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

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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)
Image of page 2
Facts: Adjusted Gross Income: $500,000 Itemized deductions $20,000 $8,000 medical exceeding 7.5% of adj. Gross income 3,000 property taxes 4,000 Housing Interest 5,000 Misc. exceeding 2% adj. Gross income
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern