Carlos Santos AC553 ? Federal Taxes and Management Decisions Professor Robey Friday, January 06, 2012 Homework Problems (Show your work.
): 3-31, 3-32, 3-36, 13-55, and 13-69 3? 31) Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $11,950 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income for 2011? AGI $ 40,000. 00 Itemized Deduction > Standard (11,950. 00) 4 Exemptions (14,800.
00) Taxable Income $ 13,250. 0 Compute Marie's taxable income for 2011, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000, and she has itemized deductions of $9,000. AGI $ 70,000. 00 Itemized Deduction ; HOH Standard (9,000.
00) 3 Exemptions (11,100. 00) Taxable Income $ 49,900. 00 Compute Stanley's taxable income for 2011, assuming he has $1,000 in wages from working in a grocery store and $2,000 in interest income from some bonds he owns. Stanley, age 16, is claimed as a dependent on his parents' return.Earned Income $ 1,000. 00 Unearned Income 2,000.
00 Gross Income $ 3,000. 00 Standard Deduction (1,300. 00) Taxable Income $ 1,700. 00 3? 32) 3? 36) 13? 55) Mr.
Z, a nondealer, sold assets on an installment plan. Determine Mr. Z's gross income for 2011. Relevant data include: 2 3 1 4 Gain Gross Profit % Recognized in 2011 (3*4) (2/3) $ 6,250. 00 25% 27% 21,600. 00 30,000.
00 24% Total Gross Income $ 57,850. 00 13? 69) Comprehensive Problem. Bill is a cash? basis, calendar? year taxpayer. Which of
