Ch 16 Review - AMIS 626 Chapter 16 Review 1 Eva had the...

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AMIS 626 – Chapter 16 Review 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? 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. - Assume that Frank is 65 (not 60) years of age. Determine his taxable income for 2010. 3. Homer (age 68) and his wife Jean (age 70) file a joint return. They furnish all of the support of Luther (Homer’s 90-year old father), who lives with them. For 2010, they received $6,000 of interest income on city of Chicago bonds and interest income on corporate bonds of $48,000. Compute Homer and Jean’s taxable income for 2010. 4.
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This note was uploaded on 10/10/2011 for the course BUSINESS 522 taught by Professor Paul during the Spring '11 term at Ohio State.

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Ch 16 Review - AMIS 626 Chapter 16 Review 1 Eva had the...

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