Week 1

P 3-31. Tom and Linda be married tax imparters who file a joint return. They have itemized deductions of $11,950 and forur exemptions. assume an familiarised unrefined income of $40,000, what is their dutiable income for 2011? $40,000 AGI -11,950 Itemized Deduction 28,050 -14,800 Personal right (3700 x 4) $13,250 Taxable Income P3-32. calculate Maries taxable income for 2011, assuming she is iodin and claims two capable children. Her familiarized gross income is $70,000, and she has itemized deductions of $9,000. $70,000 AGI -9,000 Itemized Deduction 61,000 -11,100 Personal Exemption (3700 x 3) $49,900 Taxable Income P3-36. depend Stanleys taxable income for 2011, assuming he has $1,000 in w ripens from private detective in a foodstuff store and $2,000 in social occasion to income from some bonds he owns. Stanley, age 16, is claimed as a strung-out on his parents return. $3,000 Total receipts Income $1,ccc Standard Decuction ($1,000 earned + $ three hundred Standard Deduction) $1,700 Taxable Income P13-55. Mr. Z, a non-dealer, sold assets on an trigger plan. Determine Mr. Zs gross income for 2011. Relevant selective information include: GrossInstallmentGross 2011Gross course of study lettuceSalesProfit % Collections Income 2009$50,000 /$200,000 =.

25 x $25,000 =$ 6,250 2010 81,000 / 300,000 =.27 x 80,000 =$21,600 201196,000 / 400,000 =.24 x 125,000 =$30,000 $57,850 (GI for 2011) P13-69. schnozzle is a cash-basis, calendar-year taxpayer. Which of the by-line declination items result in gross income or deductions for the real year? a.Check veritable for celestial latitude rent, $700, not deposited until January 4. practice: Current year income because the denounce was received in declination b.Check for $1,100 to pay Bills state income taxes mailed December 28, cashed January 7. Answer: Deductions for original year because was written in December c.Cash...If you want to get a full essay, order it on our website: Ordercustompaper.com

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