Kevin 45 is single and has no dependents his 2018 AGI is 60,000 and he did...
Homework Answers
The penalty for not having health insurance in 2018 is the greater of $695 or 2.5 percent of AGI. Kevin’s Penalty = $1500 (Greater of $695 or 2.5% x 60,000 = $1500)
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Kevin 45 is single and has no dependents his 2018 AGI is 60,000 and
he did...
In 2018 Zach is single with no dependents. He is not claimed as a dependent on another's return. ...
In 2018 Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is for salary and he does not have any FOR AGI deductions. What is his earned income credit zach is 29 years old and his AGI is $4000
. Kevin is single. In 2020, he earned $65,000 in salary this year from his employer...
. Kevin is single. In 2020, he earned $65,000 in salary this year from his employer and received $10,000 in alimony from his ex-wife. They divorced on July 1, 2017. His employer withheld $9,000 in tax from his salary this year. In addition to the above, the following occurred this year: He decided he did not like his nose. So he paid $2,000 in cosmetic surgery to make it larger and more defined. He paid $2,500 in union dues and...
Aaron, single, age 43, had AGI of $60,000 for 2019. He paid the following medical expenses...
Aaron, single, age 43, had AGI of $60,000 for 2019. He paid the following medical expenses in 2019: Hospital expenses - skiing accident $5,600 Doctor bills & Prescriptions 1,400 Surgeon to get a nose job (not related to skiing injury) 5,000 Medical expenses he paid for his child (claimed by his former wife as a dependent). 1,200 Nursing care expenses for Aaron’s dependent Father, including $600 for cable TV for his room. 6,000 Medical and dental premiums (his share), deducted...
#8. Venkat is age 32, single, and reported AGI of $67,000 inntax last year 2018. He...
#8. Venkat is age 32, single, and reported AGI of $67,000 inntax last year 2018. He is an active participant in this enployeer's pension plan. What is the maximun deductible IRA contribution ge can make in 2018? #9. Max retired in 2018 at age 62. During the year he received distribution of $9,000 from his IRA. He made nondeductible contributions of $20,000 to the IRA in prior years and has never received a nontaxable distribution. As of December 31, 2018,...
Michael O’Brien is unmarried. He drove for Uber in 2018. He lives with his 24-year-old son,...
Michael O’Brien is unmarried. He drove for Uber in 2018. He lives with his 24-year-old son, Kevin. Kevin worked in a university and had $50,000 income in 2018. This was his first year driving for Uber so he did not keep track of all his business expenses such as mileage and meals. His total income from Uber was $32,000. Uber gave him a 1099-K stating his total mileage was 20,894 miles in 2018. He did not make any estimated payments...
Your client Sam, is 30 years old and single Taxpayer. In 2019, he reported an AGI...
Your client Sam, is 30 years old and single Taxpayer. In 2019, he reported an AGI of $12,000, all from his job as a server at the local café. He is single and has no dependents. What amount of earned income credit may he claim in 2019?
8. Ed is single with no dependents. He has receipts for the expenses listed below that...
8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions for 2019? • $8,000 in unreimbursed medical expenses • 55,400 in state and local income taxes • $6,000 in real estate taxes • $400 in ad valorem personal property taxes • $4,300 in mortgage interest • $1,800 in interest from a home equity loan used to pay credit card debt...
1) Max received an extension of time to file his 2018 income tax return. He did...
1) Max received an extension of time to file his 2018 income tax return. He did not pay any amount due with his extension. He finally filed his return on May 3, with a $900 balance due. How much must he pay in failure-to-file and failure-to-pay penalties? A) None, as long as he timely filed for the extension. B) A failure-to-pay penalty of 0.5%, but no failure-to-file penalty. C) A failure-to-file penalty of 5% plus a 0.5% failure-to-pay penalty for...
In June of 2018, Kevin inherits stock worth $125,000. During the year, he collects $5,600 in...
In June of 2018, Kevin inherits stock worth $125,000. During the year, he collects $5,600 in dividends from the stock. How much of these amounts, if any, should Kevin include in his gross income for 2018? Why? Inheritances are subsequent earnings on inherited property are taxable income and income.
ie is divorced and 45 years old. In 2017, he had AGI of $55,000. During the...
ie is divorced and 45 years old. In 2017, he had AGI of $55,000. During the year, he incurred and 5) Regg paid the following medical costs Doctor and dentist fees Prescription medicines Medical care insurance premiums Health club fee Crutches for a sprained ankle S 1,950 275 340 600 50 What is Reggie's medical expense deduction (after application of the adjusted gross income limitation) for his 2017 tax return? A) $0. B) $2,615. C) $3,215. D) $4,125
8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions for 2019? • $8,000 in unreimbursed medical expenses • 55,400 in state and local income taxes • $6,000 in real estate taxes • $400 in ad valorem personal property taxes • $4,300 in mortgage interest • $1,800 in interest from a home equity loan used to pay credit card debt...
In June of 2018, Kevin inherits stock worth $125,000. During the year, he collects $5,600 in dividends from the stock. How much of these amounts, if any, should Kevin include in his gross income for 2018? Why? Inheritances are subsequent earnings on inherited property are taxable income and income.
ie is divorced and 45 years old. In 2017, he had AGI of $55,000. During the year, he incurred and 5) Regg paid the following medical costs Doctor and dentist fees Prescription medicines Medical care insurance premiums Health club fee Crutches for a sprained ankle S 1,950 275 340 600 50 What is Reggie's medical expense deduction (after application of the adjusted gross income limitation) for his 2017 tax return? A) $0. B) $2,615. C) $3,215. D) $4,125
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