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  • Tax Accounting CH 14

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    Ariin Tambunan
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    This document contains examples of tax calculations for different individuals. It includes: 1) An example comparing an individual's itemized deductions and standard deduction between 2018 and 2019, showing a $2500 increase in taxable income. 2) Examples determining if individuals qualify as dependents or qualifying relatives. 3) Calculation of one individual's salary, self-employment income, deductions, and tax liability totaling $6853.44. 4) Calculation of another individual's salary, interest income, dividends, deductions, and tax liability totaling $148528. 5) Examples determining eligibility for dependent care credit and calculating the credit amount. 6) Calculation of a

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    This document contains examples of tax calculations for different individuals. It includes: 1) An example comparing an individual's itemized deductions and standard deduction between 2018 and 2019, showing a $2500 increase in taxable income. 2) Examples determining if individuals qualify as dependents or qualifying relatives. 3) Calculation of one individual's salary, self-employment income, deductions, and tax liability totaling $6853.44. 4) Calculation of another individual's salary, interest income, dividends, deductions, and tax liability totaling $148528. 5) Examples determining eligibility for dependent care credit and calculating the credit amount. 6) Calculation of a

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    9 views4 pages

    Tax Accounting CH 14

    Uploaded by

    Ariin Tambunan
    This document contains examples of tax calculations for different individuals. It includes: 1) An example comparing an individual's itemized deductions and standard deduction between 2018 and 2019, showing a $2500 increase in taxable income. 2) Examples determining if individuals qualify as dependents or qualifying relatives. 3) Calculation of one individual's salary, self-employment income, deductions, and tax liability totaling $6853.44. 4) Calculation of another individual's salary, interest income, dividends, deductions, and tax liability totaling $148528. 5) Examples determining eligibility for dependent care credit and calculating the credit amount. 6) Calculation of a

    Copyright:

    © All Rights Reserved
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    of 4

    Chapter 14 - Tax Accounting

    Marina Sabatini - 201900217

    4) 2018
    itemized deduction 13500
    standard deduction 12000
    taxable income 1500
    2019
    itemized deduction 16000
    standard deduction 12000
    taxable income 4000

    there is a shift increase from 2018-2019: 2500

    6) a. Jack is not a qualifying child, he is over 19 years old and he is self-supporting.


    b. Brenda is a qualifying child, she is a student, and her parents support 100 percent for her financial support.
    c. Eddie is a qualifying child, he is under 19, a student, and he got support 100% for his financial support.
    d. Mildred is not a qualifying relative, she earns $4,650
    e. Richard is not a qualifying relative, their kids do not pay them more than half for his financial support.

    9) Mr. Daku's Salary 52500


    Schedule C net profit 41800
    Interest income 1300
    Above the line deduction for one half SE -2953
    AGI 92647
    Standard deduction -24000
    Selection 199A deduction -8360
    Taxable income 60287

    income tax: (1905+(60287-19050)*12%


    = 41237 * 12% = 4948.44
    = 6853.44

    15) Mr. Roger's salary 512,100


    Interest income 19700
    Dividend eligible for 20% rate 31000
    total roger's income 562,800
    Above the line deduction -
    AGI 562,800
    Itemized deduction -34000
    Taxable income 528,800 497800

    income tax (44298+(497800-200000)*35%


    = 297800 * 35% = 104230
    = 148528
    dividend income 6200
    income tax 154728

    27) a. no dependendent care credit, because Mr. Alexander has no earned income.
    b. dependent care credit =
    Couple's two dependents 6000
    reduction 20% AGI >43000
    dependent care credit = 1200

    30) Mr lovejoy's salary from smart tech 32000


    Mr lovejoy's salary from computer associates 142000
    Mrs lovejoy's salary from smith and weber 15550
    total net income 189550
    Interest from saving account 700
    Dividends eligible for 15% rate 2200
    a. AGI 192450
    standard deduction -24000
    b. taxable income 168450
    dividends 330
    taxable on income 29007 28179+(168450-165000)*24%
    excess of social security credit -1984
    tax liability 27023
    r her financial support.
    financial support.

    financial support.
    = 3450 828
    29007

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