Which among these expenditures is not a remove from changed gross income? a. Charitable contribution b. Alimony payment c. Casualty losses d. State income taxes e. Residence mortgage interest


You are watching: Calculate how much dan can deduct for taxes as an itemized deduction this year.

Amanda paid attention of $15,000 on her $300,000 acquisition blame for her home (fair market value that $500,000), $5,000 of interest on she $70,000 home-equity loan, $1,000 of credit card interest, and $3,000 of margin interest on a loan from her stock broker for the acquisition of stock. Assume the Amanda has $1,400 of interest revenue this year and also no investment expense. How much of the interest price may she deduct this year? a. $28,000. B. $25,000. C. $24,000. D. $21,400. E. Other
Juan occurs the following medical expenses during the current tax year: Surgeon"s fees $2,200 clinical insurance premiums 1,600 Hospital fees 800 Prescription drugs 310 expense of eye glasses 200 vitamins bought without prescription 300 Juan"s readjusted gross revenue for the year is $40,000. The receives a $500 reimbursement from his insurance company. Determine the amount of his medical price deduction for the existing year. A. $ - 0 - b. $ 410 c. $610 d. $1,400 e. $1,610
Mary provided this information about to she state revenue taxes: State income taxes withheld in 2015 $4,500 Refund that 2014 state income tax, received in 2015 400 Deficiency payment in 2015 after audit of she 2013 state revenue tax return: State revenue tax 800 attention on state earnings tax liability 100 A state earnings tax refund of $200 because that 2015 will be asserted on the 2015 state income tax return filed top top April 15, 2016. What is she deduction for state earnings taxes on her 2015 federal taxes return? a. $3,500 b. $3,700 c. $4,100 d. $5,300 e. Other
Dan has AGI that $50,000 and also paid the following taxes during this taxation year. State revenue tax withholding $1,400 State income tax estimated payments 750 Federal earnings tax withholding 3,000 Social security tax withheld from incomes 2,100 State excise taxes on liquor 400 vehicle license (based top top the car"s weight) 300 State sales taxation paid 475 Calculate just how much Dan have the right to deduct for taxes as itemized deductions this year. A. $4,250 b. $2,150 c. $4,500 d. $4,300e. Other
Taxpayer donated share (capital obtain property) come a windy charity in 2015. She bought the stock 3 years ago for $110,000. On the date of the gift, it had a fair sector value that $300,000. What is her maximum charitable contribution deduction because that 2015, if her AGI is $400,000? a. $120,000 b. $200,000 c. $150,000 d. $110,000 e. None of the above
Roberta"s residence was completely destroyed by fire. The residence had an adjusted basis of $150,000 and a FMV the $180,000 before the fire. Roberta received insurance reimbursement of $120,000 for the damage of she home. Roberta"s adjusted gross revenue was $80,000. She had no casualty gains. What quantity of the fire loss was Roberta entitled to insurance claim as one itemized extinguish on her taxation return?a. $30,000b. $21,900 c. $1,960 d. $0 e. Other
Joan is a sales manager for large Corporation in Charlotte. This year, Joan made two business trips to brand-new York come visit the purchase manager at well-off Corporation. The purpose of the visits to be to convince rich Corporation to begin buying office supplies from huge Corporation. Large Corporation go not carry out reimbursement because that employee business travel expenses. Joan"s readjusted gross revenue is $100,000 for the present year. Joan occurs the following prices for the 2 trips to new York:Air fare $1,500 Lodging $1,000Meals $600What is the amount of Joan deduction for these expenses after application of any type of AGI limitations? a. $3,100b. $2,800c. $800d. $1,100 e. Other
Mary Kay is single and has actually three dependence children. In 2015, mar Kay has AGI that $400,000. She files as a head the household. The exemptions phased-out threshold because that a head of family members is $284,050. Calculation her deductible total an individual and exposed exemptions. A. $960 b. $200 c. $3,460 d. $0 e. Other
Jeremy earn $100,000 in salary and also $16,000 in interest income during the year. Jeremy also has a long-term capital gain of $4,000. Jeremy has actually two qualifying dependent youngsters who live v him. No of his dependents qualifies because that the kid tax credit. That qualifies to file as head the household and has $17,000 in itemized deductions. What is Jeremy"s taxation liability prior to credits (for withholding, etc.)? use the 2015 tax price schedules. A. 14,172.50 b. $16,403.5 c. $17,001.00 d. $16,672.50 e. Other
. Mary is single, v no children. Mary"s elderly mom (Mindy, period 75) resides with Mary. Mindy works part-time at a laundry, where she earns incomes of $5,000 every year, i beg your pardon Mindy safety on her own clinical care. Mary pays $8,000 per year because that food, clothing, and other expenses for support of Mindy. What is Mary"s filing standing for the present year? a. Single b. Married submit jointly c. Qualifying widower d. Head the household
Sarah and Sam room married and record a share return. They are both period 67, both have good vision. They get social protection benefits the $12,000 every year, and additionally have pension earnings of $25,000. They case the standard deduction. What is their taxable income? a. $0 b. $1,900 c. $3,500 d. $7,600 e Other
Betty is single. In 2015, she received her regular salary the $200,000. In December, 2015, the company paid her a cash bonus of $20,000, in addition to her continual salary. How much Social security tax and also Medicare tax is withheld ~ above the bonus?a. $277.90 b. $217.50 c. $290.00 d. $522.00 e. Other
Louis records as a single taxpayer. That is 29 years old. In April, 2015, he got a $1,000 refund of revenue taxes that he paid to the State of phibìc Carolina in 2014. Louis declared itemized deductions of $7,000 on the 2014 federal earnings tax return. These itemized deductions consisted of income taxes payment to the State of north Carolina, in the quantity of $2,000 because that 2014. Just how much of the phibìc Carolina earnings tax refund for 2014 have to Louis incorporate in gross revenue on his federal revenue tax return for 2015? a. $800 b. $1,000 c. $2,000 d. $0 e. Other
Use the complying with information for the following two questions. Top top June 10, 2010, huge Corp provided a stock alternative to Mark, as soon as Big"s stock was worth $5 every share. The option offered Mark the appropriate to purchase a total of 100 shares of large Corporation stock for $5 every share. Top top June 1, 2014, the choice vested. On the day, the stock to be worth $30 every share. ~ above June 1, 2014, Mark exercised the alternative by purchase a full of 100 shares. On June 5, 2015, note sold every one of the stock for $40 a share. Details space in the table below. No. Of to win Price FMV worth of Stock alternative Shares per Share every share 100 share June 1, 2010 approve 100 $5 $5 $500 June 1, 2014 Vest 100 $5 $30 $3,000 June 1, 2014 purchase 100 $5 $30 $3,000 June 5, 2015 offered 100 $5 $40 $4,000 assume this is a non-qualified option. Exactly how much revenue or acquire should note recognize when computing regular revenue tax for 2014? a. $0 b. $500 c. $2,500 d. $3,500 e. Other
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