Ch 16 cases Solutions-1

Ch 16 cases Solutions-1 - AMIS 626 Chapter 16 Review...

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AMIS 626 – Chapter 16 Review Solutions Names __________________________________________________________________ 1. Eva had the following transactions during 2010: Salary $80,000 Interest income on bonds— Issued by City of Providence $2,000 Issued by Dell Corporation 3,000 5,000 Alimony received 3,000 Child support received 9,000 City and state income taxes paid 4,000 Bank loan obtained to pay credit card debt 10,000 What is Eva’s AGI for 2010? Salary 80,000 Dell bond interest 3,000 Alimony 3,000 AGI 86,000 2. Frank is single and for 2010 has AGI of $40,000. He is age 60 and has no dependents. For 2010, he has itemized deductions from AGI of $6,100. - Determine Frank’s taxable income for 2010. Standard deduction = 5,700 itemized deduction = 6,100 AGI 40,000 Less: itemized deductions (6,100) personal exemption (3,650) Taxable income 30,250 - Assume that Frank is 65 (not 60) years of age. Determine his taxable income for 2010. AGI
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Ch 16 cases Solutions-1 - AMIS 626 Chapter 16 Review...

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