Which one of these expenditures is not a deduction from readjusted gross income? a. Charitable contribution b. Alimony payment c. Lossc losses d. State earnings taxes e. Residence mortgage interest


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Amanda paid interest of $15,000 on her $300,000 acquisition debt for her home (fair market value that $500,000), $5,000 of attention on she $70,000 home-equity loan, $1,000 of credit transaction card interest, and $3,000 of margin interest on a loan from her stock broker for the acquisition of stock. Assume that Amanda has $1,400 of interest revenue this year and no invest expense. Exactly how much the the interest cost may she deduct this year? a. $28,000. B. $25,000. C. $24,000. D. $21,400. E. Other
Juan incurs the complying with medical costs during the current tax year: Surgeon"s fees $2,200 medical insurance premiums 1,600 Hospital fees 800 Prescription medicine 310 price of eye glasses 200 vitamin bought there is no prescription 300 Juan"s changed gross revenue for the year is $40,000. He receives a $500 reimbursement indigenous his insurance company. Identify the quantity of his medical cost deduction because that the present year. A. $ - 0 - b. $ 410 c. $610 d. $1,400 e. $1,610
Mary listed this information around to she state income taxes: State earnings taxes withheld in 2015 $4,500 Refund the 2014 state income tax, obtained in 2015 400 Deficiency paid in 2015 after audit of her 2013 state revenue tax return: State income tax 800 interest on state earnings tax liability 100 A state income tax refund the $200 for 2015 will be declared on the 2015 state income tax return filed top top April 15, 2016. What is her deduction because that state earnings taxes on she 2015 federal taxes return? a. $3,500 b. $3,700 c. $4,100 d. $5,300 e. Other
Dan has AGI that $50,000 and paid the following taxes during this tax year. State revenue tax withholding $1,400 State revenue tax estimated payments 750 Federal earnings tax withholding 3,000 Social protection tax withheld from incomes 2,100 State excise taxation on liquor 400 auto license (based on the car"s weight) 300 State sales tax paid 475 Calculate exactly how much Dan have the right to deduct because that taxes together itemized deductions this year. A. $4,250 b. $2,150 c. $4,500 d. $4,300e. Other
Taxpayer donated share (capital get property) come a windy charity in 2015. She to buy the stock 3 years back for $110,000. Top top the day of the gift, it had actually a fair sector value the $300,000. What is her maximum charitable contribution deduction for 2015, if her AGI is $400,000? a. $120,000 b. $200,000 c. $150,000 d. $110,000 e. No one of the above
Roberta"s residence was completely destroyed by fire. The residence had actually an changed basis that $150,000 and a FMV of $180,000 prior to the fire. Roberta received insurance reimbursement the $120,000 because that the devastation of her home. Roberta"s readjusted gross income was $80,000. She had actually no accident gains. What lot of the fire loss was Roberta entitled to case as an itemized extinguish on her taxes return?a. $30,000b. $21,900 c. $1,960 d. $0 e. Other
Joan is a sales manager for huge Corporation in Charlotte. This year, Joan make two service trips to brand-new York to visit the to buy manager at wealthy Corporation. The function of the visits to be to convince affluent Corporation to begin buying office gives from large Corporation. Big Corporation walk not carry out reimbursement because that employee company travel expenses. Joan"s changed gross income is $100,000 for the present year. Joan occurs the following costs for the 2 trips to new York:Air fare $1,500 Lodging $1,000Meals $600What is the amount of Joan deduction because that these prices after application of any AGI limitations? a. $3,100b. $2,800c. $800d. $1,100 e. Other
Mary Kay is single and has three dependency children. In 2015, mary Kay has actually AGI of $400,000. She records as a head that household. The exemptions phased-out threshold because that a head of household is $284,050. Calculation her deductible total personal and exposed exemptions. A. $960 b. $200 c. $3,460 d. $0 e. Other
Jeremy earn $100,000 in salary and $16,000 in interest income throughout the year. Jeremy also has a long-term resources gain that $4,000. Jeremy has two qualifying dependent kids who live v him. No of his dependents qualifies for the boy tax credit. The qualifies to paper as head the household and also has $17,000 in itemized deductions. What is Jeremy"s taxation liability prior to credits (for withholding, etc.)? use the 2015 tax rate schedules. A. 14,172.50 b. $16,403.5 c. $17,001.00 d. $16,672.50 e. Other
. Mar is single, through no children. Mary"s elderly mom (Mindy, age 75) stays with Mary. Mindy functions part-time at a laundry, where she earns wages of $5,000 per year, i beg your pardon Mindy spends on she own clinical care. Mar pays $8,000 every year for food, clothing, and also other expenses for support of Mindy. What is Mary"s filing standing for the present year? a. Single b. Married filing jointly c. Qualifying widower d. Head the household
Sarah and Sam space married and paper a joint return. They space both age 67, both have an excellent vision. They get social security benefits of $12,000 per year, and additionally have pension revenue of $25,000. They insurance claim the typical deduction. What is their taxable income? a. $0 b. $1,900 c. $3,500 d. $7,600 e Other
Betty is single. In 2015, she received her consistent salary the $200,000. In December, 2015, the company paid she a cash bonus the $20,000, in addition to her constant salary. Exactly how much Social security tax and also Medicare taxation is withheld top top the bonus?a. $277.90 b. $217.50 c. $290.00 d. $522.00 e. Other
Louis papers as a solitary taxpayer. That is 29 years old. In April, 2015, he got a $1,000 refund of earnings taxes the he payment to the State of phibìc Carolina in 2014. Louis asserted itemized deductions that $7,000 on the 2014 federal income tax return. This itemized deductions included income taxes payment to the State of phibìc Carolina, in the amount of $2,000 for 2014. Exactly how much the the phibìc Carolina earnings tax refund for 2014 must Louis incorporate in gross earnings on his federal earnings tax return for 2015? a. $800 b. $1,000 c. $2,000 d. $0 e. Other
Use the following information because that the following two questions. ~ above June 10, 2010, large Corp gave a stock choice to Mark, when Big"s stock was worth $5 every share. The option gave Mark the best to acquisition a total of 100 share of big Corporation stock because that $5 every share. ~ above June 1, 2014, the option vested. On the day, the stock was worth $30 per share. Top top June 1, 2014, Mark worked out the alternative by purchasing a total of 100 shares. ~ above June 5, 2015, mark sold all of the stock because that $40 a share. Details are in the table below. No. Of win Price FMV worth of Stock choice Shares per Share per share 100 share June 1, 2010 grant 100 $5 $5 $500 June 1, 2014 Vest 100 $5 $30 $3,000 June 1, 2014 purchase 100 $5 $30 $3,000 June 5, 2015 marketed 100 $5 $40 $4,000 assume this is a non-qualified option. How much earnings or get should note recognize when computer regular revenue tax because that 2014? a. $0 b. $500 c. $2,500 d. $3,500 e. Other
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