Income_Tax_Problems_for_final_exam_review_with_solutions_1_

Income_Tax_Problems_for_final_exam_review_with_solutions_1_...

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For the year ended December 31, 2010, Mike-T and Goldie, both 45, married taxpayers filing a joint return with one dependent, reported the following: Mike-T wages 60,000 Goldie wages 35,000 Interest income 2000 Dividend income 500 Alimony paid toMike-T’s ex-wife, Gator 5000 Medical Expenses 8,000 Mortgage Interest Expense 5,600 State income tax withholding on wages during 2010 4,000 Real estate taxes 900 Qualified charitable contributions 500 What is Mike-T and Goldie's taxable income?
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For the year ended December 31, 2010, Mike-T and Goldie, both 45, married taxpayers filing a joint return with one dependent, reported the following: Mike-T wages 60,000 Goldie wages 35,000 Interest income 2000 Dividend income 500 Alimony paid toMike-T’s ex-wife, Gator 5000 Medical Expenses 8,000 Mortgage Interest Expense 5,600 State income tax withholding on wages during 2010 4,000 Real estate taxes 900 Qualified charitable contributions 500 What is Mike-T and Goldie's taxable income? Wages 95,000 Interest income 2,000 Dividend income 500 Gross Income 97,500 Alimony paid to Mike-T's ex-wife, Dingo (5,000) Adjusted gross income 92,500 Less: Itemized deductions Medical Expenses (92,500*.075=6938) (8000-6938) 1,062 Mortgage Interest Expense 5,600 State income tax withholding on wages during 2010 4,000 Real estate taxes 900 Qualified charitable contributions 500 Total Itemized Deductions (12,062) Less: Exemptions (3650*3) (10,950) Taxable Income 69,488
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1 Ms. Gold is single and 65 years old. She received the following income in 2010: Interest from certificates of deposit $3,000 Tax-exempt interest $6,000 Ordinary dividends $5,000 Taxable pension $20,000 Wages from consulting work $9,000 What is Ms. Gold's adjusted gross income? 2 CoCo, age 19, is a full-time student at LSU. Her parents provides more than half and claim her as a dependent on their return. CoCo received the following in 2010 Scholarship- for tuition $6,000 Wages from part-time job 4,000 Loan from college financial aid office 1,000 Dividend income 1,300 Cash prize awarded in contest 300 What is CoCo's adjusted gross income? 3 T-Mike, age 19, is a full-time student at LSU. His parents provides more than half and claim him as a dependent on their return. T-Mike received the following in 2010 Scholarship- for tuition $6,000 Loan from college financial aid office 1,000 Dividend income 1,300 Cash prize awarded in contest 300 What is T-Mike's adjusted gross income? 4 During 2010, Mike-T, 45, was granted a divorce from his wife Goldie. Mike-T has two dependent children that he claims: He had the following for 2010: Form W-2 50,000 Form 1099-INT(received on bank deposits) 2,000 Form 1099-INT (received on municipal obligations) 1,000 Alimony received 3,600 Child Support received 4,800 What is Mike-T's adjusted gross income? 5
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This note was uploaded on 01/16/2012 for the course FIN 3716 taught by Professor Fang during the Fall '10 term at LSU.

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Income_Tax_Problems_for_final_exam_review_with_solutions_1_...

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