acc421finalproject - Chapter 13 Question 54 Part 2 Gross...

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Chapter 13 Question 54 Part 2 Gross income: Salary 63,000 Interest income 1,800 Dividend income 2,900 State income tax refund 1,600 Capital Gain 1,200 Total gross income 70,500 Deductions for AGI 0 Adjusted gross income 70,500 Itemized deductions Taxes 4,436 Home mortgage interest 4,220 Charitable contributions 1,300 Miscellaneous itemized deductions Professional dues and subscriptions 300 Convention expenses, excluding meals 1,220 Meals 100 1,620 Less: 2% of AGI (70,500 × 2%) (1,410) 210 Total itemized deductions (10,166) Personal exemptions (3,650 × 2) (7,300) Taxable income 53,034
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Income tax for 2009 head of household 7,821 Less: Child tax credit 1,000 Credit for child and dependent care Expenditures ($3,000 × 20%) 600 Adoption expenses credit 2,000 (3,600) Less: Income taxes withheld (11,000) Refund due for 2009 (6,779)
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Chapter 10 Question 42 October 21, 2010 Bart and Tara Parker 2003 Highland Dr. Durham, NC 27707
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This note was uploaded on 10/16/2011 for the course ACCOUNTING 421 taught by Professor ?? during the Spring '10 term at Thomas Edison State.

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acc421finalproject - Chapter 13 Question 54 Part 2 Gross...

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