Week3

week Three caper set Pratap Nair University of Phoenix June 3, 2012 Week Three Problem set Comprehensive problems 67 Chapter 5 deals 2009 gross income inwardness $ Winnings from gambling1,200 dispatch on sale of storage1,000(1000 * $32) (1000 *$31) Annuity received14,50025,000 (210,000 /5) Social Security benefits received11,05085% of benefits is added as income if modified AGI + half of benefits exceed $34,000 Foreign gain income0Excluded upto $45,324 ( $91,400 * 181/365) cognition received200Income to extent non used for books,tution,fees, supplies, and other equipment Amount received from Mike, Kens son0Income taxed to person who earned, Mike under engagement of income principle Refund of state income taxes50$610 excess implications reduced the rateable income by $ 50 (itemized deduction $ 5500 standard deduction $ 5450) provoke from bodily bonds and money market30,000 Gross Income58,000 Comprehensive problems 66 Chapter 6 John sons AGI calculation Gross Income255,000 a.Business write off103,000Jeremys bloodline disbursal ( 40000 + 45000 + 18000) b.Alyssa employee travel expense0Unreimbursed employee business expense are deductions from AGI c.Property tax and enthronization exp0 atomic number 18 deductions from AGI d.

Rental expense8,500 e.Moving expense2,012Johnsons recommendation the two tests to claim moving exp deduction (2000 + (50 *.24)) f.Self employed health insurance4,500 g.Self employment taxes1,250Half of self-employment taxes gainful allowed h. character to 401(k)4,000 i.Alimony5,000 j.Education expense3,100Qualifyi ng expense limited AGI $127,262 which is le! ss(prenominal) than $130000 limit for married filing jointly, and deduction allowed is echt paid upto $ 4000 k.Charitable contribution0Is a deduction from AGI AGI123,638 Comprehensive problems 81 Chapter 8 resolve: a.No income. The contract provides that whatsis sale is dependent on the sample distribution testing, so Joe...If you indispensability to get a full essay, parliamentary law it on our website: OrderCustomPaper.com

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