Week 1 Assignments MV

Week 1 Assignments MV - Year Installment Gross 2010 Sales...

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M 31. Tom and Linda are married taxpayers who f le a joint return. They have itemized deductions oF $11,750 and Four exemptions. Assuming an adjusted gross income oF $40,000, what is their taxable income For 2010? 32. Compute Marie’s taxable income For 2010, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000, and she has itemized deductions oF $9,000. 36. Duke and Pat Collins have adjusted gross in- come oF $500,000 For 2010. They have itemized deductions oF $20,000 consisting oF $8,000 in medical expenses that exceed 7 1/2% oF adjusted gross income, $3,000 in property taxes, $4,000 in housing interest, and $5,000 in miscellaneous itemized deductions that exceed 2 percent oF adjusted gross income. What is the amount oF their itemized deductions? 55. Mr. Z, a nondealer, sold assets on an installment plan. Determine Mr. Z’s gross income For 2010. Relevant data include:
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Unformatted text preview: Year Installment Gross 2010 Sales Proft Collections 2008 $200,000 $50,000 $25,000 2009 300,000 81,000 80,000 2010 400,000 96,000 125,000 69. Comprehensive Problem. Bill is a cash-basis, calendar-year taxpayer. Which oF the Following December items result in gross income or deductions For the current year? a. Check received for December rent, $700, not deposited until January 4 b. Check for $1,100 to pay Bill’s state in- come taxes mailed December 28, cashed January 7 c. Cash received in the amount of $500 for services to be rendered the following year d. Interest of $800 credited to his savings ac- count, added to Bill’s account balance e. Check received for January rent, $700, deposited on January 9 f. Charitable contribution of $300, charged on Bill’s MasterCard g. Bills totaling $2,000 sent for services rendered during the year, uncollected as of year-end...
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This note was uploaded on 03/06/2011 for the course FINANCE 151 taught by Professor Smeegle during the Spring '11 term at San Diego State.

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Week 1 Assignments MV - Year Installment Gross 2010 Sales...

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