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Mirza_Assignment 4 - Ayesha Afzal Mirza Federal Income...

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Ayesha Afzal Mirza Federal Income Taxation FALB09 - Sec A Instructor: Joseph Poletti Assignment 4
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Chapter 16 1. a. AGI $55,000 Less: Standard deduction (married filing jointly) (11,400) Personal and dependency exemptions (4 × $3,650) (14,600) Taxable income $29,000 b. AGI $70,000 Less: Itemized deductions (9,000) Personal and dependency exemptions (5 × $3,650) (18,250) Taxable income $42,750 c. AGI $85,000 Less: Standard deduction (head of household) (8,350) Personal and dependency exemptions (4 × $3,650) (14,600) Taxable income $62,050 d. AGI $48,000 Less: Standard deduction (surviving spouse) (11,400) Personal and dependency exemptions (5 × $3,650) (18,250) Taxable income $18,350 e. AGI $54,000 Less: Standard deduction (head of household) (8,350) Personal and dependency exemptions (2 × $3,650) (7,300) Taxable income $38,350 6. a. Four. Two personal and two dependency exemptions. Elton is a qualifying child, so his gross income does not matter. Amanda is not a qualifying child —although a full-time student, she is not under age 24. However, Amanda fits under the qualifying relative category. She passes the gross income test because the tuition portion of a scholarship is nontaxable. b.
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