Expert Answer
1:
F and S are married and file jointly. Neither is blind or over 65. They have 2 children whom they support and the following:
Gross Income $47,600
Deductions for AGI $1,200
Total Itemized Deductions $8,900
Prepayments $3,050
What is their AGI and Taxable Income?
2:
G and S are married and file jointly. Neither is blind or over 65. They have the following:
Exclusions $ 6,000
Gross Income $86,200
AGI $77,350
Taxable Income $50,000
Personal Exemptions 2
Dependency Exemptions - 14 year old
- 22 year old full-time student
What are their total economic income, deductions for AGI and their itemized deductions?
3:
Consider the following transactions:
Sold Stock A for $15,200 (incurred $200 trxn fee) 10/1/21
Bought Stock A for $4,800 ($200 fee) 6/15/18
Sold Stock B for $9,200 (incurred $200 trxn fee) 10/1/21
Bought Stock B for $6,800 ($200 fee) 4/10/21
Sold Stock C for $8,000 10/1/21
Bought Stock C for $9,000 4/10/21
Sold Stock D for $3,000 10/1/21
Bought Stock D for $15,000 3/5/17
What is the basis and amount realized for each trxn?
What is the affect on AGI for all trxns?
4:
Donald has the following capital asset transactions during the year.
ST LT
20,000 20,000
(25,000) (12,000)
Net (5,000) 8,000
LTCG $3,000
5:
Donald has the following capital asset transactions during the year.
ST LT
20%(15%)
20,000 10,000
(15,000) (12,000)
Net 5,000 (2,000)
STCG 3,000
6:
Donald has the following capital asset transactions during the year.
ST LT
20%(15%)
20,000 19,000
(15,000) (12,000)
Net 5,000 7,000
STCG 5,000
LTCG 7,000
7:
Donald has the following capital asset transactions during the year.
ST LT
20%(15%)
20,000 20,000
(25,000) (46,000)
Net (5,000) (26,000)
Deduction for AGI 3,000 STCL CF (2,000) LTCL CF (26,000)
Example 8:
Donald has the following capital asset transactions.
2020 ST 20%(15%)
20,000 20,000
(25,000) (46,000)
Net (5,000) (26,000)
Deduction for AGI (3,000) STCL CF (2,000) LTCL CF (26,000)
2021 ST 20%(15%)
15,000 30,000
(7,000) (12,000)
Net 8,000 18,000
STCL CF (2,000) LTCL CF (26,000)
6,000 (8,000)
Deduction for AGI (2,000)
8:
Donald has the following capital asset transactions.
2020 ST 20%(15%)
20,000 20,000
(25,000) (46,000)
Net (5,000) (26,000)
Deduction for AGI (3,000) STCL CF (2,000) LTCL CF (26,000)
2021 ST 20%(15%)
15,000 30,000
(7,000) (12,000)
Net 8,000 18,000
STCL CF (2,000) LTCL CF (26,000)
6,000 (8,000)
Deduction for AGI (2,000)
9:
T & S(under 65, good vision) are MFJ and have 2 qualifying children. They have the following:
Combined Salary $115,000
Withholding $17,000
Sold Stock A (12/15/21) $2,000
Bought Stock A (6/10/21) $500
Sold Stock B (12/15/21) $3,500
Bought Stock B (1/5/19) $5,500
Other Ded. For AGI $4,000
Itemized Ded.$10,000
Qualified Dividends$5,000
Bank Interest $2,000
What is the TP's amount due (refund)? Marginal Rate? Effective Rate?
Tax Rate Schedule 2021
Single:
If Taxable Income Is: The Tax Is:
Not over $9,950 10% of the taxable income
Over $9,950 but not over $40,525 $995 plus 12% of the excess over $9,950
Over $40,525 but not over $86,375 $4,664 plus 22% of the excess over $40,525
Over $86,375 but not over $164,925 $14,751 plus 24% of the excess over $86,375
Over $164,925 but not over $209,425 $33,603 plus 32% of the excess over $164,925
Over $209,425 but not over $523,600 $47,843 plus 35% of the excess over $209,425
Over $523,600 $157,804 plus 37% of the excess over $523,600
Married Filing Jointly or Qualifying Widow(er):
If Taxable Income Is: The Tax Is:
Not over $19,900 10% of taxable income
Over $19,900 but not over $81,050 $1,990, plus 12% of the excess over $19,900
Over $81,050 but not over $172,750 $9,328, plus 22% of the excess over $81,050
Over $172,750 but not over $329,850 $29,502, plus 24% of the excess over $172,750
Over $329,850 but not over $418,850 $67,206, plus 32% of the excess over $329,850
Over $418,850 but not over $628,300 $95,686, plus 35% of the excess over $418,850
Over $628,300 $168,993, plus 37% of the excess over $628,300
Standard Deduction
Single - $12,550
MFJ - $25,100
Additions for age and the blind
Single - $1,750
MFJ - $1,400
Exemption Amount - $0
Individuals taxed at:
Rate Single Taxable income MFJ Taxable Income
0% Up to $40,400 Up to $80,800
15% > $40,400 but < $445,850 > $80,800 but < $501,600
20% Over $445,850 Over $501,600
This question has already been tackled by one of our writers and a good grade recorded. You can equally get high grades by simply making your order for this or any other school assignment that you may have.
Pressed for time to complete assignments or when you feel like you cannot write, you can purchase an
essay on our website. Some students also want model papers to use as samples when revising or
writing. There are also students who approach our essay writing service to beat deadlines. We handle
every type of homework, assignment, and academic writing tasks. You can buy college essays and other
assignments here. At a glance, here are some reasons students prefer our website.
