Amounts withdrawn from qualified tuition plans are tax-free…
Amounts withdrawn from qualified tuition plans are tax-free if the amounts are used for qualified higher education expenses including tuition, fees, books, and room and board for students attending on at least a half-time basis.
Read DetailsKadeisha is single with no dependents and has a salary of $1…
Kadeisha is single with no dependents and has a salary of $102,000 for 2023, along with tax-exempt interest income of $3,000 from a municipality. Her itemized deductions are comprised of home mortgage interest expense and property taxes totaling $11,600.Required: Compute her taxable income. Please show supporting computations.
Read DetailsMs. Walter, age 70, is thinking about going back to work par…
Ms. Walter, age 70, is thinking about going back to work part-time. She knows that the wages may affect the taxability of her Social Security benefits. What is the maximum percentage of Social Security benefits that could become taxable?
Read DetailsRandy and Sharon are married and have two dependent children…
Randy and Sharon are married and have two dependent children. Their 2023 tax and other related information is as follows: a. Total salaries $160,000 b. Bank account interest income 3,500 c. Municipal bond interest income 1,500 d. Value of employer provided medical insurance 12,500 e. Employer paid premiums for $50,000 of group term life insurance 5,500 f. Dividend income from ABC stock 2,000 g. Loan from Randy’s parents 5,000 h. Gift from Randy’s parents 15,000 i. Gain from the sale of qualified small business stock acquired in 2008 18,000 j. Total itemized deductions 30,500 For each item shown, indicate the amount $0 or the amount of taxable income or the deduction. Also, provide the total taxable income.
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