Homework_Set_10 - Tax 4001 Judd Homework Set #10 2011/2012...

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Tax 4001 Judd Homework Set #10 2011/2012 1) Compute the taxable income for Steve on the basis of the following (his filing status is single). He has no itemized deductions: Salary $60,000 Interest Income from Credit Union Account $2,000 Child support payments $6,000 Alimony payments $3,600 Gift from Grandparents $22,500 Capital Loss on Stocks $4,500 Gambling income (illegal in his state) $1,300 Dependents 0 Age 45 2) Compute the taxable income and tax liability for Jessica on the basis of the following information. She is married but hasn’t seen or heard from her husband in 3 years. Salary $62,000 Interest Income City Bonds $1,800 Interest on CD from bank $2,000 Dividend from GE stock $2,550 Life Insurance paid on death of Aunt (she was the beneficiary of the policy) $48,500 Inheritance received on death of Aunt $120,000 A cousin repaid a loan to her from 2004 $7,500 Itemized deductions $7,200 Dependents (children age 10 and 12) 2 Age 40
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This note was uploaded on 09/16/2011 for the course TAX 4001 taught by Professor Hampton,m during the Fall '08 term at University of Central Florida.

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Homework_Set_10 - Tax 4001 Judd Homework Set #10 2011/2012...

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