ac553-madeline martinez homework week1

ac553-madeline martinez homework week1 - AC553 - Taxation...

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AC553 - Taxation Homework – Week # 1 Madeline Martinez 3-31) Facts: Join return Itemized deductions $11,250 4 exemptions @ $3,500 Adjusted gross Income $40,000 Taxable Income? Answer: Gross Income < Deductions for Adjusted Gross Income > Adjusted Gross Income < Greater Itemized Deductions > < Personal Exemptions > Taxable Income Gross Income < Deductions for Adjusted Gross Income > Adjusted Gross Income $40,000.00 < Greater Itemized Deductions > (11,250.00) < Personal Exemptions > (14,000.00) Taxable Income $14,750.00
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3-32) Facts: Single 2 children Head of Household Itemized deductions $9,000 2 exemptions @ $3,500 => $7,000 Adjusted gross Income $70,000 Taxable Income? Answer: Gross Income < Deductions for Adjusted Gross Income > Adjusted Gross Income < Greater Itemized Deductions > < Personal Exemptions > Taxable Income Gross Income < Deductions for Adjusted Gross Income > Adjusted Gross Income $70,000.00 < Greater Itemized Deductions > (9,000.00) < Personal Exemptions > (7,000.00) Taxable Income $54,000.00 3-36)
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This note was uploaded on 11/01/2009 for the course AC 553 AC 553 taught by Professor Perez during the Spring '09 term at Keller Graduate School of Management.

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ac553-madeline martinez homework week1 - AC553 - Taxation...

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