly in what document? the articles of incorporation the executive summary the business summary the partnership agreement

Answers: 3

Answer

Business, 22.06.2019 22:30

The answer here, x=7, is not in the interval that you selected in the previous part. what is wrong with the work shown above?

Answers: 1

Answer

Business, 23.06.2019 07:00

To manage your money, you should -create a financial plan -organize your financial documents -spend wisely -create a budget -manage your risks -spend more than you make -learn about services offered at your bank

Answers: 3

Answer

You know the right answer?

Kelly Martin divorced in 2017; her 6-year-old child, Barbara, lives with her and is her dependent. K...

Questions