SAMPLE TEST 1summer1 - Accounting 4301 Test 1 SAMPLE TEST 1 1 Determine taxable income of Michael Manx in 2015 who is single and has $1800 of wages and

SAMPLE TEST 1summer1 - Accounting 4301 Test 1 SAMPLE TEST 1...

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Accounting 4301 Test # 1 SAMPLE TEST 1 1 Determine taxable income of Michael Manx in 2015, who is single and has $1800 of wages and $4,800 ofinterest income for the year. He is claimed as a dependent by his parents. Also calculate his tax liabilityassuming he is in 10% bracket and his parents are in 30% bracket2 During 2015, Milton Hanover was granted a divorce from his wife. The divorce decree stipulated that he was topay both alimony and child support for a specified period of time. In examining his records for 2015, thefollowing information is available:Salary$55,000Interest received on bank deposits1500Interest received on municipal obligations5500$62,000Alimony paid2,000Child support4,800What is Hanover's adjusted gross income for 2015?3 Bob Buttons, a cash basis calendar year taxpayer, owns and operates an apartment building. During 2015,he received the following paymen. What is the amount of Bob's gross rental income for 2015?
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