1.) David who files single, and lives in Atlanta, GA works as a chemist and travels extensively for General Electric, his employer. This year David was paid $165,000 in salary and made the following expenditures:
Charitable cash contributions $1,800
Investment counseling fees 850
Georgia state income taxes withheld 11,300
Georgia sales taxes 6,900
Employee business expenses (unreimbursed portion) 1,950
Tax preparation fee 500
In addition to cash contributions, David donated a painting that he bought in January 2016 for $2,500. The painting had a FMV on the date of donation of $2,900. All contributions were made to a public charity that satisfied a qualified charitable organization. David made a number of trips to Memphis, TN for gambling. This year David won $17,000 playing the slot machines. David also had gambling losses totaling $19,500. Calculate David's taxable income.
You start with your total, or gross, income, and after adjustments, you get your adjusted gross income. Next, subtract exemptions and deductions in order to arrive at taxable income.
165000-1800-850-11300-6900-1950-500+17000-1950
= $139200
1.) David who files single, and lives in Atlanta, GA works as a chemist and travels extensively f...
John works as a sales representative and travels extensively for his employer's business. this year John was paid $98,000 in salary and made the following expenditures : Federal income taxes withheld 10,000, State income taxes withheld 5,000, Medical expenses 1,000, Employee business expenses (unreimbursed portion) 1,000, Charitable contributions 500, Investment counseling fees 800, Will preparation fee 500. John also made a number of trips to Connecticut for gambling. This year john won $5,000 after spending $18,500. Calculate john's taxable income...