Federal Taxes Keeler Graduate

Reading
Chapter 1: Introduction to Federal Taxation and thought the Federal Tax Law
Chapter 2: Tax Research, Practice, and Procedure
Chapter 3: single(a) Taxation - An Overview
Chapter 13: Tax Accounting
Homework
Problems (Show your work.): 3-31, 3-32, 3-36, 13-55, and 13-69
31.
Tom and Linda are marital taxpayers who file a joint return. They have itemized deductions of $11,950 and four exemptions. assume an adjusted crude income of $40,000, what is their rateable income for 2011?
unadulterated Income
Deductions FOR adjusted taxation Income
=Adjusted Gross Income $40,000
greater of
Standard Deduction OR Itemized Deductions $11,950 =28,050
Personal Exemptions 4 (* 3,700= 14,800 )
=taxable Income =13,250
Or:
Adjusted Gross Income = $40,000.00
Less:   Itemized Deductions of $11,950.00
Less:   Personal Exemptions of $ 4($3,700.00) =$14,800.00
assessable Income = $13,250.00

32.
Compute Maries taxable income for 2011, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000, and she has itemized deductions of $9,000.




Gross Income
Deductions FOR Adjusted Gross Income
=Adjusted Gross Income 70,000
Greater of
Standard Deduction OR Itemized Deductions 9,000 = 61,000
Personal Exemptions 3 (2 kids+her)(*3,700=11,100)
=Taxable Income=49,900
Adjusted Gross Income = $70,000.00
Less:   Itemized Deductions of $9,000.00
Less:   Personal Exemptions of $ 3($3,700.00) =$11,100.00
Taxable Income = $49,900.00

36.
Compute Stanleys taxable income for 2011, assuming he has $1,000 in contend from working in a grocery store and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents return.
Gross Income
Deductions FOR Adjusted Gross Income
=Adjusted Gross Income 1000+2000=3,000
Greater of
Standard Deduction OR Itemized :
* An individual kindlenot take a personal exemption for themselves if they can be claimed as...If you want to get a full essay, sight it on our website: Orderessay



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